The Colts made a great move at quarterback last year, getting quarterback Daniel Jones on a one-year, $14 million deal. Now, they have a big decision to make.
Re-sign Jones, risk letting him become a free agent, or use the franchise tag?
The challenge when it comes to using the franchise tag is obvious. It's not cheap. The projected 2026 franchise tag for the quarterback position is $47.3 million.
That's a massive commitment, especially in light of Jones's current health. He's recovering from a torn Achilles tendon, with no guarantee that he'll be 100 percent when the season starts.
On the other hand, they risk losing him to another team that would pay more than whatever the Colts might offer. And the Vikings, in theory, could be lurking.
Last year, the Vikings wanted to pair Jones with J.J. McCarthy. Jones believed that coach Kevin O'Connell would work his usual magic with McCarthy, making it unlikely Jones would play. In Indy, Jones received a full and fair chance to win the job from Anthony Richardson — and Jones did.
This time around, Jones may believe he has a chance to play in Minnesota.
The Vikings developed a high opinion of Jones during their limited time with him in 2024. Their opinion of him was sufficiently high that some believed Jones had a chance to leapfrog Sam Darnold during the playoffs, if the Vikings had managed to win the wild-card game against the Rams.
Regardless, Jones remains under contract with the Colts. They have a week to decide whether to tag him.
The transition tag is also available. It would cost $40 million for 2026, giving them only the right to match an offer sheet.
It all comes down to Jones's true market. Would someone offer him $40 million per year? But for the Achilles injury, maybe.
That said, the Falcons gave Kirk Cousins $45 million per year in 2024, while he was recovering from the same injury. And the market, as Tua Tagovailoa once said, is the market.
The Colts need to figure out what the market for Jones may be, before deciding whether to apply the franchise tag.