Colts Place Transition Tag on Jones

The transition tag, valued at $37.833M, is over $6M cheaper than the quarterback franchise tag. It allows Jones to sign an offer sheet with other teams, but the Colts retain the right to match any offer to keep him.

Jones, who previously spent six seasons with the New York Giants, had a career revival in Indianapolis. He started 13 games, passing for 3,101 yards and 19 touchdowns with a 68% completion rate before a season-ending injury. He also contributed 164 rushing yards and five touchdowns on the ground.