The Indianapolis Colts will have a massive financial decision to make with quarterback Daniel Jones in 2026.
Jones signed a one-year, $14 million deal this past offseason that has proven to be a total steal thus far.
While the Colts have hit the skids of late after losing three of four, Jones has still revived his career with a great season in Indianapolis overall and the Colts have played like one of the best teams in the NFL.
The Colts will have a few avenues they can take with Jones in 2026, assuming they want to keep him, which right now all signs are pointing to the team wanting to do so.
Indianapolis can either franchise tag Jones, which would cost around $46 million in 2026, or the team can sign him to a long-term contract, the annual average of which may exceed the price of the franchise tag.
When taking everything into consideration, CBS Sports' Cody Benjamin predicts the Colts will utilize the franchise tag on Jones.
The Colts signaled their intentions to build around this rejuvenated version of Jones when they spent big on other spots at the trade deadline, but how Jones finishes could determine his long-term fate, not so dissimilar to Sam Darnold of last year; despite cruising for much of his lone season with the Minnesota Vikings, Darnold's flat finish all but bought his exit.
Prediction: Signs franchise tag with Colts
The bad thing about Jones playing on the franchise tag is that all $46 million will count toward next year's cap, a price that may be untenable for a Colts team projected to have an estimated $47.5 million in cap space next offseason.
Extending Jones would allow the Colts to lower that cap hit, which of course frees up more money to improve the roster elsewhere. On the surface, that seems like Indy's most logical move.
But that's only if the Colts truly believe in Jones. How much they believe in him is going to depend upon how he finishes the season.
Jones has not been playing great football of late, but he has also been battling a fibula injury, so that might explain his drop in performance.
Speaking of that fibula injury, Jones' lengthy injury history is another thing for the Colts to consider.
If we had to guess right now, we'd say Jones will ultimately get a three- or four-year extension to stay in Indianapolis for the long haul. We don't think, however, he'll crack the top 10 of the highest-paid quarterbacks in the league.
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