The Indianapolis Colts and quarterback Daniel Jones appear to be quite close to reaching a new deal.
According to Ian Rapoport of the NFL Network, “significant” progress has been made between the Colts and Jones as the two work towards a two-year extension.
Rapoport added that there is optimism that a deal could get done as soon as Wednesday.
It was last week that the Colts placed the transition tag on Jones because the two could not agree to contract terms at that time. According to Albert Breer, the Colts offered Jones a Sam Darnold-like deal of around three-years, $100 million. But Jones reportedly asked for $50 million per year.
By using the transition tag, it allowed Jones to negotiate with other teams, but the Colts would be able to match any offers. The market would essentially dictate what Jones’ next deal would look like. In using the transition tag, Chris Ballard must have been confident that if Jones received other offers, it would be in the ballpark of what the Colts were thinking.
It took a bit to get to this resolution, but a deal between the Colts and Jones was always the most likely outcome. Both sides have made it known this offseason that they wanted to run it back.
Once a deal is done, the Colts will clear a lot of salary cap space. Jones is currently on the salary cap books under the transition tag, which comes with a salary of over $37 million for the 2026 season.
(This article will be updated.)
This article originally appeared on Colts Wire: Insider reveals latest development in Colts, Daniel Jones contract talks
Reporting by Paul Bretl, Colts Wire / Colts Wire
USA TODAY Network via Reuters Connect
