Colts place transition tag on Jones

The transition tag, valued at $37.833M, is more than $6M cheaper than the quarterback franchise tag. It gives Jones the opportunity to sign an offer sheet with another team, which the Colts would then have the right to match to retain their starting quarterback.

Jones, who spent his first six seasons with the New York Giants, had a career revival with the Colts in 2025. He started 13 games, passing for 3,101 yards and 19 touchdowns with a career-best 68% completion rate before suffering a season-ending injury. He also added 164 yards and five touchdowns on the ground.