Colts Place Transition Tag on Jones

The transition tag is valued at $37.833M, more than $6M cheaper than the quarterback franchise tag. This designation allows Jones to sign an offer sheet with other teams, but gives the Colts the right to match any offer to retain their starting quarterback.

Jones had a career revival with the Colts in 2025, passing for 3,101 yards and 19 touchdowns in 13 games before a season-ending injury. He recorded a career-best 68% completion percentage and added 164 rushing yards with five touchdowns on the ground.