The Indianapolis Colts have some significant decisions to make before the start of NFL free agency, and the most notable pertains to the franchise tag.
Veteran quarterback Daniel Jones is set to become a free agent as he recovers from a torn Achilles he suffered in Week 14 of the 2025 season. Jones had been having a career year prior to the injury, and the 28-year-old is now seeking a lucrative contract.
Jones is not the only key player the Colts want to prevent from hitting free agency, however. Alec Pierce, whom Indy drafted in the second round out of Cincinnati in 2022, is coming off a breakout season in which he caught 47 passes for 1,003 yards and six touchdowns. He is also viewed as a franchise tag candidate, which is why the Colts have a difficult decision to make before Tuesday’s franchise tag deadline.
Daniel Jones wants a long-term deal
Though he is recovering from a major injury, Jones has made it clear to the Colts that he wants to become one of the highest-paid quarterbacks in the NFL. The two sides have had discussions about a contract extension, but ESPN’s Dan Graziano reported that a deal was not close as of Saturday.
The franchise tag for Jones would be worth $43.9M. The Colts also have the option of using the transition tag, which would be worth $37.8M but give Jones the freedom to negotiate with other teams. Using the transition tag would be a gamble for Indianapolis.
Initial reports suggested Jones might command a salary worth around $20M in free agency, but it sounds like his market could be robust. That might push the Colts toward using the franchise tag on him and trying to work out a long-term deal with Pierce.
The Colts are in need of QB stability
For more than half of the 2025 season, it looked like the Colts had finally resolved their QB dilemma. Jones threw for 3,101 yards, 19 touchdowns and eight interceptions in 13 games. He also rushed for five touchdowns and had Indy looking like a legitimate contender in the AFC.
The Achilles injury complicated things, especially with Jones scheduled to become a free agent. Any team that has interest in giving Jones a top-of-market contract now has to weigh whether they believe his career revival will continue following his rehab. The Colts are in a position to franchise tag Jones so they can wait a year to see whether he is the same player in 2026.
The Colts recently gave Anthony Richardson, their No. 4 overall pick in the 2023 NFL Draft, permission to seek a trade. Should Jones depart in free agency, Indy will have to explore the possibility of adding another veteran. That is always much easier said than done.