Daniel Jones and the Indianapolis Colts have reportedly agreed to a two-year, $88 million contract extension, NFL Network’s Tom Pelissero and Ian Rapoport reported Tuesday.
The deal is worth up to $100 million including incentives.
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Jones, who will be 29 in May, joined the Colts in March 2025. He helped lead the team to a stunning 7-1 start last season, before a fractured fibula and a ruptured Achilles tendon ended his year.
Before going down, Jones was having a career season, having thrown for 3,101 yards and 19 touchdowns. Jones was just 104 yards short of his career-high for passing yards and six touchdowns away from his personal best in passing touchdowns.
In early March, the Colts placed the transition tag on the veteran quarterback. That meant Jones could have played next season on a one-year, $37.833 million deal had the two sides not reached a long-term extension. He was also free to negotiate with any other NFL team at that point, but Indianapolis would have had the right to match any offer sheet.
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Jones started his career with the New York Giants, who selected him with the sixth overall pick in the 2019 NFL Draft, coming out of Duke. He started 69 games for the franchise, posting a 24-44-1 record before his run with the organization came to an end.
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In the second year of a four-year, $160 million contract extension with New York, Jones was benched and demoted to third-string in favor of Tommy DeVito. He subsequently requested a release, which the Giants granted, and he signed with the Minnesota Vikings’ practice squad for the remainder of the season. Jones then signed a one-year, $14 million contract with the Colts.