March 2, 2026, 12:59 p.m. ET
Will the Indianapolis Colts and quarterback Daniel Jones get a deal done prior to 4:00 PM ET on March 3rd?
That is the deadline for teams to use either the franchise tag or the transition tag.
While appearing on the Pat McAfee Show on Monday, here is what ESPN insider Adam Schefter had to say.
“I’m told it’s 50/50 that the Colts will be able to get a deal done with Daniel Jones by the deadline tomorrow,” Schefter said. “They either get a deal done with him or I think the transition tag is in play here.”
The transition tag would allow Jones to still test the market and negotiate deals with other teams. However, the Colts would get the opportunity to match any offers Jones gets.
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This is one way to let Jones’ actual market dictate the terms of his next deal. The transition tag value for the quarterback in 2026 is $37.83 million if Jones were to play out the season on that deal.
The likely purpose, however, of using the tag isn’t to have Jones playout this season on it, but rather it would provide the Colts with some insurance in case a deal isn’t reached before free agency opens.
Ideally, the Colts do not want to have to use the franchise or transition tag and would like to get a deal done beforehand.
“It’s not what we want to do,” Ballard said at the NFL combine. “It’s a tool we have, but it’s not what we want to do, though.”
If the Colts use the transition tag on Jones, then that puts added pressure on getting a deal with Alec Pierce done before free agency; otherwise, he will hit the open market, where quite a few teams will be interested.