It won't be as simple as a straightforward contract extension for Daniel Jones in Indianapolis . He'll have to jump through some hoops, as the Colts announced Tuesday that the transition tag had been implemented.
If the Colts hesitate to commit long-term, Jones could become a realistic veteran target for a team that wants insurance behind McCarthy.
While Jones will likely end up as the Colts' QB1 in September, there will be some suspense. Meanwhile, the Vikings cannot be wholly ruled out as Jones's next team.
The transition tag, rarely used on quarterbacks, is the Colts' weapon of choice.
Indianapolis Colts quarterback Daniel Jones (17) walks off the field after a 31–27 victory over the Arizona Cardinals at Lucas Oil Stadium in Indianapolis, Indiana, on Oct. 12, 2025. Jones helped guide the Colts to the narrow win as the home crowd celebrated the late-game result. Mandatory Credit: Mykal McEldowney-IndyStar / USA TODAY NETWORK via Imagn Images.
Jones Gets the Transition Tag
With the deadline on Tuesday to use the maneuver, the Colts locked it in.
NBC Sports ' Myles Simmons wrote , "The Colts have made a move to ensure quarterback Daniel Jones is in the fold for 2026. Indianapolis announced on Tuesday that the club has placed the transition tag on Jones before the 4 p.m. ET tagging deadline. With the transition tag, the Colts have the right to match any offer Jones receives from another team in free agency."
"If Jones does agree to terms with a team and the Colts decline to match it, then Indianapolis would not be entitled to draft-pick compensation. Jones' one-year transition tag tender will see him earn $37.833 million in 2026 if he and the Colts do not reach a long-term deal and Jones does not sign with another team in free agency."
It's a strange tactic, to be sure, but the Colts believe it's wiser than the franchise tag, which would've cost $5 million more.
What in the Hell is the Transition Tag?
The transition tag is hardly ever used on quarterbacks. In fact, it's been 30 years. NFL Network' s Ian Rapoport tweeted Tuesday, "It is the first time since 1996, when the Falcons transition tagged Jeff George , that this was used on a QB. If Jones reaches a deal with another team, Indy can match."
The NFL defines the tag like this :
A player who receives the transition tag is free to negotiate with other teams. The player receives a one-year deal for the greater of (a) the cap percentage average (calculation as shown above) of the top 10 greatest PYS at the player's position or (b) 120 percent of his own PYS. Should such a player sign an offer sheet with a new team, his former team has five days to match the offer sheet.
The transition tag is a cheaper alternative to the franchise tag (i.e., the franchise tag for QBs in 2023 is worth $32.416 million, while the transition tag is $29.504 million). However, should his former team decide not to match, there is no draft-pick compensation tied to the transition tag . If a transition player has not signed an offer sheet with a new team by July 22, he can only negotiate and sign with his prior team that season. No player received the transition tag in 2022.
Most teams roll with the franchise tag and call it good.
Jones's 2025 Campaign
After Jones's late December injury, the Colts spiraled, limping through their remaining games and missing the playoffs. In an attempt to salvage the season, they signed Philip Rivers , who had been retired for five years. However, Rivers's arrival failed to provide the spark the team needed.
Minnesota Vikings quarterback Daniel Jones (13) takes part in the NFC Wild Card matchup against the Los Angeles Rams at State Farm Stadium in Glendale, Arizona, on Jan. 13, 2025. Jones appears in Minnesota's road uniform while leading the offense during the postseason contest against Los Angeles. Mandatory Credit: Mark J. Rebilas-Imagn Images.
Before Rivers, Indianapolis looked like a Super Bowl contender . Through September and October, Jones led the Colts to an 8-2 start, generating MVP buzz along the way. Although the team's performance cooled off as the season progressed, Jones had already established himself as a force in the league.
Prior to the injury, Jones was on pace for this end-of-season stat line:
—— 4,055 Passing Yards
—— 31 Total TDs
—— 10 INTs
—— 68.0% Completion
—— 7th in EPA+CPOE Ranking
He also fell off before the injury, but national media did little to call it out:
Daniel Jones NFL Ranking,
per EPA+CPOE,
in 2025:
Week 1-8: 4th
Week 9-18: 28th
A Far-Off Option for the Vikings in 2026
With a faint pulse, the transition tag keeps Jones in play for the Vikings. In theory, they could be the team to match the offer, while the Colts said no thanks .
ESPN's Peter Schrager said Tuesday , "There's also another team that's lingering (in free agency. The transition tag does mean some other team can make an offer; the Colts would just have the last opportunity to match that offer. The team I would watch as a possible long shot, but also one that could be angling here is the Minnesota Vikings ."
Indianapolis Colts quarterback Daniel Jones (17) releases a pass during the second half of a matchup with the Los Angeles Rams at SoFi Stadium in Inglewood, California, on Sep. 28, 2025. Jones scans the field and delivers the throw as Indianapolis moves the offense downfield. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images.
KSTP's Darren Wolfson also mentioned on SKOR North airwaves, "Daniel Jones is certainly somebody at least that needs to be on our radar."
The catch? Any Vikings pursuit of Jones would result in a contract worth upward of $40 million for Jones. That may not be wise for a team currently over the cap by $45 million. Investing in a player recovering from a torn Achilles is also risky.
Jones will turn 29 in May.
