The Colts have reached a franchise tag decision on Daniel Jones.
The Indianapolis franchise is using the transition tag on the 28-year-old quarterback, according to multiple reports, after failing to strike a long-term deal with the ex-Giant, who is currently recovering from an Achilles injury.
The salary for a quarterback on a transition tag — last used on a QB in 1996 with the Falcons and signal-caller Jeff George — is $37.8 million.
In this case, other teams have the opportunity to match the Colts’ offer sheet, but Indy will not receive compensation if they choose not to match.
The Colts had long wanted to retain Jones, who signed a one-year, $14 million deal with the franchise in free agency last year.
The former first-round pick with the Giants led the Colts to a surprise 8-2 start before the team faltered down the stretch, with Jones sustaining the season-ending Achilles injury in Week 14 against the Jaguars.
The injury paved the way for the shock NFL return of 44-year-old quarterback Philip Rivers, whose last start was in January 2021.
The Colts finished the year at 8-9 and missed the playoffs.
Before the season went sideways, Jones flourished in his new environment after a tumultuous five-and-a-half-season run in New York, which included one postseason win.
The Giants released Jones after a 2-8 start in 2024, midway through the four-year, $160 million extension he signed in 2023. He finished out the year with the Vikings after signing to their practice squad.
He threw 19 touchdowns against eight interceptions in 13 regular-season appearances.
The NFL’s franchise tag deadline was Tuesday at 4 p.m. ET.