The transition tag, valued at $37.833M, is over $6M cheaper than the quarterback franchise tag but gives Jones the opportunity to sign an offer sheet with other teams. The Colts retain the right to match any offer he receives.
Jones had a remarkable 2025 season with the Colts, passing for 3,101 yards and 19 touchdowns in 13 games before a season-ending injury. He achieved a career-best 68% completion percentage while adding 164 rushing yards and five touchdowns on the ground.