Colts, QB Daniel Jones doing tag tango on deadline day

Colts quarterback Daniel Jones might be headed for the franchise tag if he can't reach a contract extension to stay in Indianapolis before Tuesday's deadline for teams to use the roster-management maneuver.

Jones is recovering from a torn Achilles but the risk for the Colts in extending negotiations beyond Tuesday's 4 p.m. ET cutoff for using the franchise tag would be another team signing Jones as a free agent next week.

Indianapolis is expected to trade or release quarterback Anthony Richardson. He formally requested a trade last week as all signs point to the Colts fully committing to Jones.

Health is not a concern in the mind of general manager Chris Ballard where Jones is concerned.

"He's on track," Ballard said. "With the Achilles, it's the three-month mark where you're kind of past the danger zone. What is he at now? Seven weeks, eight weeks. Y'all have been around Daniel enough to know, he's pretty diligent in everything he does. You almost have to bring him back a little bit, but we feel good enough about where he's at and where he's going."

The non-exclusive franchise tag value was set at $43.895 million for quarterbacks, a prohibitive number if the Colts are hoping to bring back unrestricted free agent wide receiver Alec Pierce.

Even with the medical concern to weigh, Jones would drive interest as a free agent. He was with the Vikings at the end of the 2024 season when Sam Darnold piloted Minnesota to the playoffs and 14 wins. Both got out of town and the Vikings are not clear if JJ McCarthy, a first-round pick in 2024, is the long-term answer. The Dolphins, Jets and Cardinals also have a need at the position.

"Daniel and Alec are such big pieces," Ballard said at the NFL Scouting Combine of using the tag. "We move and fit from there."

Using a non-exclusive franchise tag to block Pierce from the exits would be cheaper -- $27.298 for 2026 -- but a risk if Jones hasn't also been secured.