The Indianapolis Colts find themselves in a unique circle of NFL purgatory.
While the rest of the league prepares for a 2026 draft class rich in talent, General manager Chris Ballard is largely a spectator, having sent his first-round picks for 2026 and 2027 to the New York Jets in his blockbuster deal for Sauce Gardner.
With the "win-now" button firmly pressed and a roster featuring All-Pro talent on either side of the ball, the Colts face one existential question before April: How much are they willing to pay to bridge the gap between a rehabbing Daniel Jones and a drifting Anthony Richardson?
The Indianapolis' Daniel Jones dilemma
Daniel Jones didn't just play well; he revitalized a stagnant offense, posting a 100.2 passer rating and leading the league in several efficiency metrics before a torn Achilles abruptly ended his campaign in Week 14.
Now, the Colts are in a race against the clock.
Jones is an unrestricted free agent, and talks of a multi-year extension have already begun. However, if a deal isn't reached by mid-March, Ballard faces the ultimate sticker shock: a $47 million franchise tag.
Paying top-five quarterback money to a player who might not be 100% by training camp is a massive risk, but in a year where the Colts have no first-round pick to find a successor, Jones holds all the leverage.
The Anthony Richardson Exit Interview
While the team negotiates with Jones, the former No. 4 overall pick, Anthony Richardson, has become the ghost of the franchise. After a disastrous 2025 where he lost the starting job and suffered a freak orbital bone injury, Richardson’s trade value is at an all-time low despite the obvious traits that led Indianapolis to draft him in the top five.
Before April, the Colts must decide if they are officially moving on. With teams like the Jets and Vikings reportedly eyeing Richardson as a low-cost reclamation project, the Colts have to decide if a fourth-round pick in return is better than the awkwardness of keeping a former face of the franchise on the bench behind a veteran bridge.
The lack of a first-round pick makes the "answer" mandatory before the draft.
If the Colts fail to secure Jones and trade Richardson, they enter April with a gaping hole at the game’s most important position and no way to fill it with elite talent. The Gardner trade was meant to be the final piece of a championship puzzle; instead, it has left the Colts with no choice but to pay whatever it takes to keep Jones in the building.