The Indianapolis Colts really want Daniel Jones to return as their starting quarterback, and general manager Chris Ballard hinted this week that the franchise tag might need to be used to have the QB return.
To be sure, Ballard obviously doesn't want to do that. Emphasis on the want.
Or as Ballard told the media at the NFL combine on Tuesday, "It’s not what we want to do. It’s a tool we have. It’s not want we want to do, though."
And, yes, he did add his own emphasis on the first want above. In other words, the Colts are currently in talks with the quarterback and his people to work out a long-term contract that keeps Jones as QB for many years to come, but if the QB doesn't agree, the team might be forced to go nuclear.
Indianapolis Colts don't want to use the franchise tag on Daniel Jones but might have to
Placing the non-exclusive franchise tag on a player means that if that player still signs with another team, the team placing the tag would receive two first-round picks in return for losing the player. It's a win-win, ultimately, and especially would be for Indy.
The hope is that Daniel Jones comes back and plays a full season at the level he played in the first half of 2025. If he does so, while staying healthy, Indianapolis is likely going to make the playoffs. He was a great fit in head coach Shane Steichen's system, and the quarterback and team should want to work on a deal to keep working with one another.
But Jones isn't without his injury concerns. He has had three seasons end early because he got hurt. The risk in paying Jones more than $100 million over the life of a new deal, which is probably what is going to happen, is that the money could be wasted if the quarterback isn't available to perform.
Various reports have said that the player and the team aren't close to an agreement on a new contract, even though they seemingly have stayed in talks. Jones has made as much as $40 million a season before (he did so when he was with the New York Giants), so he knows how the business of football works. He won't be underpaid.
The Indianapolis Colts have a limit, though. Chris Ballard would also like to re-sign wide receiver Alec Pierce, and that will probably cost $20 million or more a year. While Indy's cap space will go up this offseason, every team's will, and the Colts currently have the 13th-most cap room. They can't outbid some teams that might want the receiver.
The reasons for not wanting to use the franchise tag on Daniel Jones are clear. It doesn't build trust for future contract negotiations, and the tag will cost Indianapolis $47 million. Using the tag is, as Ballard said, not what anyone wants to do. The team has until 4 pm ET on March 3 to decide to use the tag.