Coming off a fantastic season, Indianapolis Colts running back Jonathan Taylor is entering the last season of the three-year, $42 million contract extension he signed in 2023. That deal has proven to be a win-win for Taylor and the Colts.
But owed just $13 million in cash in 2026, Taylor now finds himself underpaid and probably looking for another extension similar to that of other backs of his caliber.
In 2024, the 49ers extended their star running back Christian McCaffrey with a two-year, $38 million deal that made him the highest-paid running back in the NFL. McCaffrey was coming off a season where he totaled over 2,000 yards from scrimmage and 14 touchdowns.
What could a contract extension look like for Indianapolis Colts' Jonathan Taylor
Last year, the Eagles similarly extended Saquon Barkley to a two-year, $41.2 million deal that made him the league’s first $20 million back. Barkley eclipsed 2,000 yards rushing, 2,283 yards from scrimmage, and scored 13 touchdowns.
Now, Taylor, fresh off a 1,963-total yard and 18-touchdown campaign, should be looking to cash in as his predecessors before him. When comparing platform year resumes, Taylor aligns well with McCaffrey and Barkley.
Player | Age | Rush Yds | YPC | MTF Rate | Rec | Rec Yds | TD | Explosive Runs | 1st Downs |
|---|---|---|---|---|---|---|---|---|---|
Jonathan Taylor (2025) | 27.6 | 1,585 | 4.91 | 20.7% | 46 | 378 | 18 | 36 | 84 |
Christian McCaffrey (2023) | 28.2 | 1,459 | 5.36 | 22.06% | 67 | 564 | 14 | 44 | 83 |
Saquon Barkley (2024) | 28.6 | 2,005 | 5.81 | 17.97% | 33 | 278 | 13 | 46 | 82 |
While he doesn’t eclipse the 2,000 total yard mark or 5.0 yards per carry, he makes up for it with relative youth and scoring production. The bottom line is that his production is certainly in the stratosphere of the other two, which should set him up for a similar payday.
McCaffrey’s $19 million APY was equivalent to 7.44% of the 2024 NFL salary cap. Barkley’s $20.6 million APY was 7.38% of the 2025 NFL salary cap. Splitting the difference at an even 7.4% and applying it to a projected $305 million salary cap in 2026 would put Taylor’s APY ceiling at roughly $22.5 million.
But given that Taylor’s efficiency numbers - yards per carry and yards per touch - fall shy of the other two, there’s a good bet he won’t hit their APY totals, let alone clear them.
Another comp that does show up is Derrick Henry’s 2020 contract with the Titans. Henry was just 26 at the time - about 1.5 years younger than Taylor will be when the 2026 season starts - but he also wasn’t the receiver Taylor has developed into,
Henry’s $12.5 million APY on that deal may not seem relevant today, but that was $12.5 million on a $198.2 million salary cap. Stabilize the figure for a $305 million salary cap, and you get $19.25 million per year. Over two years, which is standard for these third contract elite back deals, would put the total price tag at $38.5 million.
That would clear McCaffrey and make Taylor the second-highest-paid running back in the NFL. A two-year extension would be a total effective deal (including the existing years and cash owed) of three years and $51.5 million. The effective APY would be $17,167,667 per year.
Taylor’s camp will likely look for the Colts to follow the Barkley model for guarantees (the Eagles guaranteed 87% of Barkley’s extension while the 49ers only guaranteed 63% of McCaffrey’s). A natural midpoint of 75% would be about $29 million. That would cover the $13 million of non-guaranteed money Taylor is already due this year, plus an additional $16 million.
Both Saquon and McCaffrey received modest cash raises in year zero of their extensions (that is, the final year of the previous deal). A similar tactic for Taylor could raise his 2026 cash flow from $13 million to $17.5 million. That would make for even cash flows of $17 million in each of 2027 and 2028. Only $11.5 million of the 2027 cash would be guaranteed, though.
This deal would reward Taylor for a stellar 2025 season while creating an effective extension of just one year. It’s a deal all sides can benefit from, and it could help the Colts create cap space for other mounting deals.