Is Daniel Jones worthy of an extension with the Indianapolis Colts? Sure. The issue is the price. Had Danny Dimes stayed healthy for all of this season, or not had two previous seasons end early because of injury, he'd be gold, but he has had that happen.
Franchise tagging Jones is another option for Indy to make sure the quarterback doesn't get away in free agency. The problem with that is it means paying the QB $47.4 million in 2026, and he might not be ready to play in Week 1. It's a lot of money to give up for someone who might only play half the season.
Forcing Jones to return might also not be great for future business. He would just be a free agent in 2027, too, and should he return at some point in 2026 and be very good, he will want even more this year than he does this season. That might not come from Indy.
Why the Indianapolis Colts face a risk in re-signing Daniel Jones
The Colts' signing Jones to an extension would be smarter than placing the tag on him. And he is worth the cash. But as ESPN's Louis Reddick recently pointed out, there is a risk.
Speaking on ESPN's Get Up, NFL analyst Reddick said, "(Jones) is (worthy of an extension), but it's not going to be at what the franchise tag would suggest. It's not going to be at $47 million per year. That's not what he's worth. He's probably in the Sam Darnold (or) Baker Mayfield range, somewhere in the $33-35 million per year range...He's also coming off a torn Achilles...You do have a buffer with Riley Leonard (as a temporary starter)."
Reddick isn't wrong, obviously, but the difference between what Jones is worth in his view and what the quarterback is worth in his own view and his agent's view might be different. Will the QB accept Sam Darnold money? He probably should, but what complicates matters is that he has already made $40 million a year before. He did so with the New York Giants.
If Jones were on a rookie deal and entering free agency for the first time, he might not know how $40 million a season tastes, but he does. He wants to get back there, and he proved to the rest of the NFL in the first half of the 2025 season just how good he could be. Some team (the Pittsburgh Steelers, Minnesota Vikings, or another team) might pony up large cash for him.
But the Indianapolis Colts have their backs against the wall a bit. Unless they make a trade for a quarterback like Kyler Murray and hope the Arizona Cardinals don't want a first-round pick in return, the team almost has to re-sign Daniel Jones. General manager Chris Ballard traded the team's next two first-round selections for Sauce Gardner in 2025. Jones simply has to return.