Colts Transition Tag Daniel Jones for $37.8M, Now $4.7M Over Cap

The Indianapolis Colts placed the $37.833 million transition tag on QB Daniel Jones for 2026, allowing him to negotiate with other teams while the Colts retain matching rights. Jones is recovering from a torn Achilles suffered in Week 14, but had a career year in 2025. This move puts the Colts $4.7 million over the cap, but they have flexibility through restructures (e.g., Michael Pittman Jr., Quenton Nelson) or potential trades. The tag is seen as a bet on Jones' market value given his injury, with the Colts potentially preferring a one-year deal.