“If the Colts can’t get a deal done with Jones by Tuesday’s tag deadline, it sounds like they’ll put the transition tag on him,” writes Graziano.
“That means Pierce could hit free agency and another team could sign Jones to an offer sheet (and the Colts wouldn’t get draft pick compensation if he were to sign elsewhere). I think the Colts push to get a long-term deal done with Jones to avoid those possibilities, but as of Saturday morning, it doesn’t sound close.”