The Indianapolis Colts have locked in their most important free agent. Just two days after re-signing star WR Alec Pierce, they’ve now given QB Daniel Jones a very lucrative two-year contract extension.
Per NFL insider Jordan Schultz, the Colts will give Jones a two-year, $88 million extension that can go up to $100 million. However, he’ll get most of the money upfront, so the Colts will get plenty of salary cap relief and the possibility of moving on from him soon if things don’t work out.
Considering that, and given that they missed out on Trey Hendrickson, Schultz adds that the Colts will be an active player in free agency:
“By doing this deal with Daniel Jones, the Colts up a chunk of cap space and are planning to make some FA signings. They were heavily involved in Trey Hendrickson before Baltimore jumped in,” Schultz shared on his X account on Wednesday.
According to Over The Cap, the Colts have $30 million in available cap space. That number will likely go up once they reveal the actual structure of Jones’ deal and how much of his big cap hit and salary will be converted into a signing bonus.
The Colts were one of the best storylines in the NFL last season, jumping to an 8-2 start before injuries and regression got the best of them.
Still, Jones gives the team its best chance at contention right now. They haven’t had any continuity at quarterback since Andrew Luck’s sudden retirement seven years ago, and Jones played the best football of his career last season.
That said, he’s also coming off a major injury, has a history of neck injuries, and failed to live up to his previous big-money deal. His new contract is a clear vote of confidence, but the Colts will be wise to re-evaluate this deal once the honeymoon phase is over next season.
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