The Indianapolis Colts and quarterback Daniel Jones have said they plan to run it back in 2026, but until the ink is dry on a contract, the team’s quarterback situation is uncertain.
The 28-year-old played stellar football over the first half of the 2025 season (71.2% completions, 257.8 passing yards per game, 13 touchdowns, 3 interceptions, 4 rushing touchdowns through Week 8). A break in a bone in his left leg slowed him and, in early December, a torn right Achilles tendon ended his season.
Given the timing of the Achilles injury, a return for Week 1 isn’t certain. The Colts currently have Anthony Richardson and Riley Leonard under contract for 2026.
Jones’ average annual value is $43.6 million, according to Spotrac, the most of all upcoming free agents.
But how much money will he get from any team that signs him?
Pro Football Focus top NFL free agents
∎ Pro Football Focus recently ranked 250 free agents for 2026, with Jones coming in 42nd overall and third among quarterbacks, behind Malik Willis and Aaron Rodgers. PFF projected a Jones deal of three years for up to $101 million, with $56 million guaranteed.
“Jones’ 2025 season opened on a strong note before unraveling down the stretch,” PFF wrote. “He earned an 80.3 PFF grade over his first eight starts with the Colts before dropping to 55.1 from Week 9 through his final game. Jones briefly flashed again in Week 13 against Houston, earning an 84.2 PFF grade against one of the league’s best defenses, but his season ended on a low note when he put up a 36.9 grade before suffering a torn Achilles. Jones’ broader profile has remained remarkably consistent since 2019, as he has never finished a season below a 63.0 PFF grade or above 78.4. Ball security, however, continues to be a concern. He recorded 18 turnover-worthy plays against just 13 big-time throws in 2025 and has finished with a positive big-time throw to turnover-worthy play ratio only once in his career.”
∎ Vinnie Iyer of Sporting News ranked 100 players, with Jones coming in 24th, also behind Rodgers and Willis.
“Jones was an efficient passer, staying more within the pocket in his true late-blooming breakout season in (coach) Shane Steichen’s system,” Iyer wrote. “He showed off a good deep ball and settled in well playing off the run. The question is whether he can heal fast enough from his torn Achilles’ to be their best QB option in 2026, too.”
ESPN top 50 NFL free agents
∎ Matt Bowen of ESPN ranked 50 players, placing Jones fourth overall and the top available quarterback.
“An Achilles injury in Week 14 could delay Jones’ availability at the start of next season, but it’s clear he elevated his level of play and poise under coach Shane Steichen in Indianapolis,” Bowen wrote. “Jones’ 64.1 QBR ranked eighth in the league through Week 13, and he threw with a much stronger sense of timing. He fits in an offense that features a good run game, which allows him to operate as a facilitator.”
∎ Zachary Pereles of CBS Sports ranked 50 players, with Jones third overall and the top QB.
“The Colts are all the way in on Jones, especially after they traded away two first-round picks for Sauce Gardner at the trade deadline,” Pereles wrote. “He’s coming off a torn Achilles, but expect Indianapolis to figure something out. Other suitors: Cardinals, Vikings.”
Pereles added that, if the Colts want an insurance QB, they could pursue former Colt Joe Flacco — Pereles’ No. 49 free agent — though he believes the Cincinnati Bengals would likely retain Flacco.
When does NFL free agency 2026 start?
The NFL new year begins at 4 p.m. ET on March 11. A so-called “legal tampering” period, in which teams can negotiate with players and their agents, starts at noon ET March 9.
What is the projected 2026 NFL salary cap?
Estimates range from $301.2 million to $305.7 million, though an official number will be revealed in early March. The 2025 salary camp was $279.2 million.
Joel A. Erickson and Nathan Brown cover the Colts all season. Get more coverage on IndyStarTV and with the Colts Insider newsletter.
This article originally appeared on Indianapolis Star: NFL free agency 2026: Will Indianapolis Colts sign quarterback Daniel Jones?
