The transition tag worth $37.833M allows Jones to sign offer sheets with other teams, but Indianapolis retains the right to match any offers. This represents a $6M savings compared to the quarterback franchise tag price.
Jones had his best NFL season in 2025 before a season-ending injury, starting 13 games for the Colts and passing for 3,101 yards with 19 touchdowns while adding 164 rushing yards and five scores on the ground.