Daniel Jones and the Indianapolis Colts have agreed to a two-year, $88 million contract extension, NFL Network’s Tom Pelissero and Ian Rapoport reported Tuesday.
The deal is worth up to $100 million, including incentives.
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Jones, who turns 29 in May, joins the Colts in March 2025. He helped the team get off to a stunning 7-1 start last season, but suffered a fractured fibula and a ruptured Achilles tendon that ended his season.
Before retiring, Jones was having a career season, passing for 3,101 yards and 19 touchdowns. Jones is just 104 yards shy of his career high in passing yards and six touchdowns shy of his personal best.
The Colts placed the transition tag on the veteran quarterback in early March. This means that if the two sides did not reach a long-term contract extension, Jones could have played next season on a one-year contract of $37.833 million. He would also be free to negotiate with any other NFL team at that point, but Indianapolis would have the right to match any offer sheet.
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Jones began his career with the New York Giants, who selected him sixth overall in the 2019 NFL Draft out of Duke University. He started 69 games for the team and compiled a 24-44-1 record before his time with the team ended.
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In the second year of a four-year, $160 million contract with New York, Jones was benched and demoted to the third unit, replaced by Tommy DeVito. He then requested his release, which the Giants agreed to, and he signed with the Minnesota Vikings’ practice squad for the remainder of the season. Jones then signed a one-year, $14 million contract with the Colts.