Colts Place Transition Tag on Jones

The transition tag, valued at $37.833 million, is over $6 million cheaper than the quarterback franchise tag. This allows Jones to sign an offer sheet with other teams, which the Colts would have the right to match.

The move comes after Jones had a breakout season with Indianapolis, starting 13 games and passing for 3,101 yards and 19 touchdowns before a season-ending injury. He also added 164 rushing yards and five scores on the ground, while maintaining a 68% completion percentage.