Daniel Jones is technically on the Indianapolis Colts roster right now, but honestly, that's only part of the story. If you're looking for him in a Giants jersey, you’re about a year and a half late to the party.
Things move fast in the NFL. One minute you're the $160 million face of a New York franchise, and the next, you're rehabbing a torn Achilles in the Midwest while your contract status hangs in the balance. It has been a wild ride for the guy everyone calls "Danny Dimes." After a messy divorce from the New York Giants in late 2024 and a blink-and-you’ll-miss-it stint on the Minnesota Vikings' practice squad, Jones landed in Indianapolis for the 2025 season. He didn't just show up; he actually balled out.
But here is the catch.
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The State of Play in Indianapolis
As of January 2026, Jones is entering a massive crossroads. He signed a one-year, $14 million "prove-it" deal with the Colts last March. For about ten weeks, it looked like the steal of the century. The Colts came out of the gate swinging with an 8-2 record, and Jones was playing some of the most efficient football of his career.
He was averaging 8.1 yards per attempt. That’s Peyton Manning territory in Indy.
Then the wheels came off. Not because he forgot how to throw, but because his body gave out again. First, it was a nagging fibula injury that sapped his mobility. Then, the dagger: a torn right Achilles on December 7 against the Jacksonville Jaguars.
Now, even though the Daniel Jones current team is the Colts, he is officially an unrestricted free agent (UFA) come March 2026. The lockers are packed, the season is over, and the front office is staring at a medical report.
Is a Reunion Actually Happening?
Colts GM Chris Ballard hasn't been shy about his feelings. In his season-ending presser on January 8, 2026, he flat-out said Jones has a "bright future" in Indianapolis. Jones has echoed that, saying he'd love to be back.
But NFL "mutual interest" is about as stable as a house of cards in a hurricane.
The Colts have a crowded room. You’ve got Anthony Richardson, whose health has been a constant question mark, and Riley Leonard, the 2025 sixth-rounder who actually looked decent when he stepped in. If Indy offers Jones a long-term deal, they’re essentially admitting the Richardson experiment is over or moving to a secondary phase.
What the Giants Left Behind
It’s still hard for some fans to wrap their heads around the fact that he isn't in blue anymore. The Giants released him in November 2024, eating a massive amount of dead cap—over $22 million in 2025 alone—just to move on.
That was a clean break. Or as clean as a $160 million mistake can be.
Since then, the Giants have pivoted to a rotation that included Russell Wilson in 2025, while Jones went on to lead the NFL's top-scoring offense for the first half of the year in Indy. It’s the kind of "what if" that keeps GMs awake at night.
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The Risk Factors for 2026
If you’re a team looking for a quarterback this offseason, Jones is the ultimate "high-risk, high-reward" gamble. Bleacher Report recently put him at the top of their 2026 Free Agent Risk List.
- The Medical Bill: A torn Achilles for a guy whose game relies heavily on being able to escape the pocket? That’s scary. He says he'll be ready for training camp, but we've heard that before.
- The Price Tag: Spotrac estimates his market value at nearly $45 million a year based on his 2025 production. That is a lot of guaranteed cash for a player who has only played a full 16-game season once in seven years.
- The "System" Question: Was his success in Indy due to his growth, or was it Shane Steichen’s offensive wizardry?
Where He Could Land
If the Colts don't lock him down before mid-March, things get interesting. The Miami Dolphins are rumored to be looking for a change from Tua Tagovailoa. Imagine Jones in Mike McDaniel’s track-meet offense.
Then there are the Jets. They have the No. 2 overall pick, but they might want a veteran bridge. Bringing Jones back to MetLife Stadium in a different jersey would be the most "New York" sports story ever told.
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Basically, the Daniel Jones current team situation is a "to be continued." He’s a Colt today, but by the time the flowers bloom in March, he might be the most debated free agent in the league.
Actionable Next Steps for Fans
- Track the Scouting Combine: Keep an eye on Chris Ballard's comments in late February. If the tone shifts toward "evaluating all options," Jones is likely hitting the open market.
- Monitor the Rehab Clips: Jones' camp will likely start dropping "look how well I'm moving" videos on social media by late February to prove the Achilles is healing ahead of schedule.
- Check the Franchise Tag Deadline: The Colts are unlikely to use the tag on him given the cost, but if they do, it’s a definitive sign they’ve moved on from Anthony Richardson as the immediate starter.