Indianapolis Colts' Salary Cap Situation After Daniel Jones Tag

INDIANAPOLIS, Ind. — The Indianapolis Colts knew that they would have to pay to play this offseason when it comes to making themselves better for the upcoming season.

First and foremost, address the impending free agency of quarterback Daniel Jones and star receiver Alec Pierce.

The Colts placed the transition tag on Jones on Tuesday, which technically buys them time, but it hardly buys them security with Jones or Pierce. Jones can still negotiate with other teams, but the Colts have the right to match any offer. Pierce, meanwhile, will hit the open market unless he strikes a deal with the Colts before 12:00 p.m. ET on Monday when the NFL's free-agent negotiating window opens.

Tagging Jones is a temporary commitment — both players want to continue playing together in Indianapolis — while the team continues to work on multi-year deals for both players.

However, Jones playing with a $37.8 million cap hit is counterproductive to the team's plans, as the Colts are now $4,715,711 over the salary cap, according to OverTheCap.com. There are several other player contracts they can get out of to create space, but it's another significant reason to reach a new deal with Jones.

Below are the Colts' 10 largest salary cap hits in 2026, ordered by how much they could save by moving out of those deals. They could also elect to restructure some players or extend others who are entering the final years of their contracts. Figures could also change based on whether the cut would be considered a post-June 1 cut:

Michael Pittman Jr.: $29M ($5M dead cap) = $24M in savings

Quenton Nelson: $24.2M ($6.2M dead cap) = $18M in savings

Jonathan Taylor: $15.6M ($2.6M dead cap) = $13M in savings

Grover Stewart: $14.3M ($2M dead cap) = $12.3M in savings

Kenny Moore II: $13.1M ($6.1M dead cap) = $7.1M in savings

DeForest Buckner: $26.6M ($20.8M dead cap) = $5.8M in savings

Charvarius Ward: $20.2M ($18.3M dead cap) = $1.9M in savings

Cam Bynum: $15M ($19.5M dead cap) = -$4.5M in savings

Bernhard Raimann: $17.5M ($39.3M dead cap) = -$21.9M in savings

Daniel Jones: $37.8M ($0 dead cap) = -$37.8M in savings

Zaire Franklin is another cap-saving opportunity. He is the team's 13th-highest cap hit at $8.3M ($2.5M dead cap), which would open about $5.8M in space.

Per the NFL's salary cap guidelines, the top 51 contracts on a team need to be under the $301.2 million salary cap by 4:00 p.m. ET on Wed., March 11 when the new league year begins.

Jake Arthur has been covering the Indianapolis Colts for over a dozen years and is a member of the PFWA. He's one half of the Locked On Colts podcast and has worked for the Colts' official website, On SI, and more. You can follow him on X @JakeArthurNFL.