Report: Colts, Jones make progress toward 2-year extension

The Indianapolis Colts and quarterback Daniel Jones have made significant progress toward agreeing on a two-year extension, sources told NFL Network's Ian Rapoport.

There is optimism that a deal could be done as soon as Wednesday, and the two sides have been working to get a new contract completed since the Colts placed the transition tag on Jones earlier this month, Rapoport adds.

The transition tag guaranteed Jones would be in Indy on a one-year, $37.8-million contract unless a team tried to sign him to an offer sheet. Jones inked a one-year, $14-million deal with the Colts last offseason.

Jones led the Colts to an 8-2 record in the first 10 games before suffering a season-ending torn Achilles in early December. The Colts lost the final seven games of the year and missed the playoffs.

The 28-year-old was playing the best football of his career before the injury, posting 3,101 passing yards and 24 total touchdowns with nine interceptions in 13 contests. When Jones was healthy from Weeks 1-14, the Colts' offense ranked ninth in EPA/dropback and 10th in passing success rate, according to Ben Baldwin's database.

Alec Pierce, who signed a four-year, $114-million extension Monday before his contract expired, returned to Indy in part because he wanted to continue playing with Jones, according to Rapoport. The 25-year-old Pierce has emerged as one of the best deep threats in the league and set a career high in receiving yards with 1,003 last campaign.