The Indianapolis Colts announced on May 16, 2026 that rookie quarterback Anthony Richardson will remain with the club and veteran Daniel Jones has re‑signed on a one‑year deal. The front office halted the February trade‑request saga, opting to keep both quarterbacks as the 2026 season approaches.
Richardson, the No. 4 overall pick in 2023, still has one year left on his rookie contract after the team declined his fifth‑year option. After a series of strong practice showings, the organization reversed course, citing improved decision‑making and poise.
Why Did the Colts Reverse Their Trade Stance?
According to ESPN, the scouting staff noted a marked drop in Richardson’s turnover rate during the latter half of the preseason. Film showed quicker reads and better pocket presence, traits the coaches believe can translate to a starter role.
Details of the Quarterback Moves
General manager Ryan Grigson signed Daniel Jones to a one‑year contract, sidestepping the transition tag and saving roughly $5 million in dead‑money. Jones will serve as the immediate safety net while Richardson competes for the starting job. Meanwhile, 2025 first‑rounder Riley Leonard remains the designated backup, earning increased reps in training camp.
Impact and What’s Next for the Indianapolis Colts
Indianapolis Colts head coach Shane Steichen believes the dual‑track approach gives the team flexibility. By keeping Richardson, the franchise preserves a high‑upside talent pipeline, and Jones’s veteran presence adds leadership. Salary‑cap analysts from The Athletic note that the Jones deal leaves roughly $45 million available for the 2026 offseason, a cushion that could be used to add receivers or bolster the offensive line.
With the quarterback situation settled, the Colts can focus on installing a West Coast‑style offense that maximizes Richardson’s mobility while allowing Jones to manage games early in the year. If Richardson trims his interception total, he could solidify the long‑term starter picture and spare the franchise a costly free‑agent hunt next summer.
Key Developments
- Colts declined Richardson’s fifth‑year option, leaving him with one year on his rookie deal.
- Jones’s one‑year pact avoids a $22 million transition tag, freeing cap space for free‑agent moves.
- Riley Leonard is slated as the primary backup, receiving a larger share of preseason snaps.
- Richardson posted an 8‑7 record over three seasons, with a 1,814‑yard, eight‑TD, 12‑INT season in 2024.
- No formal trade offers were disclosed before the May decision.
What draft pick did the Colts use on Anthony Richardson?
Richardson was selected fourth overall in the 2023 NFL Draft, the highest‑drafted quarterback that year.
How did Daniel Jones miss the 2025 season?
Jones suffered an Achilles tendon tear in the 2025 preseason, sidelining him for the entire campaign before returning in 2026.
What is the Colts’ cap situation after re‑signing Jones?
The one‑year deal avoids the transition tag’s $22 million charge, leaving roughly $45 million in cap space for the 2026 offseason.
How many games did Richardson start in 2024?
Richardson started 11 games in 2024, throwing for 1,814 yards, eight touchdowns and 12 interceptions.
Why did the Colts decline Richardson’s fifth‑year option?
The club declined the option to maintain flexibility and evaluate Richardson’s development before committing to a larger, guaranteed contract.
