The Indianapolis Colts are placing the transition tag on quarterback Daniel Jones, the team announced Tuesday.
The tag will cost the Colts $37.833 million if Jones doesn’t get an extension or offer sheet from another interested team. Indianapolis will have five days to match any offer the veteran passer receives as an unrestricted free agent.
The two sides can still agree to a new contract before the free-agency negotiation window opens March 9.
He’s the first quarterback to receive the transition tag since the Atlanta Falcons used the one-year tender on Jeff George, per NFL Network’s Ian Rapoport.