Quarterback Daniel Jones’ breakout performance was the primary reason why the Indianapolis Colts opened their 2025 season on a hot streak. This season, however, he is a shadow of that form.

Granted, he is coming off an Achilles tear and isn’t the sole reason for the dysfunction, with one of the worst receiving corps to help him, but he has been one of the league’s least productive starting quarterbacks. Making it worse for the Colts is that he is earning an average annual salary of $44 million and is guaranteed $60 million over the life of the two-year contract he signed earlier this year.

With the 2026 NFL Trade Deadline coming on November 10th, and the Colts busy shopping their roster for a rebuild for the first time in a decade, getting rid of Jones also made sense. At least two teams called, too. Apparently, head coach Sean Steichen’s hope in his quarterback, the lack of a good alternate, and the future role for Jones have forced the Colts to look the other way.

On Saturday, the Colts informed Jones that they’re not trading him by Tuesday’s deadline, according to what sources told Tom Pelissero and the Ringer.

“Teams called and the Colts listened. But they never had any intention of moving him. Despite speculation, Jones is staying in Indy,” Pelissero posted on X.

The Colts spent the last two weeks listening to offers on several veterans, including Jones. Two notable teams were the Minnesota Vikings and Baltimore Ravens for an understandable reason.

Two teams came calling for Daniel Jones, but his recent patterns have been questionable

Last season, Jones was able to provide the type of performances he did because he had supportive wide receivers, and Steichen’s strategies worked perfectly in the situation. Things are not that way anymore. But with the Vikings and the Ravens having a stable supporting cast, they were expecting similar results if they had been able to get Jones.

Baltimore moved on by acquiring Jacoby Brissett to replace Lamar Jackson and Tyler Huntley in the starting lineup. Minnesota may still need an answer with Kyler Murray nursing a grade 2 hamstring strain. But could Jones really have been the answer?

Jones, meanwhile, signed a two-year, $88 million deal in the offseason to remain in Indianapolis, but the season has gone sideways since. The numbers explain why.

Jones averages 5.7 yards per attempt and 9.5 yards per completion, both 29th among 30 qualifying quarterbacks. His 6 touchdowns against 10 interceptions also rank 29th, and his 60.3% completion rate sits 26th.

Through eight starts, he has completed 162 of 268 passes for 1,542 yards and a 68.7 passer rating, with 22 sacks taken while the Colts went 2-6. Turnovers have been a recurring problem, including a few lost fumbles, and his yards per attempt have fallen well short of last season’s 8.1.

With the Colts now at 2-7 and the deadline closing in, Jones became a trade topic. Those talks are now shut down completely. Jones addressed the noise after the recent game.

“There’s been plenty of distractions the last couple of weeks with all the stuff that’s gone on, and it’s unfortunate we’re in that position,” Jones said. “But I think as players, your job is to focus as much as possible on what’s in front of you. And playing quarterback, there’s a lot focusing on getting ready for a game. So, that was my approach.”

He also made his feelings about the team clear.

“I believe in Shane [Steichen],” Jones said. “I believe in what we’re doing. I love playing for Shane. So, like I said, I hadn’t thought about it much. I’ve been so focused on Dallas and making sure I was ready to go today.”

Jones may be staying, but the Colts are far from quiet.

Why would the Colts want to keep Jones?

On the surface, the decision makes sense if the Colts are going into a complete rebuild.

Indianapolis’ 2027 season will likely be dead on arrival, but Jones’ veteran presence can help bridge the gap and develop any young players the team brings in the next season.

Now consider his contract.

GM Chris Ballard’s one of the final moves was extending Jones. With that, he has one more season in the city. While he is not performing as well as you’d want your bridge quarterback to, his $38 million salary, with his $10.5M guaranteed injury money, puts him in a mid-tier option.

They might also use him to tank this season before making him a post-June 1st cut designation.

The team can save that $38 million with that designation and then target a quarterback in the 2027 NFL Draft. For now, however, Steichen seems to have full faith in his primary quarterback, especially because he has no other option to rely on.

There is no next man up in Indianapolis’ QB room

The problem in the Colts’ current scenario is that the depth behind Jones isn’t the best. Neither Anthony Richardson nor Riley Leonard have shown that they can be relied on if Jones goes down or is replaced.

Neither of the two has been productive and has a lower ceiling than Jones. As of now, Richardson remains the backup in his fourth NFL season, with his fifth-year option declined by the team. That could change in his final rookie contract season, but they have shown he is not a part of their long-term plans.

He had a disappointing start to his career with 15 starts over three years, where he threw 13 interceptions and 11 touchdowns for a 50.6 percent completion rate.

Meanwhile, Leonard has been designated as inactive but remains available as the emergency third string. The second-year QB made five appearances and one start as a rookie and went 39-for-67 for 415 yards with two touchdowns and three interceptions. He could be a double threat for the Colts, but he has not yet shown that ability either.

With this calculation, Jones remains snugly fit into the primary QB position, at least for now. Meanwhile, the Colts have been making quick moves ahead of the Tuesday deadline.

The Colts have remained active

The Colts have made it clear they’re done waiting around after CEO Carlie Irsay-Gordon fired GM Chris Ballard.

Indianapolis has already sent Quenton Nelson to the Seattle Seahawks and DeForest Buckner to the San Francisco 49ers.

Jonathan Taylor drew plenty of attention after Sunday’s loss, and Josh Downs and Grover Stewart are also in the mix.

Taylor’s situation has been simmering for two weeks as per reports. Indianapolis would love a haul like the one Carolina got from San Francisco for Christian McCaffrey, but it will likely settle for whatever the best offer turns out to be. Right now, a second-round pick and more is on the table.

The Giants, Vikings, Seahawks, Broncos and Packers have all been linked to him, and a surprise suitor like the 49ers could still jump in. Either way, a deal is expected before 4:00 p.m. ET on Tuesday, November 10.

Josh Downs, who asked out in the final year of his contract, could be next.

The Colts first wanted a third-round pick, but they’ve told teams a fourth-round offer is available if they choose to take it.

Wide receiver Keenan Allen has drawn some calls too, and defensive tackle Grover Stewart has attracted interest, though Indianapolis is asking for more than teams are willing to pay right now.

As for Daniel Jones, those trade talks are over for now.