Colts are falling into the same Daniel Jones contract trap the Giants regret

The New York Giants seemingly have their quarterback situation figured out, with rookie Jaxson Dart taking the league by storm. The team struggled to find Eli Manning's successor after his retirement, but the hope was that Daniel Jones could be the answer. But that never panned out, as he struggled at times and felt the wrath of Giants fans.

Predictably, Jones left the Giants and is now thriving with the Indianapolis Colts. After being named the starter, Jones and the Colts were ridiculed over the decision. Yet here he is entering Week 8, leading the Colts to the best record in football at 6-1, thanks in part to his great play, throwing for 1,790 yards, 10 touchdowns, and three interceptions, while also rushing for four touchdowns. After seven games, the Colts are ready to keep Jones around for the foreseeable future.

NFL Network insider Ian Rapoport revealed on Sunday that the Colts "hope" to sign Jones to a long-term contract extension after the season.

"I am told that the Colts want this to continue beyond this year and for sure have interest in bringing Daniel Jones back on a long-term deal after the 2025 season," said Rapoport. "I know we're already halfway through, but this is clear what they are doing with Daniel Jones, as the quarterback has been remarkable."

Colts could be falling into the same Daniel Jones trap Giants did years ago

The Giants know all too well about the "Daniel Jones trap" just as he's due for a new contract.

Ahead of the 2022 season, then-new Giants general manager Joe Schoen declined Jones' fifth-year option, meaning he would hit free agency after the season. In the first year of the Schoen-Brian Daboll regime, the expectation was that they would see what Jones could do and bring in a quarterback of their choosing. But no one expected the Giants and Jones to have as good of a year as they did.

The team made it to the playoffs for the first time since 2016, as Jones threw for 3,205 yards and 15 touchdowns, while running for 708 yards and seven touchdowns on 120 carries. In the playoffs, Jones helped lead the Giants to an upset win over the Minnesota Vikings in the first round of the playoffs, as he completed 24-of-35 pass attempts for 301 yards and two touchdowns, while also running for 78 yards on 17 carries in the 31-24 victory.

The Giants had a difficult choice as to who would get a contract extension and who would receive the franchise tag between Jones and running back Saquon Barkley. The Giants chose to give Jones a four-year, $160 million contract extension. The decision ultimately backfired.

Jones followed that up with a horrendous six-game season, as he threw for 909 yards, two touchdowns, and six interceptions. He suffered a neck injury and upon his return, he tore his ACL. The 2024 season went poorly for Jones too, as the team went 2-8 in his 10 starts. Jones was benched for Drew Lock, relegated to scout team before ultimately being granted his release.

Let's start by saying that yes, Jones is in a much better situation than he was with the Giants. He has an actual offensive line to block for him and give him ample time in the pocket. Not to mention he has a game-wrecker at running back in Jonathan Taylor. Oh, and he has a better offensive play caller in head coach Shane Steichen. But giving Jones a long-term contract extension could be risky.

Looking at the quarterback market, Jones would be the top quarterback option, and it's not even close. He could potentially test the market to try and drive up his price with the Colts. Realistically, why would Jones leave if he is in such favorable situation.

Either way, if the Colts do agree to terms on a contract extension with Jones, they better hope he continues his strong play afterward. Giants fans know all too well about Jones' play after earning a lucrative contract extension.