(Photo credit: Mark J. Rebilas-Imagn Images)

Free agent quarterback Daniel Jones is finalizing a one-year, $14 million contract with the Indianapolis Colts to compete with third-year quarterback Anthony Richardson.

Jones reportedly was mulling offers between the Colts and the Minnesota Vikings. NFL Network reported the contract can be worth over $17 million for the 2025 season if Jones reaches performance-related escalators.

The former first-round pick would have to earn the starting job in Indianapolis, where coach Shane Steichen has said he will hold an open competition at quarterback. Richardson, the No. 4 overall pick in the 2023 draft, has been plagued by injuries, inaccuracy and inconsistency in his first two seasons.

Jones was waived by the New York Giants at his request last November after being benched. He quickly signed as a free agent with the Vikings for the rest of the season but didn't appear in any games.

The Vikings have identified 2024 first-round pick J.J. McCarthy as the quarterback of the future, replacing Sam Darnold as QB1 in Minnesota. Darnold was offered a chance to return and compete for the job, but signed a three-year, $100.5 million contract with the Seattle Seahawks.

The No. 10 overall pick last April, McCarthy spent the season recovering from knee surgery and is set to participate fully in the offseason program, coach Kevin O'Connell said at the recent NFL Scouting Combine.

Jones, 27, was the No. 6 overall pick by the Giants in the 2019 draft. He suffered a season-ending ACL tear in 2023 but returned in time to start the 2024 season as the No. 1 quarterback. He was benched after a 2-8 start to the season by New York and was replaced by Tommy DeVito.

Jones has 14,582 passing yards, 70 touchdown passes and 47 interceptions in 70 career games (69 starts). He has 2,179 rushing yards with 15 TDs.

--Field Level Media