As running backs like Saquon Barkley, Josh Jacobs, and Tony Pollard gear up to play the 2023 campaign under the franchise tag, Jonathan Taylor is searching for a long-term extension with the Indianapolis Colts. Taylor told Stephen Holder of ESPN that he’s held contract talks with the Colts but is aware of the depressed running back market. “Hopefully, they can see the value,” Taylor said Wednesday.
Jonathan Taylor and the Colts Must Find a Middle Ground
The NFL running back market has a supply-and-demand issue. While saying that “running backs don’t matter” is probably too simplistic, there are too many talented running backs available in free agency and the draft and not enough starting roster spots to go around.
As such, teams have begun to pare back. The Vikings recently released Dalvin Cook rather than pay him a $10.1 million salary. The Cowboys cut Ezekiel Elliott, while the Packers forced Aaron Jones to accept a pay cut.
This offseason, Miles Sanders was the only running back to receive more than $6 million per year on a free agent contract. No free agent running back has reached an $8 million average annual salary since Melvin Gordon signed with the Broncos in 2019.
Taylor is just 24 years old and only one season removed from a first-team All-Pro season in which he led the NFL in rushing yards (1,811) and rushing touchdowns (18). He was injured and took a step backward in 2022, and while the Colts’ offensive line struggles were partly to blame for Taylor’s disappointing campaign, he also regressed from 2.8 yards after contact per attempt in 2022 to 2.0 last year.
Taylor, who changed agents this offseason, could be targeting a contract in the neighborhood of $15+ million annually. Currently, only Christian McCaffrey and Alvin Kamara have yearly base salaries in that range.
Despite Taylor’s track record, it probably doesn’t make sense for the Colts to go that high in negotiations. Running backs don’t have that much of an effect on overall offensive production, and circumstances dictate much of their success.
Still, it shouldn’t come as a surprise if the two sides eventually work out a deal. Taylor is a high-character player whom the Colts value off the field, and they surely want to surround rookie quarterback Anthony Richardson with as many weapons as possible moving forward.
“You definitely have to pay attention, just so you know, ‘OK, what type of space are you entering into?'” Taylor told Holder. “And you just hope from the track record here (in Indianapolis) that things are being evaluated the right way.”
The ideal template might be the three-year, $36.6 million extension Nick Chubb signed with the Browns in 2021. Like Taylor, Chubb is a stalwart and a locker-room leader. It probably would have sent a poor message to the Cleveland roster had the Browns not found a way to retain Chubb, but the team didn’t overextend itself if working out a new deal.
Colts general manager Chris Ballard has been willing to extend players at non-premium positions, as both left guard Quenton Nelson and linebacker Shaquille Leonard received hefty contracts from Indianapolis. However, Ballard may view running back as an even more fungible position.