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Jones signed a one-year contract with the Colts on Wednesday, JJ Stankevitz of the team's official site reports.

Per Stephen Holder of ESPN.com, Jones' contract is guaranteed for $13.15 million and will be worth up to $14 million if he's active for all 17 regular-season games. The deal also contains up to $3.7 million in additional performance-based incentives. The stage is thus set for Jones -- the No. 6 overall pick in the 2019 NFL Draft -- to compete with Anthony Richardson for the Colts' starting quarterback job throughout training camp and the preseason.

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