Ravens To Sign DE Trey Hendrickson
Making the decision to wave off the Maxx Crosby trade Tuesday, the Ravens will add the best edge rusher left available. Trey Hendrickson is signing with the team, NFL.com’s Ian Rapoport and Tom Pelissero report.
Hendrickson agreed to a four-year, $112MM deal with Baltimore, ESPN’s Adam Schefter reports. That contract comes in south of where Crosby’s resides on the Raiders’ payroll. Hendrickson agreed to a contract that includes $60MM guaranteed at signing, Schefter adds. That will bring the 10th-year veteran pass rusher guarantees beyond Year 1 — something he targeted during his yearslong Bengals negotiating saga.
[RELATED: Raiders Prepared To Keep Crosby; Latest On Trade Breakdown]
Incentives can take the two-year total to $64MM, Rapoport tweets, with Schefter adding eight-, 10- and 12-sack benchmarks are in place. A $500K incentive covers Hendrickson in sacks, meaning most of this deal goes to base value. The $60MM full guarantee ranks in the top 10 at the position, though it is not yet known where Jaelan Phillips and Odafe Oweh ended up in terms of locked-in money.
The Crosby fallout may have benefited Hendrickson. Most teams viewed the 31-year-old All-Pro EDGE as being set to land a deal in the $24-$25MM-per-year range, per The Athletic’s Dianna Russini. SI.com’s Albert Breer indicates $25-$27MM represented the range, helping explain why Hendrickson lingered in free agency. As of Tuesday, roughly a $10MM gap existed between Hendrickson’s camp and teams’ early offers.
As CBS Sports’ Jonathan Jones notes, Crosby has about four years and $116MM left on his Raiders contract. The Ravens will shift to a free agent and retain their first-round picks, something the California Post’ Vincent Bonsignore notes does not appear to be going over well in some league circles. The Ravens stayed in touch with Hendrickson’s camp Tuesday, Russini adds, noting most in the building knew the ex-Bengal was set to join the team.
The Colts and Eagles are also believed to have made offers, Russini adds. An Indianapolis agreement would have reunited Hendrickson and Lou Anarumo, while Philly is still searching for a replacement for Jaelan Phillips. While those two clubs missed out, the Ravens have completed a shocking turn of events, ruffling feathers in the process.
The Bills, Buccaneers and Commanders were also involved in the Hendrickson derby, ESPN’s Jeremy Fowler adds. Philly’s involvement here is classified as a late entrance, per Fowler, who adds the Colts believed they were close. The Bucs were offering a short-term deal. Hendrickson was connected to interest in joining the Bucs, as he is an Orlando native who played college ball at Florida Atlantic.
The Bills were also involved in a Crosby trade pursuit, while the Commanders pivoted to K’Lavon Chaisson shortly before the Hendrickson-Baltimore news emerged. Washington was in this market until the end, per ESPN.com’s John Keim, explaining the Chaisson deal’s timing.
It is worth wondering when the Ravens began discussing Hendrickson. Trades are not official until the start of the new league year (3pm CT today). It can be assumed Baltimore was all-in on Crosby, but Russini adds the team was familiar with the Raiders edge rusher’s rehab timeline. Crosby is recovering from meniscus surgery, a monthslong process that is not expected to affect his Week 1 availability, and some around the league view this as simply the Ravens getting cold feet on unloading two first-round picks. Hendrickson is nearly two years older than Crosby, but not costing two first-rounders is rather significant.
The Hendrickson market looked to see a mystery team emerge Tuesday afternoon, per NFL.com’s Mike Garafolo, who indicates teams became leery of this stealth suitor. That is widely believed to be the Ravens, who knew hours before the Raiders’ social media announcement they would be nixing the Crosby trade.
While this sets a bad precedent, such options are available to teams under a setup in which deals can be agreed to weeks in advance — as the 2021 Jared Goff–Matthew Stafford trade reminds — of the new league year before becoming official. The unraveling of the Ravens-Raiders’ Crosby trade took hours, Garafolo adds. Hendrickson came into the picture for the AFC North team at that point.
PFR’s No. 4-ranked free agent, Hendrickson scores a deal that lands between Phillips (our No. 3 FA) and Oweh in terms of AAV. His $28MM number is much better than where he was during most of his Cincinnati tenure. Hendrickson had signed a four-year, $60MM Bengals deal in 2021 before agreeing to a one-year, $21MM extension in 2023.
Hendrickson pursued an extension for years in Cincinnati, but the Bengals stood their ground and refused to offer post-Year 1 guarantees — an organizational precedent except in rare cases (Joe Burrow, Ja’Marr Chase) — during last year’s standoff. A one-year, $29MM pact ended up being the late-summer resolution. The Bengals offered their top pass rusher a backloaded three-year, $95MM deal; he passed, leading to the August raise. The Bengals were linked to a 2026 Hendrickson franchise tag, but it would have come in well north of $30MM. Cincy passed and will move on, having agreed to sign Boye Mafe.
While Crosby probably has more long-term upside, Hendrickson put together a dominant run in the 2020s. The Bengals sack ace finished back-to-back seasons with 17.5 sacks and has two more campaigns (2020, 2021) with at least 13. After a belated breakthrough in a contract year (2020) with the Saints, Hendrickson helped the Bengals to Super Bowl LVI in his debut Ohio season. Hendrickson recorded at least 24 QB hits from 2020-24, topping out at 36 in managing to finish as Defensive Player of the Year runner-up on a bad 2024 Cincinnati defense.
Last year, hip trouble ended up shutting Hendrickson down after five games. The four-time Pro Bowler underwent core muscle surgery in December. That adds a layer to this edge rusher switcheroo, though the Ravens obviously do not expect Hendrickson to be delayed in coming back in time for the regular season. Wherever Crosby plays in 2026, he is expected to be on the field in Week 1 as well.
Never trading a future first-round pick for a veteran player in their 30-year history, the Ravens also have not been big spenders at the EDGE position since Terrell Suggs‘ Baltimore run ended. The team franchise-tagged Matt Judon but did not re-sign him, moving to Oweh’s rookie deal and a host of veteran stopgaps. This strategy, which included an Oweh trade midway through last season, led to Baltimore ranking 30th in sacks last season. The team will bet on Hendrickson recapturing his pre-injury form, while we wait to see where Crosby will end up.
Colts, QB Daniel Jones Agree To Deal
The Colts will move Daniel Jones‘ transition tag off the books. The sides are in agreement on a two-year, $88MM extension, NFL insider Jordan Schultz reports.
It is the largest two-year contract in NFL history, Schultz adds, noting the deal could balloon to $100MM via incentives. The contract includes $50MM fully guaranteed and another $10MM guaranteed for injury, ESPN’s Adam Schefter reports.
The $50MM fully guaranteed far exceeds where the Seahawks went for Sam Darnold last year or where the Buccaneers closed with Baker Mayfield in 2024. The transition tag and a few recent Colts developments brought strong leverage for Jones, as he secured more guaranteed than either more accomplished QB despite only agreeing to a two-year deal.
We heard earlier today the Colts and Jones were moving toward a two-year contract. This is another monster deal for Jones, who played last season on a one-year, $14MM pact. Three years after Jones scored a win — via a four-year, $160MM deal — with the Giants, he cashes in after an injury-shortened Colts campaign.
In moving Jones’ $37.83MM transition tag off the books before the start of the 2026 league year (3pm CT today), the Colts will save considerable cap room. Jones will score a huge raise from his 2025 pay, and the two-year term length will allow for another prime-years bite at the apple — should Jones sustain his form this time around. The former No. 6 overall pick famously did not do so on his $40MM-AAV Giants accord, which Big Blue jettisoned during the second year of the contract.
The soon-to-be 29-year-old quarterback will see $50MM in Year 1, according to NFL.com’s Ian Rapoport. Jones had targeted a deal in the $50MM-per-year range; that ask was out of step with what the Colts desired. Indianapolis’ first offer was believed to come in near the Darnold range (three years, $100.5MM). But Jones, as he did with the Giants in 2023, again stood in commanding leverage position thanks to Indy trading two first-round picks for Sauce Gardner. The Colts had made no secret of their interest in re-signing Jones, and another player-friendly accord will emerge for the inconsistent QB as a result.
Each game the Colts win will result in a $500K bump for Jones, so long as he plays at least 50% of the team’s offensive snaps (per Rapoport). Notably, $10MM of Jones’ 2027 salary is guaranteed. That represents the injury guarantee, with Pro Football Talk’s Mike Florio noting that amount vests in March 2027. Jones received two fully guaranteed years from the Giants, but it took a four-year commitment to secure those terms. That March 2027 date gives the Colts a potential out in case Jones flops on a big-ticket deal again. Indy can escape the contract before that guarantee vests.
Jones certainly would have been the top free agent available, value-wise (an area where the QB has specialized), but the Colts were far apart on terms and did not leave it to chance by transition-tagging him. No team had unholstered a transition tag on a quarterback since 1996, with ex-Colts first-rounder Jeff George being cuffed by the Falcons. That relationship combusted months later, with Atlanta cutting the ex-Indianapolis bust after three games. The Colts will be hoping Jones can stop their QB carousel, one that helped strengthen the eighth-year veteran’s leverage.
The Colts have used eight different Week 1 starting quarterbacks over the past nine seasons. The carousel has defined Chris Ballard‘s GM tenure. Owner Carlie Irsay-Gordon brought back both Ballard and Shane Steichen for a fourth season, largely giving them a mulligan for Jones’ injury-shortened 2025 slate. While Jones was playing well in guiding the Colts to an 8-2 start, he now has a checkered medical sheet. Jones has missed time due to ACL and Achilles tears, along with multiple bouts of neck trouble. Before sustaining the Achilles tear last season, Jones was playing through a fractured fibula.
Jones’ struggles on his lucrative Giants deal moved Brian Daboll and GM Joe Schoen to the hot seat in New York, and while the QB has a chance to prolong Ballard and Steichen’s Indy tenures, their futures likely ride on this contract working out. Having Jones at $14MM represented a good value play for the Colts. With Alec Pierce now at $29MM per year and Jones on another player-friendly deal, will Indy be able to sustain its first-half form from last season?
The Duke product averaged more than eight yards per attempt for the first time last season, finishing at 8.1 with a career-best 68% completion rate. Jones posted a 19:8 TD-INT ratio and ranked eighth in QBR. The Colts were on a torrid pace, but they could not sustain it. The team going 8-4 with Jones available and 0-5 without him — though, Philip Rivers’ comeback was among the most memorable re-emergences in modern sports history — brought another negotiating point for the QB’s camp. The Vikings, who have not landed on their veteran QB option to compete with J.J. McCarthy, were also believed to be monitoring this situation.
Jones had turned down Minnesota despite receiving a better offer last year, correctly determining he had a better chance for a starting job in Indianapolis. While Anthony Richardson is still a Colt, he has been given permission to find a trade partner. Jones’ deal effectively ensures the former No. 4 overall pick will not be back.
Expected to be back for Week 1 after another round of rehab, Jones will not have Michael Pittman Jr. to target any longer. The Colts traded their $24MM-per-year receiver to the Steelers in a salary-dump move, as they now have Pierce on a WR1 deal. The team also traded Adonai Mitchell in the Gardner swap, leaving Pierce, Josh Downs and Tyler Warren as Jones’ top 2026 targets — as of now. The team also lost right tackle Braden Smith in free agency, though four O-line starters are returning to help Jones and All-Pro running back Jonathan Taylor.
Averaging 5.7 and 6.1 yards per attempt during the two seasons on his second Giants contract, Jones will face considerable pressure to stick the landing this time. Though, his Kirk Cousins-like negotiating savviness has removed any incentive on the financial side. Still, Jones playing well in Indy will position him for a lucrative extension or a 2028 free agency foray. The Colts will hope this pricey contract can bring an end to the post-Andrew Luck period of QB instability.
Colts Targeting Two-Year Daniel Jones Extension
More progress is coming out of Indianapolis. After reports revealed Daniel Jones and the Colts were progressing on a deal Tuesday, more momentum is forming Wednesday morning.
The Colts and Jones have made “significant progress” toward what would be a two-year extension, NFL.com’s Ian Rapoport and Tom Pelissero report. A deal could come together today. That would be a win for the Colts, who have a lofty transition tag figure ($37.83MM) clogging their cap sheet presently. They have around $30.95MM in space, but lowering Jones’ cap number would allow them to make more upgrades to their roster.
Indianapolis made a major commitment earlier this week in agreeing to re-sign wide receiver Alec Pierce to a four-year, $116MM contract. It appeared Pierce would test the market before his deal came together as the negotiating window opened Monday. But the four-year veteran’s desire to continue playing with Jones was among the reasons he decided to stay, according to Rapoport. As such, it is no surprise that the Colts are working diligently to get something done with Jones.
With Pierce’s help, Jones enjoyed a career year in 2025 before it ended with an Achilles tear in early December. The Colts bought relatively low on Jones, the former Giants starter and Vikings backup, in signing him to a one-year, $14MM contract last offseason. The 28-year-old rewarded them with personal-best marks in completion percentage (68.0), yards per attempt (8.1), passer rating (100.2) and QBR (63.0) over 13 games. The Colts went 8-5 in Jones’ starts and 0-4 under subs Philip Rivers and Riley Leonard.
Although the team missed the playoffs for a fifth straight year, general manager Chris Ballard is of the belief he finally has an answer at quarterback in Jones. Having traded his next two first-round picks to the Jets for cornerback Sauce Gardner last November, Ballard does not have an avenue to find a clear solution in the draft in the near future. Between that and an uninspiring class of free agent signal-callers, Jones has leverage in talks.
Jones also had leverage in talks when he inked a four-year, $160MM extension with the Giants in 2023. Had no deal come together, the Giants would have placed the franchise tag on Jones and allowed running back Saquon Barkley to reach free agency. The Jones agreement enabled them to tag Barkley, who wound up walking in free agency a year later. Meanwhile, signing Jones proved to be a mistake for the Giants.
Jones flamed out after securing a raise in New York, leading the team to waive him in November 2024. The Colts are not expecting a similar fate for Jones in their uniform. Judging by their desire to give Jones another sizable payday, they are confident his 2025 resurgence is sustainable.
Colts, Daniel Jones Making Progress
The first quarterback to be transition-tagged since the Falcons cuffed ex-Colt Jeff George in 1996, Daniel Jones and Indianapolis began this process with considerable ground to cover. The Colts’ initial offer did not come close to Jones’ asking price.
Indianapolis made an offer in the Sam Darnold ballpark, according to Sports Illustrated’s Albert Breer, who confirms the team proposed an extension around the three-year, $100.5MM the Seahawks gave Darnold last year. Jones’ camp balked, citing the leverage a franchise tag would have provided and countered with an offer in another salary bracket.
A rather tough negotiator in 2023 with the Giants, Jones viewed his price closer to $50MM per year, Breer adds. This reminds of when the quarterback sought a deal north of $45MM per year back in 2023, when the $50MM-AAV club was not yet in place. The Giants settled on a four-year, $160MM pact that backfired quickly. Somehow, after an ACL tear, more neck trouble, a fibula fracture and an Achilles tear, Jones has moved into strong leverage position again. That led to the Colts transition-tagging their 2025 starter at last week’s deadline.
Given a one-year, $14MM deal in 2025, Jones is now tied to a $37.83MM tag. That number does give the veteran quarterback some leverage, as does the Colts having traded their 2026 and ’27 first-rounders for Sauce Gardner. It appears Jones, who was prioritized over Saquon Barkley three years ago, is not intent on a team-friendly deal here.
That said, veteran insider Jordan Schultz notes progress has been made since team and player were far apart. No extension has been reached, but it would certainly help the Colts — by reducing Jones’ cap figure — to complete one. Indy was able to retain Alec Pierce on a four-year, $116MM deal. But the team essentially gave away longtime No. 1 wideout Michael Pittman Jr. — whom Pierce arguably usurped atop the Colts’ pass-game hierarchy last season — in a pick-swap trade with the Steelers to create necessary cap space. Were Jones not on the transition tag, Indianapolis would be less restricted.
The Colts have not exactly kept their cards close to the vest; they are fairly committed to retaining Jones for a second season. Despite the 28-year-old passer going through another offseason of rehab, he is expected to be Indy’s 2026 starter. The Vikings, Jones’ brief employer late in the 2024 season, were believed to be monitoring this situation. But the prospect of Kyler Murray on a vet-minimum deal has emerged. That would be far less costly for Minnesota, though the Vikes out-offered the Colts for Jones in 2025. Jones chose Indy because he deemed Anthony Richardson as a less imposing hurdle to a starting job than J.J. McCarthy.
Indianapolis still holds more than $23MM in cap space as of Tuesday afternoon, but the team could make more roster improvements if Jones’ transition tag turns into a lower cap number on an extension during free agency. The clock is ticking there, and Jones’ camp may continue to exert leverage. It worked pretty well, contract-wise, when he proceeded that way with the Giants.
QB Kyler Murray Could Be Patient In Free Agency
MARCH 10: Murray has yet to formally be released, nor have the Cardinals publicly confirmed they will do so at this point. That should change tomorrow, but it remains to be seen how quickly Murray will act upon becoming a free agent. In any event, Ian Rapoport of NFL Network confirms (video link) the Vikings remain the “favorite” with respect to Murray’s destination at this point.
MARCH 8: Once Cardinals quarterback Kyler Murray landed on injured reserve this year having only played five games, two years after being limited to only eight games, Arizona decisionmakers were forced to broach the topic of reevaluating the future of the franchise. As the season progressed without Murray, all signs started pointing to his eventual departure from Arizona. The lack of robust trade interest in Murray led to the conclusion that the team would plan to release him to free agency. 
With his likely future set to begin later this week, ESPN’s Jeremy Fowler reports that Murray “could choose to be methodical in picking his destination” once free agency opens up. There are multiple free agent and draft options available to teams looking to fill out their roster at quarterback, and at some point, those team’s roster spots will be filled. There’s certainly strategy in working to lock down a spot to make sure one has a guaranteed job and contract, but there’s strategy, too, in being reactive to the moves that get made in order to ensure that one has the most information possible on a potential decision.
There will likely be teams — and there have already been a few for Murray — who will make their interest known loudly, publicly. Once the opportunity to communicate opens up, those teams could come hard and fast to display just how interested they are in a prospect. They may offer a contract big enough to convince a player to abandon his plans to look around and test the market. Then, once they’ve locked the player into a contract, the situation that was promised to that player may end up getting altered. The general idea of this would be similar to what happened with the Falcons and Kirk Cousins. Though, that wasn’t a necessarily quick courtship, Cousins signed under the impression that he was the only guy at quarterback moving forward, then the Falcons went and spent a first-round pick to draft Michael Penix.
Murray could, instead, be more patient and reactive. Once officially released from his contract in Arizona, Murray can start taking visits. We’ve known Minnesota to be an interested party as they seek competition for starting quarterback J.J. McCarthy. It was reported as recently as yesterday that the Jets were also showing interest, and Fowler mentions the Colts and Falcons as possibilities, as well, due to their current statuses with injured passers who may not be ready to start the season.
By being patient, Murray can take the time to truly consider team fit and city fit, instead of letting dollars and cents be the main factor of the decision-making process. The money is important, too, though, and seeing what other veteran free agents are signing for could help Murray leverage a better free agent deal for himself instead of being the one who acts first and sets the market. He also has a bit of freedom in what kind of contracts he can ask for, given he’s still due to receive a good amount from guarantees in his contract from Arizona. He’ll be able to see which teams really want him and which just really need a body to fill the room. Perhaps he’ll be open to joining the Vikings, Colts, or Falcons, who have talented rosters but eventual competition at quarterback, or perhaps he’ll desire a job with a team that needs more work as long as it provides him a secure starting opportunity.
Free agency could go in a lot of different directions once it really opens up this week. It will be interesting to see how quickly Kyler moves in his first bout with free agency. He may subject himself to a bidding war and go with the highest bidder early, or he may be slower and more deliberate in his approach to finding a new home.
Colts To Re-Sign Alec Pierce
Highly touted wide receiver Alec Pierce will not hit the open market. The Colts and Pierce have agreed to a deal, Jordan Schultz reports. It’s a four-year, $116MM pact, per ESPN’s Adam Schefter. The contract contains $84MM in guarantees and $60MM fully guaranteed at signing, Tom Pelissero of NFL Network relays.
This is a best-case scenario for the Colts, who are now in position to keep their top receiver and starting quarterback Daniel Jones. After the Colts placed the transition tag on Jones last Tuesday, there was fear Pierce would exit. The 25-year-old even suggested he would test the market. The 2022 second-round pick from Cincinnati will instead continue his career in Indianapolis.
[RELATED: Colts To Trade Michael Pittman Jr. To Steelers]
As PFR’s second-ranked free agent, Pierce drew substantial interest before agreeing to stick with the Colts. The Patriots, Raiders, 49ers and Chargers all eyed Pierce, but he turned down more money to remain in Indianapolis, according to Dianna Russini of The Athletic. The Commanders were also “aggressive” in the derby, Jeremy Fowler of ESPN adds.
New England was not willing to match Indy’s bid, Jeff Howe of The Athletic reports. The Patriots will now turn their attention elsewhere (perhaps an A.J. Brown trade) as they seek a difference-making receiver to replace the released Stefon Diggs.
Although Pierce has never reached 50 catches in a season, he has emerged as one of the game’s elite downfield threats. The 6-foot-3, 211-pounder led the NFL in yards per catch in each of the past two seasons. During a career year in 2025, he caught 47 balls for 1,003 yards (21.3 YPC) and six touchdowns over 15 games. It was the first time the durable Pierce has missed more than one game in a season.
On a per-year basis, Pierce has averaged around 39 catches, 734 yards and four touchdowns. That is not No. 1-caliber production, but Pierce will benefit from the league’s significant cap increase. He now ranks ninth at his position in total money, right behind the Bengals’ Tee Higgins. Pierce checks in at 10th in yearly average, once again just behind Higgins. An $84MM guarantee would put him in a fifth-place tie with Brown.
With Pierce under wraps, the Colts will likely put more focus on a long-term deal with Jones. Otherwise, they could risk losing him to an offer sheet. General manager Chris Ballard has until July 15 to reach an agreement with Jones.
NFL Announces 2026 Compensatory Picks
The NFL has awarded compensatory draft picks for teams in the 2026 draft. Based on an add/subtract formula that covers the 2025 free agency period, comp picks span from Round 3 to Round 7. The higher picks go to the teams that endured the most significant free agent losses.
This year, the NFL awarded 33 comp picks. The comp pick formula assigns picks to franchises who suffered the largest net losses, so teams that signed multiple free agents have a lesser chance of receiving picks.
Sorted by round and by team, here are the league’s 2026 compensatory selections:
By round:
Round 3: Vikings (No. 97), Eagles (98), Steelers (99), Jaguars (100, from Lions*)
Round 4: 49ers (No. 133), Raiders (134), Steelers (135), Saints (136), Eagles (137), 49ers (138), 49ers (139), Jets (140)
Round 5: Ravens (No. 173), Ravens (174), Raiders (175), Chiefs (176), Cowboys (177), Eagles (178), Jets (179), Cowboys (180), Lions (181)
Round 6: Steelers (No. 214), Eagles (215), Steelers (216)
Round 7: Colts (No. 249), Ravens (250), Rams (251), Rams (252), Ravens (253), Colts (254), Packers (255), Bronc0s (256), Broncos (257)
By team:
- Baltimore Ravens: 4
- Philadelphia Eagles: 4
- Pittsburgh Steelers: 4
- San Francisco 49ers: 3
- Dallas Cowboys: 2
- Denver Broncos: 2
- Indianapolis Colts: 2
- Las Vegas Raiders: 2
- Los Angeles Rams: 2
- New York Jets: 2
- Detroit Lions: 1
- Green Bay Packers: 1
- Jacksonville Jaguars: 1
- Kansas City Chiefs: 1
- Minnesota Vikings: 1
- New Orleans Saints: 1
* = awarded for Lions DC Aaron Glenn becoming Jets’ HC
The Bears lost a minority executive to a GM role, with Ian Cunningham taking over in Atlanta. But the NFL will not award Chicago two third-round picks for that hire because the Falcons have Matt Ryan positioned as their president of football. Although Cunningham — Chicago’s assistant GM for four years — holds plenty of organizational say, Ryan is atop its front office hierarchy. The Bears disagree with the NFL’s ruling, per NFL.com’s Mike Garafolo.
Bears GM Ryan Poles confirmed (via ESPN.com’s Courtney Cronin) the team spoke with the NFL about the matter, but the league did not rule in the team’s favor. Had this decision gone the Bears’ way, they would have received third-round picks in the 2026 and ’27 drafts.
Steelers To Acquire, Extend WR Michael Pittman Jr.
7:24pm: Pittsburgh is sending a sixth-round pick for Pittman and a seventh, per the Pat McAfee Show‘s Mark Kaboly. This amounts to a salary dump by a Colts team that needed money for the Pierce payday and Jones’ tag.
Our Colts Offseason Outlook broached the Pierce-for-Pittman swap on the team’s payroll, and the club found a taker. The Steelers have their Metcalf complementary piece. Pittman, the first Colt to be franchise-tagged since McAfee (2013), is heading into an age-29 season.
11:52am: The Colts retained wide receiver Alec Pierce with a mega-deal on Monday, but they will say goodbye to another key pass catcher. The team has agreed to trade Michael Pittman Jr. to the Steelers, Dianna Russini of The Athletic reports. The deal will be a late-round pick swap, per Tom Pelissero of NFL Network.
The Steelers are awarding Pittman a three-year, $59MM extension, according to Mike Garafolo of NFL Network. The 28-year-old otherwise would have played out the last season of his contract in 2026.
Days after the Colts placed the $37.83MM transition tag on quarterback Daniel Jones, Pierce stayed in place on a four-year, $116MM agreement. That left the Colts in need of cap space. By saying goodbye to Pittman, they will save $24MM at the cost of $5MM in dead money.
A consistently strong contributor since the Colts grabbed him in Round 2 of the 2020 draft, Pittman has reached 80 catches in four of his six seasons. He has also exceeded 1,000 yards twice. While 2025 was a down year in terms of yards per catch (9.8), Pittman still hauled in 80 passes for 784 yards and a personal-best seven touchdowns. He played in all 17 games for the second time in his career. Other than a 13-game rookie year, Pittman has never missed more than one contest in a season.
Although the Steelers do not have an established starting quarterback in place, expectations are that Aaron Rodgers will eventually re-sign. Rodgers quarterbacked the Steelers to 10 wins and an AFC North title last season, but the team lacked weapons at receiver after D.K. Metcalf. While Metcalf finished with 850 yards in 15 games, no other Steeler hit 500. Second receiver Calvin Austin, now a free agent, totaled 31 catches for 372 yards in 14 games. Meanwhile, no one from the Roman Wilson/Adam Thielen/Marquez Valdes-Scantling group posed much of a threat.
Regardless of who is under center for Pittsburgh in 2026, he should benefit from Pittman’s presence. The 6-foot-4, 223-pounder will give the Steelers a second proven wideout to complement Metcalf.
Colts, DE Arden Key Agree To Deal
Former Jaguar and Titan Arden Key will make his third AFC South stop in 2026. The Colts are adding Key on a two-year contract, insider Jordan Schultz reports. The deal carries a max value of $20MM with $11MM in guarantees.
Key, who will turn 30 in May, is joining the fifth organization of his eight-year career. He began as a Raiders third-round pick in 2018. After spending three seasons with the Raiders, he had one-year stints with the 49ers and Jaguars.
The Titans gave Key some stability when they inked him to a three-year, $21MM accord in 2023. Although Key was the subject of trade rumors before last November’s deadline, he wound up staying in Tennessee for his entire contract. There was mutual interest in a return next season, but Key will head to Indianapolis instead.
While Key combined for just three sacks in 37 games with the Raiders, he has averaged a respectable 5.5 per year dating to 2021. During his most productive season, 2024, the ex-LSU Tiger logged career highs in tackles (42), starts (15) and sacks (6.5). Key also reached 15 QB hits for the third time.
Quad and hip injuries limited Key to 12 games (nine starts) in 2025, during which he recorded 11 QB hits and four sacks. Pro Football Focus ranked Key 71st among 119 qualified edge rushers. Colts defensive end Samson Ebukam checked in two spots higher. Ebukam is now among the Colts’ free agents. More importantly, though, the team could lose the unsigned Kwity Paye to a richer payday elsewhere. Bringing in Key will give the Colts a decent veteran option as they brace for the potential exits of Ebukman and Paye.
Titans To Sign DL John Franklin-Myers
Robert Saleh is reforming his Jets band. After Jermaine Johnson arrived via trade, John Franklin-Myers is coming over in free agency. The high-level FA agreed to a three-year, $63MM Titans deal, per insider Jordan Schultz.
A two-year Broncos starter, Franklin-Myers was a key piece under Saleh with the Jets. With D-line coach Aaron Whitecotton coming to Nashville as well, the Titans appeared to be the most logical suitor for Franklin-Myers (as Nikhil Mehta’s Offseason Outlook detailed). Franklin-Myers, 29, will see $42MM guaranteed on this deal — a massive raise from his Denver terms.
Widely expected to leave the Broncos, who had not made an extension offer during a period where several other front-seven cogs were paid, Franklin-Myers hit free agency at an ideal time. Despite heading into an age-30 season, the high-end role player looked to be by far this market’s top interior D-line option. PFR ranked Franklin-Myers sixth in this year’s FA class — largely because of its lack of DT options and a draft not teeming with them, either — and the $21MM-per-year number nearly triples his Broncos AAV.
The Bengals, Colts and 49ers also pursued Franklin-Myers, according to The Athletic’s Dianna Russini. Traded to the Broncos as a salary-dump move in the 2024 draft, Franklin-Myers agreed to a two-year, $15MM deal — a better offer than the Jets made as they aimed for a sizable pay cut. Franklin-Myers had been tied to a four-year, $55MM Jets extension, but as Haason Reddick arrived via trade, Joe Douglas sent him to Denver. That became a boon for the Broncos’ defense, and it turned into a mutually beneficial relationship.
Two top-three Broncos defenses deployed Franklin-Myers as a 3-4 defensive end starter. He racked up 14.5 sacks during his two-season Broncos stay. But Denver had agreed to extensions with Zach Allen, Malcom Roach, Nik Bonitto and Jonathon Cooper during Franklin-Myers’ tenure. The team also re-signed DT D.J. Jones just before last year’s free agency. Franklin-Myers did not expect an extension, and he will benefit from hitting the market in a down year for the position.
Initially claimed off waivers from the Rams during Adam Gase’s HC tenure, Franklin-Myers displayed inside-outside versatility under Saleh. He recorded 11 sacks from 2021-22, teaming with Quinnen Williams up front New York. Saleh’s second Jets defense improved from 32nd to fourth, and Franklin-Myers’ 2022 showing was a key reason for that leap. Two years after the draft-weekend trade, Franklin-Myers will join his former coaches on a monster fourth contract.