Daniel Jones represents the top pending free agent for the Colts. Keeping him in the fold will be a major offseason priority, but the same is also true of Alec Pierce. 
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Pierce is set to see his rookie contract expire next month. A major raise is in store regardless of where it will come from. The 25-year-old topped 1,000 yards in 2025, and he led the NFL in yards per catch (21.3) for the second year in a row.
As the Colts deal with negotiations on the Jones front, the franchise tag could be used as a means of ensuring he will not depart in free agency. That may also come into play in Pierce’s case. ESPN’s Jeremy writes Indianapolis could tag the former second-rounder, a move which would follow the path taken with fellow WR Michael Pittman Jr. in 2024. Of course, teams can apply the tag to only one play in any given offseason.
Pittman was kept off the market by means of the franchise tag at a time when it carried a cost of $21.82MM. He wound up agreeing to a long-term pact, and his extension carries an average annual value of $23.33MM. Final figures for 2026 tags have not yet emerged, but the receiver position is currently projected to cost over $28MM. That amount would be guaranteed in full in the event Indianapolis were to tag Pierce, who showcased an ability to operate as more than a deep threat this season.
Pittman’s contract only has one season remaining. He is due to carry a cap charge of $29MM in 2026, so an extension aimed at lowering that figure could be pursued. The Colts also have veteran Ashton Dulin in the fold and Josh Downs attached to his rookie contract. The decision to trade away Adonai Mitchell increased the value of retaining Pierce, though, and general manager Chris Ballard confirmed after the season working out a new pact is high on the team’s to-do list.
Pierce spoke last month about the possibility of reaching the market for the first time in his career. He also stated an affinity for the organization, though, leaving the door open to a second Colts pact. The window for using the franchise tag will open next week and close on March 3. Indianapolis will be a team to watch closely given the potential for Jones or Pierce to be tagged.