Colts Notes: Jones, Pierce, Buckner
A few months after his Giants tenure went up in flames, the Colts took a one-year, $14MM flier on quarterback Daniel Jones in March 2025. The move could not have worked out much better until Jones tore his Achilles in early December.
A little over four months after suffering a major injury, Jones is progressing well in his recovery, general manager Chris Ballard said (via James Palmer of The Athletic). Jones has resumed throwing and performing dropbacks, according to head coach Shane Steichen (per Stephen Holder of ESPN). The Colts are hopeful he will be ready for Week 1 .
If Indianapolis had serious concerns over Jones’ Achilles, it could have let him walk in free agency. Instead, the team retained Jones on a two-year, $88MM contract with a fully guaranteed $50MM. While Jones has mostly disappointed since the Giants drafted him sixth overall in 2019, the 28-year-old has flashed enough to rake in two significant extensions. The Giants gave him a four-year, $160MM payday in March 2023, but the decision proved disastrous. They wound up cutting Jones in November 2024. He finished the season as a Vikings backup before his trip to the open market led him to Indianapolis.
Jones flopped on his big Giants contract, but the Colts are banking on him building on a career-best showing in 2025. Over 13 starts, he threw 19 touchdowns against eight interceptions and ranked top 10 in the NFL in yards per attempt (8.1; fourth), completion percentage (68.0; sixth), QBR (63.0; eighth) and passer rating (100.2; ninth).
Thanks in part to Jones’ first-half heater, the Colts surged to an AFC-leading 7-1 start. The shine began wearing off from there, though, as the team dropped its third straight the day Jones’ season ended and fell to 8-5. With Jones and injury-prone backup Anthony Richardson out for the season, the desperate Colts brought 44-year-old Philip Rivers out of retirement. As entertaining as Rivers’ comeback was, it didn’t yield a miraculous late-season run for the Colts. They lost out and finished 8-9 for the second year in a row.
Wide receiver Alec Pierce, one of Jones’ favorite targets last year, joined his QB as a pending free agent entering the offseason. The Colts also paid up to prevent the deep threat from leaving. Although he has never hit the 50-catch mark in a season, Pierce landed a four-year, $114MM pact with $60MM fully guaranteed right as the legal tampering period opened on March 9. The Colts traded Michael Pittman Jr. to the Steelers the same day, leaving Pierce as their No. 1 receiver. Pierce is now sidelined after undergoing ankle surgery, but with a three-month recovery timeline, there is no concern he will miss any regular-season action (via Holder).
Turning to the other side of the ball, cornerstone defensive tackle DeForest Buckner was among several key Colts who logged multiple absences last year. Buckner sat out seven games as a result of a neck injury, but he is “making good progress,” Mike Chappell of Fox 59 writes. The same goes for kicker Spencer Shrader (ACL), cornerback Justin Walley (ACL) and safety Hunter Wohler (foot). The Colts spent a third-rounder on Walley last year, but a torn ACL cost him his entire rookie season. With slot corner Kenny Moore potentially on the outs via trade or release, Walley could take on an important role in 2026.
Commanders Rumors: Pierce, Aiyuk
The Commanders were “aggressive” in their pursuit of Colts wide receiver Alec Pierce when the NFL’s legal negotiating window opened March 9, but he stayed put on a four-year, $114MM contract. It turns out he nearly ended up in Washington. Had Pierce reached the open market, he “absolutely” would have signed with the Commanders, a source told John Keim of ESPN.
After seemingly finishing second in the Pierce sweepstakes, Washington was the runner-up in the Romeo Doubs derby the next day. Doubs left the Packers for the Patriots’ four-year, $68MM pact, but the Commanders were reportedly “very close” to landing him.
While the Commanders still have not found a capable complement to No. 1 receiver Terry McLaurin, they have bolstered their pass-catching group in adding former Titans tight end Chig Okonkwo and making modest investments at receiver (Dyami Brown, Treylon Burks, Van Jefferson). Impact options at the position continue to dwindle in free agency, though. Jauan Jennings and Deebo Samuel, who spent last season in Washington, are among the most appealing unsigned wideouts remaining.
Samuel led a banged-up Commanders receiving corps in catches (72), targets (99), yards (727) and touchdowns (five) last year, but he hasn’t drawn any known interest from Washington or elsewhere this offseason. The Commanders are expected to target one of Samuel’s former 49ers teammates, Brandon Aiyuk, though San Francisco will have to part with him first. While Aiyuk starred during his most recent full season in 2023, his stock has plummeted since then. As such, it is “unlikely” the Commanders will trade for Aiyuk or submit anything more than a one-year, prove-it offer if the 49ers release him, Keim writes.
In 2024, the first season of a four-year, $120MM contract, Aiyuk caught only 25 of 47 targets for 374 yards and no touchdowns before tearing his ACL and MCL in Week 7. He has not played since then.
While Aiyuk was on the mend from surgery last July, the 49ers voided the remaining guarantees on his deal because they were not happy with his rehab efforts. They eventually placed Aiyuk on the reserve/left squad list in December, ending any chance he would play in 2025.
Delving into the Aiyuk drama as a guest on the Bussin’ with the Boys podcast this week, 49ers tight end George Kittle revealed (via Coach Yac): “The last time I saw Aiyuk, he was kinda at training camp, kinda not and then he was in and out of the building throughout the first couple of weeks. Then I started going out to see him in the weight room because he didn’t go into the locker room or the training room anymore. He would just go into the weight room to do his rehab. I would go there and talk to him because he didn’t go to meetings or anything like that. I would just talk to him and let him know ‘I’m your guy. Just letting you know I love ya’. I started doing that Week 6 and then a week later that story came out about all the crazy stuff and then I didn’t see him again.”
Although Aiyuk has the talent to revive his career, it is no surprise that the Commanders and the rest of the league are wary of trading for him or handing over a sizable contract. But whether it’s Aiyuk or someone else, it would be ideal for Washington to find another starting-level receiver this offseason. General manager Adam Peters has come up empty in his efforts so far.
AFC Contract Details: Colts, Pierce, Patriots, Doubs, Kelce, Chiefs, Jets, Titans, Raiders, Browns, Bengals, Texans
Here are the latest details from contracts agreed to around the AFC:
- Alec Pierce, WR (Colts). Four years, $114MM. In addition to a previously reported $60MM full guarantee, Pierce will see $10MM of his $27MM 2028 base salary shift from an injury guarantee to a full guarantee on Day 5 of the 2027 league year, according to OverTheCap. Another $14MM of Pierce’s 2028 base salary becomes guaranteed on Day 5 of the 2028 league year. He will be due a $2MM roster bonus on Day 5 of the 2029 league year. One void year is in place to spread out the cap hits, the Indianapolis Star’s Joel Erickson tweets.
- Romeo Doubs, WR (Patriots). Four years, $68MM. Doubs secured $35MM fully guaranteed. After fully guaranteed 2026 and ’27 base salaries, Doubs has a $4MM injury guarantee on his $14MM 2028 salary, the Boston Globe’s Ben Volin tweets.
- Cor’Dale Flott, CB (Titans). Three years, $45MM. In addition to the previously reported $32MM fully guaranteed, KPRC2’s Aaron Wilson notes Flott is in line for a $2MM roster bonus on Day 3 of the 2028 league year.
- Bryan Cook, S (Bengals). Three years, $40.25MM. Cook will see $14MM fully guaranteed, per OverTheCap. Roster bonuses of $4MM and $1MM are due on Day 5 of the 2027 and ’28 league years, respectively, according to Spotrac.
- Minkah Fitzpatrick, S (Jets). Three years, $40MM. Fitzpatrick’s second extension will bring $20.5MM guaranteed at signing, per OverTheCap. The $13.33MM AAV is a reduction from the All-Pro’s 2022 Steelers deal (four years, $72.99MM), but the former first-rounder is entering an age-30 season.
- Dre’Mont Jones, DE (Patriots). Three years, $36.5MM. Jones will see $23.28MM fully guaranteed, Wilson tweets. A $1MM playing time incentive is in place on this deal as well, with OverTheCap noting the guarantees cover Jones’ 2026 and 2027 compensation.
- Jalen Nailor, WR (Raiders). Three years, $35MM. Nailor’s previously covered $23MM at-signing guarantee includes $6.5MM of his 2027 base salary ($11.5MM); the remaining $5MM locks in on Day 3 of the 2027 league year, Wilson adds.
- Orlando Brown Jr., LT (Bengals). Two years, $32MM. Brown secured $14MM fully guaranteed, according to OverTheCap, which indicates he is due a $2.15MM roster bonus on Day 5 of the 2027 league year. This extension did not drop Brown’s 2026 cap number by much, as it dropped from $21.99MM to $19.29MM.
- Reed Blankenship, S (Texans). Three years, $24.75MM. Blankenship landed $16.75MM fully guaranteed, Wilson tweets. That covers the ex-Eagle’s 2026 and ’27 compensation.
- Dylan Parham, G (Jets). Two years, $16MM. The ex-Raider starter secured $7.49MM fully guaranteed, Wilson adds. Three void years are included in the deal, leaving Parham’s 2026 cap number at just $3.97MM.
- Quincy Williams, LB (Browns). Two years, $13MM. Williams landed $9MM fully guaranteed, NFL.com’s Tom Pelissero tweets. The veteran linebacker will see $2.5MM of his 2027 compensation guaranteed at signing, per OverTheCap.
- Travis Kelce, TE (Chiefs). One year, $12MM. The deal is fully guaranteed. Two void years are included in this contract, keeping Kelce’s 2026 cap hit at $4.9MM. A $40MM guarantee for 2028 is in place for June 8, 2027, SI.com’s Albert Breer notes. This is designed to allow the Chiefs to designate Kelce a post-June 1 cut — a tactic the Eagles used with brother Jason Kelce in 2024 — thus defraying dead money ($7.13MM) over two years. If the Chiefs make the playoffs and Kelce plays 60% of their offensive snaps, Breer adds a $750K incentive triggers. Playing 70% of the offensive snaps in a playoff year would earn Kelce $1MM; an 80%-plus snap share for a postseason Chiefs team would bring $2MM. Kelce played 81% of the Chiefs’ offensive snaps in 2025.
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, $114MM 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.
Colts WR Alec Pierce, Packers WR Romeo Doubs Drawing Extensive Interest; Pierce Prefers To Stay In Indy
Since the Colts have placed the transition tag on QB Daniel Jones, the only way they can keep WR Alec Pierce from speaking to interested teams when the legal tampering period opens tomorrow is by agreeing to terms on a new contract. ESPN’s Jeremy Fowler expects negotiations between Pierce and Indianapolis to go down to the wire, and there are a number of clubs waiting to pounce if a deal is not consummated.
Fowler names the Patriots, Commanders, Raiders, and Titans as teams that are in the mix for Pierce. New England’s interest was noted previously, and with the club set to make Stefon Diggs a one-and-done in Foxborough, it makes sense that it wants to bring in another weapon for third-year QB (and 2025 MVP runner-up) Drake Maye.
After advancing to the NFC Championship Game in Jayden Daniels’ rookie year in 2024, the Commanders limped to a 5-12 mark last season. That was due in large part to Daniels’ health woes, which limited him to just seven games, but Washington could stand to bolster its contingent of pass-catchers. Beyond WR1 Terry McLaurin, the club has Luke McCaffrey, Treylon Burks, and 2025 fourth-rounder Jaylin Lane under contract for 2026.
That trio combined for 558 receiving yards and four TDs last year, so a player with Pierce’s abilities would be a welcome addition. Fowler hears this free agency period could be an especially active one for the Commanders, who have roughly $90MM in cap space and who are looking to capitalize on Daniels’ rookie-contract window. In addition to wide receiver, Washington is interested in upgrading at running back, cornerback, edge rusher, and possibly tight end. Fowler names the team as a “sleeper” for Tampa Bay’s Mike Evans, whom the Buccaneers are actively trying to re-sign.
The Raiders will release veteran signal-caller Geno Smith and are poised to select QB Fernando Mendoza with the No. 1 pick in the draft. Even though Las Vegas reportedly prefers to keep Mendoza on the bench for at least the early stages of his rookie campaign, adding weapons for him will be a key goal. According to Fowler, the Raiders are also interested in Rashid Shaheed, who has a big fan in new head coach Klint Kubiak (Kubiak, of course, has worked with Shaheed in both New Orleans and Seattle). Fowler cautions that the Raiders’ bigger need is the offensive line, but the club has plenty of spending power with over $120MM in cap room.
Like the other teams mentioned in connection with Pierce, the Titans are looking to add receiving help for a young quarterback. Tennessee is hoping Cam Ward, the No. 1 overall pick of the 2025 draft, will progress quickly under the tutelage of new offensive coordinator Brian Daboll, and acquiring proven pass-catchers will be key in achieving that goal (particularly with Calvin Ridley on the chopping block). The team has been connected to the Giants’ Wan’Dale Robinson as well.
Pierce is a big-play threat who has led the NFL in yards-per-catch in each of the past two seasons. However, some evaluators believe the Packers’ Romeo Doubs is the most well-rounded receiver eligible for free agency this year, and in addition to Pierce’s market, the Patriots, Commanders, and Titans are closely monitoring Doubs’ situation.
The 49ers are looking at Doubs as well, per Fowler. The four-year Packer, who is also expected to draw interest from the Bills, has three 600-plus-yard seasons on his resume, including a career-high 724 (on 13.2 yards per catch) in 2025. San Francisco could lose Jauan Jennings to the open market and is set to move on from Brandon Aiyuk, making wide receiver an obvious area of need. Green Bay, though, has not ruled out a Doubs re-up; GM Brian Gutekunst said at this year’s scouting combine that he would love to see the Nevada product return (via Myles Simmons of Pro Football Talk).
Fowler confirms Pierce, who has a close relationship with Jones, would prefer to stay with the Colts. That said, the Cincinnati product is in line for a deal paying him at least $27MM per year, and if Indianapolis does not pony up that kind of cash, it may not be able to keep Pierce in the fold.
FA Notes: Pierce, Pats, Walker, Seahawks, Etienne, Jags, Broncos, Chiefs, Robinson, Giants, Titans, Cowboys
Prepared to make Stefon Diggs a one-and-done, the Patriots continue to be linked to A.J. Brown. The Eagles standout could be the team’s No. 1 option at receiver, but if the defending AFC champions are unable to strike a deal, MassLive.com’s Karen Guregian indicates a pivot to Alec Pierce could be in the cards.
Ranked as PFR’s No. 2 overall free agent, Pierce’s market will be competitive. Guregian points to a $25-$30MM-per-year number being required to close that deal. Pierce is the league’s two-time reigning yards-per-catch leader, topping 1,000 yards last season despite the Colts losing Daniel Jones in Week 13. We heard earlier this week Pierce would land at least $20MM per year. The Colts prioritized Jones via the transition tag, putting them at risk of losing Pierce on Monday.
Had the Colts made an effort to lock down Pierce before last season, Essentiallysports.com’s Tony Pauline notes the view at the Combine was he would have cost maybe half the AAV he is expected to command next week. Not much extension buzz existed last summer; that could be costly for the Colts soon. Pierce is preparing to hit free agency; he can officially begin talking to interested teams at 11am CT Monday.
Here is the latest coming out of the free agent market:
- Kenneth Walker making it past the tag deadline unattached makes him the top RB option this year. The Super Bowl LX MVP should be able to land a deal in the $12-$16MM-AAV neighborhood, SI.com’s Albert Breer notes. That would vault him into top-five territory at the position. The Giants have been tied to a Walker pursuit, with the Seahawks potentially ready to stand down after showing interest in retaining their four-year starter.
- If Walker scores a deal in that range, Breer estimates Travis Etienne winding up in the $10MM-per-year realm. The Jaguars are likely to let Etienne walk, with CBS Sports’ Jonathan Jones adding the team is prepared to move forward with 2025 fourth-rounder Bhayshul Tuten.
- The Broncos, who were set to pursue Breece Hall before his franchise tag, are a logical suitor for the longtime Jags starter, according to Jones. Walker could be on Denver’s radar as well, Jones adds, noting the Chiefs — who are believed to be interested in RB help (with Isiah Pacheco and Kareem Hunt unsigned) — are likely to be priced out of the Walker market. Kansas City does not believe Notre Dame’s Jeremiyah Love will be available at No. 9, per Jones, potentially pointing to an RB signing next week. Denver is looking for an RB to replace J.K. Dobbins alongside RJ Harvey, and it looks like the team is prepared to devote more resources to this position this offseason — with Russell Wilson finally off the books.
- Wan’Dale Robinson–Titans connections continue, but SNY’s Connor Hughes notes the Giants are still in on their homegrown slot receiver. That said, Tennessee is viewed as a very interested party for Robinson, whom Hughes pegs as more likely to leave New York than stay. A Nashville trek would reunite the 5-foot-8 WR with new Titans OC Brian Daboll. The Titans have been tied to a receiver pursuit for some time, as they are flush with cap space and expected to release Calvin Ridley. The Robinson market is expected to come in around $15MM per year, ESPN.com’s Jordan Raanan adds. With the Giants giving Darius Slayton a $12MM-AAV deal in 2025, how much will they be willing to spend here? Raanan views Robinson’s price tag as being a bit too steep for Big Blue.
- Two of Christian Parker‘s former charges may be on the Cowboys‘ radar. We heard Nakobe Dean‘s name connected to Dallas, which needs linebacker help, and the Dallas Morning News’ Calvin Watkins notes the team is in on the Eagles LB starter. The Cowboys are also interested in P.J. Locke, who has been an off-and-on starter at safety in Denver. Locke played under Parker previously, beginning as a starter under the new Dallas DC (after replacing Kareem Jackson in 2023).
Bears, Bills Finalizing D.J. Moore Trade
D.J. Moore‘s Bears future has been in question, and he will indeed be on the move soon. The veteran wideout will be dealt to the Bills once the new league year begins, as first reported by ESPN’s Adam Schefter.
Chicago will receive a 2026 second-round pick (No. 60 overall) in the deal while sending a 2026 fifth-rounder back to Buffalo, per NFL Network’s Tom Pelissero. The Bears will also see $16.5MM in cap savings, according to Jason Fitzgerald of OverTheCap, though that will not kick in until the trade is processed at the start of the new league year. As a result, they will need to make other moves to become cap-compliant by next Wednesday.
The Bills will take on the remainder of Moore’s contract, which runs through 2029. He is owed $24.5MM in each year with the same cap number. His 2026 salary is already guaranteed, and $15.5MM of his 2027 salary guarantees on March 13.
Buffalo is also guaranteeing $15.5MM of Moore’s 2028 salary as part of the trade, per Schefter. It is unclear if they are expanding the 2027 guarantees to cover the entire year’s salary. Moore, notably, has negotiated fully guaranteed compensation for each of his first nine seasons in the NFL and could very well get to 11 as a result of this deal.
Along with the second-rounder they moved to acquire him, that is a hefty commitment for a player who just posted career-low receiving numbers in the NFL’s 10th-ranked passing offense. His 1.44 yards per route run in 2024 and 1.24 YPRR in 2025 are the lowest figures of his career, per Pro Football Focus, (subscription required). However, that can be partially attributed to a crowded Bears offense that featured a strong running game and young pass-catchers Rome Odunze, Colston Loveland, and Luther Burden.
Still, Buffalo had a clear desire to upgrade their receiving corps. They checked in on A.J. Brown and Alec Pierce, per Sports Illustrated’s Albert Breer, but ultimately opted to reunite Moore with head coach Joe Brady. The two last worked together in Carolina in 2020 and 2021, during which time Moore put up 2,350 yards and eight touchdowns on 159 receptions.
Perhaps Brady can get him back to that production or better in a receiver room with less competition – Khalil Shakir was the only Bills wideout to top 40 receptions or 500 receiving yards last year. But given the financial and draft compensation, it is hard to like this trade for the Bills. Moore is about to turn 29 after two years of decline and the team is essentially tied to him through his age-31 season after adding guarantees to his deal.
Colts WR Alec Pierce To Test Free Agency?
MARCH 4: Pierce sounds ready to hit the open market. As a guest on Up & Adams on Wednesday, Pierce told Kay Adams: “I love Indy… but at this point, I’ve kind of earned the right to explore free agency. See what’s out there.”
MARCH 3: The countdown to the franchise tag deadline continues, and the Colts face a critical decision. Both Daniel Jones and Alec Pierce are pending free agents at the moment, and teams can only use one tag in a given offseason.
Working out an long-term deal with at least one of the two would of course create a more straightforward decision for GM Chris Ballard and Co. Talks with Jones and Pierce have taken place, and deadlines have been known to result in contract agreements around the NFL. That could be the case for Indianapolis.
ESPN’s Stephen Holder reports there has been “positive movement” over the past 24 hours with respect to negotiations with Pierce. An agreement this afternoon “feels possible,” he adds. Of course, nothing has been finalized yet and the Colts need to keep in mind Jones’ situation. A transition tag could be in store in his case, something which would lead to a reduced one-year cost at the quarterback position. That would also, however, leave the door open to Pierce departing in free agency.
While playing out his rookie contract, the wideout established himself as more than a deep threat. Pierce’s overall skillset has drawn strong reviews, and at the age of 26 (as of May), he is in line to serve as a highly productive wideout for years to come. Pierce will not have a hard time lining up suitors in the event he reaches the open market. Indianapolis could prevent such a scenario with a long-term accord or – if the team leaves Jones’ future uncertain – the franchise tag.
A tag in Pierce’s case would cost $27.3MM, the amount George Pickens is due to earn from the Cowboys unless a new deal is worked out. That figure would be fully guaranteed and mark a massive raise compared to Pierce’s earnings on his rookie deal. A multiyear pact would accomplish the same feat while leaving the Colts free to tag Jones. Albert Breer of Sports Illutrated notes the 1,000-yard wideout is understandably seeking clarity on the team’s quarterback situation before committing to a big-ticket contract.
Pierce commanding a $25MM-per-year salary should be considered in play, Breer adds. The 1,000-yard receiver could score a deal, as this market’s top receiver, near $30MM AAV. Only eight receivers are tied to $30MM-per-year prices, and that number will fall to seven if/once the 49ers release Brandon Aiyuk. None of the $30MM-plus-AAV wideouts hit free agency to secure those terms, with extensions leading to those deals in each case.
Jones impressed when healthy in 2025, his debut Colts campaign. The former Giant and Viking suffered an Achilles tear, however, something which complicates his market value. Even so, Jonathan Jones of CBS Sports states (video link) Indianapolis’ choice at this point is realistically down to using the franchise or transition tag to ensure stability under center. That approach will be especially viable if Pierce agrees to a new deal, and it will be worth watching closely to see if an agreement can be reached ahead of the 3:00pm tag deadline.
Trey Hendrickson Among Players Who Did Not Receive Franchise Tag
Tag deadline day in the NFL came and went on Tuesday without much action. The Jets placed the franchise tag on running back Breece Hall, and the Colts used the transition tag on quarterback Daniel Jones. Hall and Jones are rounding out a small 2026 class of tagged players that also includes Cowboys wide receiver George Pickens and Falcons tight end Kyle Pitts.
As PFR’s Sam Robinson wrote in an extensive rundown of tag candidates, Trey Hendrickson, Alec Pierce, Kenneth Walker, Travis Etienne, Odafe Oweh and Jaelan Phillips represented other possibilities. All of their teams passed before the clock ran out at 3 p.m. CT. Each of them will be free to talk to other teams when the legal tampering window opens March 9.
The Bengals “never seriously considered” tagging Hendrickson, according to Dianna Russini of The Athletic. Had they done so and Hendrickson signed the tender, it would have cost $30.2MM against the Bengals’ cap next season. The four-time Pro Bowl defensive end should encounter a “strong market,” per Russini.
For his part, Hendrickson appears to already have one foot out the door. The 31-year-old took to Instagram on Tuesday to post what looks like a goodbye message to the Bengals and their fans.
“To the organization: Thank you for the opportunity to play the game I love at the highest level,” Hendrickson wrote. “The last five years have been filled with great wins and tough losses. Personal achievements and humbling adversities.”
If this is it for Hendrickson in Cincinnati, it will wrap up an enormously productive half-decade in the organization. Hendrickson spent the first four seasons of his career with the Saints before accepting the Bengals’ four-year, $60MM offer in March 2021. He relocated on the heels of what was then a career-high 13.5-sack season, but Hendrickson went on to top that number three times with the Bengals.
During his first year in Cincinnati, Hendrickson piled up 14 sacks in 16 games. The Bengals advanced to the Super Bowl for the third time in franchise history, but they lost a 23-20 nail-biter to the Rams. Hendrickson’s sack total fell to eight in 2022, though he still made his second straight Pro Bowl. The Bengals were once again among the last teams standing. However, since ending that season with a loss to the Chiefs in the AFC title game, they have not returned to the playoffs.
Heading into 2023, the Bengals awarded Hendrickson a one-year, $21MM extension to keep him in the fold through 2025. Even though Hendrickson went off for 17.5 sacks twice in a row from 2023-24, the Bengals could only muster back-to-back nine-win seasons. Hendrickson and the Bengals then engaged in a contentious contract standoff last year. Then seeking a long-term pact, Hendrickson reportedly turned down a three-year, $95MM offer. The Bengals’ rejected proposal did not include any guaranteed money after the first year of the deal.
After a drawn-out fight, the Bengals and Hendrickson finally shook hands on a revised contract in late August. Hendrickson had been in line to earn $16MM, but Cincinnati upped it to $30MM. In hindsight, it was not money well spent for the Bengals. Injuries wound up holding Hendrickson and quarterback Joe Burrow out of a combined 19 games. Their absences proved far too much to overcome during a six-win year for the club.
In what will likely end up as his final year in Cincinnati, Hendrickson played in seven games and totaled four sacks. He did not take the field past Oct. 26, but the Bengals had chances to trade him before the Nov. 4 deadline. Although the Bengals dropped their asking price from a first- to a second-rounder, they kept Hendrickson after nobody offered better than a fourth. Hendrickson, then dealing with a nagging hip issue, underwent core muscle surgery in early December. With no tag weighing him down, he can now turn his full attention to free agency.
Colts Prepared To Use Transition Tag On QB Daniel Jones; Latest On WR Alec Pierce
The Colts are known to be working on new deals for QB Daniel Jones and WR Alec Pierce, both of whom are eligible for free agency this month. While it is unclear how much of a gap Indianapolis and Pierce have to bridge, ESPN’s Dan Graziano reports the team is not close to striking an accord with Jones.
If that does not change by Tuesday’s tag deadline, Graziano expects the Colts to put the transition tag on the 28-year-old passer. The transition tag comes with a $37.8MM cost, making it a less expensive option than the $43.9MM franchise tender.
In a transition tag scenario, Indianapolis would not be entitled to any draft compensation if it declines to match an offer sheet Jones might sign with another club, though it is easy to see the logic in the move: the Colts essentially would be allowing another team to do their negotiating for them, and if Jones does not find an outside offer to his liking, he may come back to Indy on a deal closer to the team’s preferred terms. If not, and if he plays out the 2026 season on the transition tag, then at least he will not consume as much of the cap sheet as he would on the franchise tag.
But while the transition tag is the cheapest of the tag options, the $37.8MM cap charge is still considerable. As Graziano suggests, it could preclude the Colts from reaching a deal with Pierce, despite their assurances that he will be back with the club in 2026, either on a long-term deal or a tag of his own. If the team has to use a tag this offseason, it would obviously prefer to use it on Pierce, whose franchise tender would be about $27MM and whose transition tender would be just shy of $24MM.
Those numbers are roughly in line with what Pierce can expect on an annual basis on his next contract. We recently learned the big-play threat, who has led the league in yards-per-reception rate in each of the last two seasons, is expected to have a strong market if he makes it to free agency. In the Graziano piece linked above, ESPN’s Jeremy Fowler confirms Pierce’s market value has exceeded $20MM per year.
The fractured fibula and torn Achilles that Jones suffered in Week 13, which ended his season prematurely and which was the driving force in the Colts’ second-half collapse that kept them out of the playoffs, are not expected to impact his 2026 availability. Still, his injury history and the fact that his stellar (and surprising) play to open the 2025 campaign had already started to slip prior to the injuries could make it difficult for player and team to find common ground on a long-term pact.