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.
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.
WR Alec Pierce Expected To Have Strong Market
Colts wide receiver Alec Pierce is expected to draw heavy interest in free agency with several teams already interested in signing him.
In fact, Pierce is expected to receive more interest – though not a bigger contract – than fellow Colts pending free agent Daniel Jones, per ESPN’s Stephen Holder. The veteran quarterback has an uncertain outlook for the 2026 season as he recovers from a torn Achilles, but the Colts see him as their long-term starter. Other teams may be less certain, especially with a number of quarterbacks – including Anthony Richardson – also coming available this offseason.
The wide receiver market is less crowded. With the Cowboys using the franchise tag on George Pickens, Pierce will be the most valuable one available. The Colts might be more justified using the franchise or transition tag on him rather than Jones.
The transition tag, projected by OverTheCap to be $25MM, certainly makes sense. It is easy to see Pierce reaching that AAV on the open market. He is an excellent deep threat, having led the league in yards per catch in the last two years, and rounded out his game in 2025. He is also just 25 years old and clearly has the potential to grow further.
However, the tag would take up a significant portion of the Colts’ current salary cap space. They would have to make more room via restructures and cuts, though there are several candidates. Agreeing to an extension with Pierce would reduce his cap hit, but the transition tag would give him a chance to test his market.
The franchise tag, however, would likely keep Pierce in Indianapolis. Other clubs are unlikely to be willing to move two first-round picks and hand him a contract the Colts would not match. The franchise tag is projected to be $28.8MM, which would raise the floor in extension negotiations. But if Pierce’s value is approaching that figure anyway, Indianapolis may be best served by keeping him off the market.
Using a tag on Pierce would take it out of play for Jones and increase pressure on the Colts to get a deal done with the latter before free agency.
Colts Working On Re-Signing Daniel Jones, Alec Pierce; Franchise Tag In Play
FEBRUARY 24: Colts general manager Chris Ballard said at the Combine (via Chappell) that the team was planning to retain both Jones and Pierce. He added that “both sides are driven to get it done,” and characterized the ongoing negotiations as “very positive.”
Ballard also acknowledged the possibility of using the franchise tag on one of the two players, saying “it’s not what we want to do, but it’s a tool we have.”
FEBRUARY 23: The Colts were one of the biggest stories in the NFL in 2025, for reasons good and bad.
The good was a surprising 8-2 start anchored by an even more surprising player: quarterback Daniel Jones. The bad was an 0-7 finish to the year, which included Jones’ fractured fibula and torn Achilles in Week 13 and Philip Rivers‘ dramatic return to the NFL as his replacement.
The Colts had vastly different strengths of schedule during the two halves of their season, with a relatively easy slate to start and a murderer’s row of opponents down the stretch. That, combined with Jones’ injury, makes it hard to know if the current iteration of the team can compete in 2026.
The Colts seem to think so. They are pursuing extensions with Jones and wide receiver Alec Pierce, per NFL Network’s Tom Pelissero. Both are slated to hit free agency in March after breakout years in Indianapolis.
Jones, 28, did not just put up the best numbers of his career in 2025. He finished the year ranked among the NFL’s top 10 quarterbacks in yards per attempt, yards per game, completion percentage, passer rating, and total QBR. He also led three game-winning drives and three fourth-quarter comebacks in just 13 starts.
The seven-year veteran’s play started to slip before his injuries, which are not expected to sideline him into the 2026 season. But his injury history is a concern, and he did not get the chance to prove himself against many top defenses.
That makes Jones’ valuation a little tricky, but somewhere in the region of $35MM would make sense. Fellow 2018 first-round reclamation projects Sam Darnold and Baker Mayfield signed for similar amounts after re-establishing themselves as starting-caliber QBs. Jones and the Colts have mutual interest in reaching a deal, according to Pelissero.
Pierce, 25, posted career-highs of 47 receptions and 1,003 receiving yards. He also led the NFL in yards per reception for a second year in a row. With George Pickens likely to be tagged by the Cowboys, Pierce could be the top wideout available in free agency. The Colts will try to lock him up before he hits the open market, but that may require an offer well over $20MM per year.
Discussions with both players “have been good” thus far, per FOX 59’s Mike Chappell, with negotiations expected to continue at the Combine in Indianapolis this week.
A franchise or transition tag is an option for Jones or Pierce (though not both), per Pelissero, though the latter makes far more sense for their valuations. A transition tag for Jones would cost $40.8MM, while Pierce’s would cost $25MM. However, those numbers would be on the high-end for a potential long-term deal and the tagged player would be able to negotiate with other teams.
The Colts are currently projected to have $35.7MM in cap space in 2026, per OverTheCap, with ways to create upwards of $50MM more. The team could afford to extend both players, or extend one and tag the other while still having room to address other needs in free agency.
2026 NFL Franchise Tag Candidates
We are now in Year 34 of the franchise tag, a retention tool that came about during the same offseason in which full-fledged free agency spawned. The NFL salary cap is rising at a rate allowing teams to hammer out more extensions than in previous periods. That has helped dilute free agency talent pools. This led to a 2025 landscape in which only two players — Tee Higgins and Trey Smith — received the franchise tag. The cap, which stood at $279.2MM in 2025, is expected to rise beyond $301MM this year.
This year’s free agent class looks to feature only one tag lock, but a handful of players make sense as candidates to be kept off the market. An antiquated NFL system regarding positional classifications also affects this year’s free agency crop, as a couple of high-end UFAs-to-be (Tyler Linderbaum, Devin Lloyd) would likely be kept off the market if the league modernized how it sorted positions with regards to tag prices.
Teams who use the franchise or transition tag have until July 15 to complete an extension; otherwise, negotiations cannot restart until after the 2026 season. The transition tag does not bring any compensation back for an unmatched offer sheet, but the two-first-rounder component associated with a franchise tag has not been especially relevant in ages. Although offer sheets have come out in previous eras (Sean Gilbert and Dan Wilkinson signed unmatched offers in the 1990s), clubs avoid these in fear of an unmatched proposal requiring two first-round picks to be sent to the tagging team.
The tag window opens at 3pm CT today. With clubs having until 3pm CT on March 3 to apply tags, here is who may be cuffed:
Likely tag recipients
George Pickens, WR (Cowboys)
Projected tag cost: $28.82MM
The Cowboys have regularly turned to the tag over the past decade. They cuffed DeMarcus Lawrence in 2018 and ’19 before locking down Dak Prescott in 2020 and ’21. The latter Prescott tag was procedural, as the quarterback used the threat of a lofty second tag number hitting Dallas’ cap sheet as leverage toward a player-friendly extension — one that laid the groundwork for his 2024 player-friendly extension. The Cowboys then kept Dalton Schultz (2022) and Tony Pollard (’23) off the market. After two years without unholstering their tag, the Cowboys appear all set to prevent Pickens from reaching free agency.
Acquiring Pickens in a May 2025 trade with the Steelers — which featured a 2026 third-round pick as the top asset going back to Pittsburgh –Dallas reaped immediate benefits from that swap. Pickens, 24, smashed his career-high receiving mark with 1,429 yards and nine touchdowns. That booked the former second-round pick his first Pro Bowl honor; more impressively, Pickens was named a second-team All-Pro. The mercurial ex-Steeler WR1 was more than 300 receiving yards clear of CeeDee Lamb for the Cowboys’ receiving lead; even though Lamb missed three games, Pickens’ per-game average (84.1) better Lamb’s (76.9).
A tag surfaced on the radar here in mid-November, and momentum has steadily built for Pickens to follow in Dez Bryant‘s footsteps as a Cowboy wideout being kept off the market. It will take a near-Saints-level odyssey for the Cowboys to create sufficient cap space for a Pickens tag and reasonable spending room; they are projected to be more than $30MM (per OverTheCap) north of the 2026 salary ceiling, but enough smoke has emerged here — after Pickens fit the tag profile upon arrival — to make it safe to expect this outcome.
The Steelers shipped out Pickens in part because of reliability concerns, but the 6-foot-3 playmaker outperformed — with a considerable QB upgrade in Prescott — his previous work. With Lamb tied to a $34MM-per-year deal and Prescott on an NFL-record $60MM-AAV extension, the Cowboys are far from certain to extend Pickens. A tag-and-trade play has surfaced as a possibility, but with negotiations not having begun as of early February, expect the Cowboys to use the tag to at least buy themselves more time on their ultra-talented WR2.
On tag radar:
Breece Hall, RB (Jets)
Projected tag cost: $14.54MM
The Chiefs offered a fourth-round pick for Hall at the deadline, but the Jets held onto their starting running back after having asked for at least a third-rounder. Hall denied a report he was seeking a New York exit — after the blockbuster deals involving Sauce Gardner and Quinnen Williams — but he could have a chance to explore his value on the open market soon. The Jets, however, have spoken highly of the 1,000-yard rusher. The tag has surfaced as a possibility.
Hall, 24, is more than two years younger than Etienne. He will thus command more in free agency. The former second-round pick is also more than three years removed from the ACL tear that sidetracked his rookie season. The Jets waited on a Hall extension, keeping him on his rookie contract while giving Gardner and Garrett Wilson big-ticket deals, but Aaron Glenn has spoken highly of the Iowa State alum.
Gang Green wants to retain Hall. The easiest way for that to happen would be to extend his negotiating window via the tag. A $12MM-per-year offer could await the fifth-year player, making a tag logical. If the Jets were to place the transition tag on Hall, it would cost them a projected $11.73MM. They would receive no compensation in the event of an unmatched offer sheet, thus allowing another team to dictate the contract structure a la the Packers’ Kyle Fuller offer sheet in 2018.
The Jets saw Hall sidekick Braelon Allen miss much of the season, but the former Joe Douglas-era fourth-round pick remains signed through 2027. Allen gives the Jets some protection against a Hall exit, with a mid-round 2027 compensatory pick possible as well. But Hall is a dynamic RB that will be an attractive FA commodity if unattached come March 9. The Jets have a big decision to make over the next two weeks.
Trey Hendrickson, DE (Bengals)
Projected tag cost: $34.8MM
The defensive end tag is projected to come in at $27.32MM, but because Hendrickson was attached to a $29MM salary (following a late-summer raise), he is the rare tag candidate to whom the 120% rule would apply. As PFR’s glossary indicates, “the amount of the one-year offer is determined by a formula that includes the salary cap figures and the non-exclusive franchise salaries at the player’s position for the previous five years. Alternately, the amount of the one-year offer can be 120% of the player’s previous salary, if that amount is greater.” In Hendrickson’s case, it would be.
