According to ESPN’s Jeremy Fowler, the Indianapolis Colts using the franchise tag on pending free agent wide receiver Alec Piece remains an outside possibility—although presumably not their preferred option, if actually given the choice:
“Speaking of the Colts, my sense is their priority will be Daniel Jones, followed by receiver Alec Pierce as a 1B option,” writes Fowler.
“The Colts should turn up the heat on Jones closer to the combine. Though the franchise and transition tags for wide receivers are steep — $25 million to $28 million based on projections — the Colts tagged Michael Pittman Jr. two years ago as a way to facilitate a long-term deal. I’m not taking it totally off the table for Pierce for that reason.”
Right now, the Colts’ top two free agent priorities appear to be re-signing Pierce, as well as starting quarterback Jones—who’s currently recovering from a suffered Week 14 season-ending Achilles injury.
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Other key Colts free agents include Nick Cross, Braden Smith, Germaine Pratt, Samson Ebukam, and Kwity Paye among others.
The Colts lack a clear upgrade to Jones internally or realistically through this year’s NFL Draft (without a 2026 first round pick or next year for that matter) or external free agency. Additionally, the former New York Giants castoff had so much initial success when paired with Indianapolis head coach Shane Steichen before injuries.
Simply put, Jones was in the midst of a career year before injuries reared their ugly head and eventually prematurely ended his season, simultaneously sinking the Colts playoff hopes.
Therefore, it appears that a new deal will be struck between both sides sooner rather than later this early offseason. It’s possible though that the Minnesota Vikings, Jones’ former team and the Colts top competition for him last year in free agency, could potentially emerge as a dark horse to have him challenge J.J. McCarthy. The Vikings are reportedly seeking out a veteran quarterback to push and as insurance for incumbent starting quarterback JJ McCarthy, who struggled during 2025, this offseason.
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On the other hand, the 25-year-old Pierce is expected to have many free agency suitors, as arguably the league’s premier receiving deep threat—having led the league in highest yards per reception average two years in a row.
For what it’s worth, Spotrac currently projects him to earn a 4-year, ~$81M deal.
Pierce emerged as the Colts’ lead wideout this past year, breaking out to the tune of 47 receptions for 1,003 total receiving yards (21.3 avg. yards per reception) and 6 touchdown receptions during 15 games (14 starts). Since being selected by the Colts in the 2nd round of the 2022 NFL Draft, Pierce has only gotten better each year.
Last month, at his end-of-season press conference, Colts longtime general manager Chris Ballard reiterated that retaining Pierce remains an offseason priority for the team:
“I think he’s been a good player every year,” said Ballard. “. . . I thought Reggie (Wayne) did a tremendous job helping him expand his game to all three levels. Alec’s a priority.”
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