Coming off a second-half collapse in the 2025 NFL season that kept them from making the playoffs, several key starters are among the Indianapolis Colts free agents in 2026. It puts the team in a difficult spot as they navigate the NFL salary cap and try to prioritize who is brought back.
ESPN NFL insider Jeremy Fowler said he believes there’s at least a chance the Colts use the franchise tag or transition tag on wide receiver Alec Pierce. While it wouldn’t be the preferred route, it can ly the groundwork toward a long-term deal as evidenced by what happened with teammate Michael Pittman Jr.
- Indianapolis Colts free agents (2026): Daniel Jones, Braden Smith, Samson Ebukam, Kwity Paye, Alec Pierce, Danny Pinter, Mo Allie-Cox, Nick Cross, Germaine Pratt
Re-signing Pierce, 25, isn’t the No. 1 priority for Indianapolis. That’s reportedly bringing back quarterback Daniel Jones. While he’s recovering from an Achilles tear, Fowler notes that re-signing Jones is the team’s 1A priority and talks could heat up closer to the NFL Combine. If a deal is signed, Jones is expected to land a multi-year contract with Indianapolis.
Pierce, a second-round pick in the 2022 NFL Draft, is coming off a breakout season. The 6-foot-3 wideout is coming off his first 1,000-yard campaign, setting career highs in receptions (47), first downs (41), catch rate (56 percent) and tying his personal best with 11.9 yards per target.
Over the last two seasons, Pierce leads the NFL in yards per reception (21.8) as he’s proven to be one of the best vertical threats in the NFL. He’s also produced 13 receiving touchdowns in a 31-game span, averaging one touchdown per 6.5 catches in that two-season span.
For he 2026 offseason, OvertheCap.com projects the franchise tag value for a wide receiver to be $28.824 million whereas the transition tag would be $25.029 million. With the Dallas Cowboys expected to use the franchise tag on George Pickens, Pierce would be the best receiver in NFL free agency if he reaches the open market.
If Pierce received the transition tag, he would be free to negotiate with other teams. If he signs an offer sheet with another club, Indianapolis would have five days to match the offer. If the Colts declined to match the offer, they wouldn’t receive draft-pick compensation tied to the tag.
