Colts 2026 Salary Cap Tracker: How Much Room They Have for Free Agency

The Indianapolis Colts have a few massive decisions to make in the coming days, and with free agency around the corner, the Colts must act sooner rather than later.

The NFL announced last Friday that each team will have a salary cap of $301.2 million for the 2026 season. Colts general manager Chris Ballard now knows exactly how many moves he needs to make to get the Colts in order before the start of the new league year on March 11 at 4 p.m. ET.

Cap Tracker

According to Over The Cap, the Colts rank 24th in total cap space and are $4.72 million over the cap. With teams expected to be cap-compliant by the start of the new league year, the Colts must make at least one move to create a bit of financial flexibility.

The Colts' new cap number automatically factors in the new transition tag the team has placed on quarterback Daniel Jones. That tag will cost the Colts $37.8 million if they cannot agree to a multi-year deal.

Of course, soon-to-be free agent wide receiver Alec Pierce still isn't on the books. If the Colts want to extend him before free agency opens, they'll have to make even more moves to get under the cap. Let's take a look at some ways the Colts can free up some money.

Cutting, trading, or extending WR Michael Pittman Jr.

As of Thursday, Michael Pittman Jr. has the second-biggest cap hit ($29 million) of anyone on the roster, only behind Daniel Jones. If the Colts were to trade or release Pittman, they would take on $5 million in dead money and would free up $24 million in cap space.

The Colts could also offer Pittman an extension and prorate his 2026 cap hit over multiple years. Considering Pittman has been with Indy for six years now, that seems like the more probable scenario.

If the team prioritizes the younger Alec Pierce, Pittman could be the biggest name on the move.

Agreeing to a deal with QB Daniel Jones

Because Jones is rehabbing a torn Achilles, the Colts may be using the transition tag to let the market set his true value. If no other team is willing to pay $40 million for a quarterback coming off a major injury, the Colts gain significant leverage in their own negotiations.

The magic of a multi-year contract lies in the signing bonus. In the NFL, a signing bonus is paid to the player upfront, but its impact on the salary cap is spread over the life of the contract. If the Colts can agree to a multi-year deal with a big signing bonus for Jones, they can spread his cap hit out and free up more space to make other moves, like signing Alec Pierce.

Restructure or extend DT DeForest Buckner

Buckner carries the third-largest cap hit on the team as he's set to earn $26 million in 2026. If the Colts were to convert that salary to a bonus, they could tack on a few void years to create extra cap space now and dead money in the future.

The Colts could also extend Buckner, but considering his recent injury history, the veteran tackle may want to play out the season before making any promises about his future.

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