Colts Free Agency: What They Got Right — and What They Missed So Far

The Indianapolis Colts entered the 2026 offseason with the clear objective of bringing back key offensive weapons and revamping the defensive front seven. Through the first wave of free agency, they’ve been active, but whether they’ve truly improved remains a nuanced question.

What the Colts Got Right

1. Locking in Offensive Stability

Although there was a brief moment where it appeared the Colts could lose one of Daniel Jones or Alec Pierce, the two decided to stick around in Indy after a historic offensive start to the 2025 season.

Jones and the Colts agreed to the largest two-year deal in NFL history, giving the Colts some semblance of quarterback stability for the first time in years. Now that he's being paid top dollar, Jones will have to produce and stay on the field for the contract to be worth it.

Indy doubled down on that continuity by re-signing wide receiver Alec Pierce to a four-year, $114 million contract. Pierce is now just outside the top 10 highest-paid receivers in the league, despite only having one season with 1,000 receiving yards.

With Michael Pittman Jr. traded, Pierce now steps into a WR1 role. Keeping him ensures the offense retains at least one proven vertical threat, but Pierce will need to expand his route tree even more to be a true WR1.

2. Reinforcing the Defensive Line

The Colts have been busy trying to revamp the defensive front seven after a lackluster 2025 season. On the interior, Indy has brought in Colby Wooden, Derrick Nnadi, and Jerry Tillery. On the edge, they signed Arden Key and Micheal Clemons.

Nov 17, 2024; Nashville, Tennessee, USA; Minnesota Vikings defensive tackle Jerry Tillery (99) looks up at Tennessee Titans offensive tackle JC Latham (55) just before the ball is snapped during the second half during the first half at Nissan Stadium. Mandatory Credit: Steve Roberts-Imagn Images | Steve Roberts-Imagn Images

It's not surprising the Colts are trying to refurbish their defensive line, but I don't think anybody expected them to bring in three new interior linemen. They have multiple insurance policies in case Grover Stewart or DeForest Buckner goes down.

On the edges, there hasn't been a ton of improvement. The Colts lost Samson Ebukam and Kwity Paye in free agency, but the two names they have signed are more rotational pieces, not bona fide starters.

While none of these players are elite stars, the Colts are betting on volume and fit over splash.

3. Found a Startable Linebacker

Akeem Davis-Gaither isn't just a depth signing because the Colts' linebacker room desperately needs help. Considering his familiarity with Lou Anarumo's scheme based on the time they spent together in Cincinnati, there's a good chance Davis-Gaither ends up playing starting snaps in 2026.

In 2025 with the Arizona Cardinals, Davis-Gaither recorded a career-high 117 total tackles and five passes defended. He also tacked on an interception, a forced fumble, and two tackles for loss.

It's not realistic to expect a superstar season from Davis-Gaither, but he could produce similar numbers to his 2025 season and be a solid defender against the run.

What They Got Wrong

1. No True Difference-Maker Added

Despite all the activity, one critique stands out: the Colts haven’t added a clear impact player.

They led the sweepstakes for Trey Hendrickson until the Baltimore Ravens swooped in and grabbed him at the last second. Looking at who the Colts did sign on the line, none of them are proven, double-digit sack guys. Hendrickson would have been precisely that, though he did carry some injury concerns.

The free-agent pass rusher market is now extremely thin. The top options include Jadeveon Clowney and Joey Bosa, who are two aging veterans that have struggled to stay healthy in recent years.

When you consider how competitive the AFC is, depth additions won't cut it. The Colts need a proven player.

2. Wide Receiver Room is Still Thin

Although Pittman didn't have his best season in 2025, he still was a safety option for the Colts' offense. Now that he's gone, the Colts' room includes Pierce, Josh Downs, Ashton Dulin, and Nick Westbrook-Ikhine.

On paper, Westbrook-Ikhine can replicate what Pittman offered in the red zone, but he's not as good after the catch. If any of the Colts' receivers go down with an injury, there will be concerns.

Pierce, Downs, and Tyler Warren will command most of the targets this season. Everyone else is a complementary piece to the puzzle.

3. Possible Overpay for Jones/Pierce?

Stability is valuable, but is it worth over $200 million?

Although the Colts structured the contracts of Jones and Pierce to create cap space for this season, the impacts of their contracts won't be felt until 2027. At that point, Pierce will be on the books for over $30 million, and Jones will carry a cap hit of just under $50 million.

Jones and Pierce showed that they can mesh well in those first ten games of the season. But how much money can a team really give out to its own in-house free agents after missing the playoffs?

The Colts' offense broke records, but they have nothing in the trophy case to show for it. There's a chance Colts general manager Chris Ballard may have put Indy in a terrible financial spot in the future, but if both contracts work out, they'll look like a steal.

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