Horseshoe Huddle

Colts Have Obvious Route to Take With Franchise Tag

The Indianapolis Colts have two obvious franchise tag candidates, but one sticks out more.
Sean Ackerman|
Oct 12, 2025; Indianapolis, Indiana, USA; Indianapolis Colts quarterback Daniel Jones (17) celebrates with wide receiver Alec Pierce (14) after Jones scores a touchdown during a game against the Arizona Cardinals at Lucas Oil Stadium.
Oct 12, 2025; Indianapolis, Indiana, USA; Indianapolis Colts quarterback Daniel Jones (17) celebrates with wide receiver Alec Pierce (14) after Jones scores a touchdown during a game against the Arizona Cardinals at Lucas Oil Stadium. | Christine Tannous-USA TODAY Network via Imagn Images

In this story:

Indianapolis Colts

In the first major post-Super Bowl news, the franchise tag window has officially opened in the NFL. Teams have until March 3 at 4:00 p.m. ET to tag a player, and the Indianapolis Colts have two obvious choices: quarterback Daniel Jones and wide receiver Alec Pierce.

First off, if the Colts do use a tag, they will likely use their franchise tag, not their transition tag.

The exclusive franchise tag would cost more, but it would make it impossible for other teams to offer the tagged player. The non-exclusive franchise tag would be cheaper, but other teams could contact the tagged player and make him offers. The Colts would be able to match any contract offer, but if they refuse, they would receive two first-round picks as compensation.

The transition tag is seldom used. It allows a team to match any contract offer, but they receive zero compensation if the player leaves.

The Colts used their non-exclusive franchise tag on Michael Pittman Jr. in 2024, the first time they had used their tag in over a decade. The Colts continued extension negotiations with Pittman while he was tagged, which bought them some extra time to finalize any minor details.

Between Jones and Pierce, both players would be expensive to tag. A franchise tag at quarterback would cost an estimated $47.3 million, while a transition tag would cost $40.7 million. A franchise tag at wide receiver would cost an estimated $28.8 million, while a transition tag would cost $25 million (all prices estimated by Over The Cap).

Realistically, the Colts can't afford to pay Jones $47 million. Although it would almost guarantee he stays in Indy, it's too risky to pay a quarterback that kind of money while recovering from a torn Achilles tendon and fractured fibula.

Instead, the obvious choice for general manager Chris Ballard is to use the franchise tag on Pierce. Although $28 million would be a bit on the high end of his projected value, Pierce may draw serious interest from receiver-needy teams with tons of money to spend, like the Tennessee Titans.

Sign Up For the Colts Daily Digest - OnSI’s Indianapolis Colts Newsletter

Colts Can Use Franchise Tag to Gauge Pierce's Market Value

The Titans could afford to offer Pierce a deal worth $30+ million annually, a price the Colts might be willing to match if they decide to tag him. If they think it's not worth it, they can let Pierce walk and receive two first-round picks.

The more likely scenario is the Colts using the tag on Pierce in a similar way to how they used it on Pittman. The Colts would be able to gauge Pierce's market value and make a fair extension offer. Teams have until mid-July to get an extension done while a player is tagged.

In 2025, Pierce had the best year of his young career. He reached 1,000 yards for the first time, doing so on just 47 receptions. He led the league in yards per reception for the second consecutive season, becoming the first receiver to do so in over three decades.

Pierce bet on himself before the season. He and the Colts held off extension talks until after the season, which ended up benefiting the player more than the team. Pierce drove up his market value, and now, the Colts will need to cough up a serious chunk of their salary cap to keep Pierce on the roster.

Since joining Indy, Pierce has caught passes from nine different quarterbacks. Even with a carousel of passers, Pierce has proven how valuable he is to the Colts' offense. Pierce caught touchdown passes from all three Colts quarterbacks who started in 2026.

Alec Pierc
Jan 4, 2026; Houston, Texas, USA; Indianapolis Colts wide receiver Alec Pierce (14) catches a touchdown pass against the Houston Texans during the first half at NRG Stadium. Mandatory Credit: Thomas Shea-Imagn Images | Thomas Shea-Imagn Images

If the Colts don't use their franchise tag on Pierce, I doubt they use it at all.

Recommended Articles

Loading recommendations... Please wait while we load personalized content recommendations

Published
Sean Ackerman
SEAN ACKERMAN

Sean Ackerman is the co-Deputy Editor of Indianapolis Colts on SI. Ackerman, a graduate of Western Kentucky University, majored in broadcasting. He's in his third year covering the NFL.

Home/News