Colts Have Made Massive Mistake With Alec Pierce

The Indianapolis Colts put the transition tag on quarterback Daniel Jones yesterday afternoon, and while that's massive news, another player factors in differently: wide receiver Alec Pierce.

The Colts weren't able to agree on a contract before the 4 pm Eastern Standard Time tag deadline on Tuesday.

This means time is ticking for a deal to get done, as March 9th marks the beginning of the legal tampering period, where other teams can begin negotiations with Pierce.

If a deal isn't done two days later, when free agency begins on March 11th, Pierce will officially hit the open market.

With no contract, this already has the look of a massive fumble by Indianapolis, and Ian Rapoport followed this up with a great point on NFL Network's Up to the Minute.

"Alec Pierce, one of the top free agent receivers, top players regardless of position, is going to be free. The Colts have made a big offer to Alec Pierce, they're going to try to get that one done.

But he's got like, five days until free agency. Hard to imagine that Alec Pierce agrees to a deal now when he's able to talk to anyone in the NFL in just a couple days.

He's going to get a huge deal no matter what. It does sound like he would like to be in Indy, but because he is now free, they really really are going to have to pay for it.

It's not a great situation for Indianapolis, who has several other salary cap issues as well. But it is their reality given today's developments."

From @NFLNetwork: The #Colts have transition tagged QB Daniel Jones. pic.twitter.com/95fu8npPgY
— Ian Rapoport (@RapSheet) March 4, 2026

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While Indianapolis still has time, the fact that they couldn't reach a deal before the franchise tag deadline is unacceptable.

As Rapoport mentions, Pierce has emphasized that he would like to stay with the Colts and wanted Jones as his quarterback. But this league is about making the most money possible, and Pierce would be wise to see what other teams are willing to pay.

Spotrac has Pierce's market value at $20.2 million, but that's undershooting. It's unknown what the Colts have offered to him, but he can simply wait it out until March 9th and use that number as leverage to make more.

Colts wide receiver Alec Pierce (blue and black uniform) celebrates after scoring a touchdown. — Dec 22, 2025; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Alec Pierce (14) celebrates after scoring a touchdown against the San Francisco 49ers in the second quarter of the game at Lucas Oil Stadium. Mandatory Credit: Trevor Ruszkowski-Imagn Images | Trevor Ruszkowski-Imagn Images

This couldn't be going any worse for Indianapolis, and they very well could lose Pierce to another team.

Yes, Pierce stated he'd like to play with Jones, but he won't be able to deny a $30 million offer if it's presented.

On the Colts' side, they might have made Pierce far more expensive than their original offer, even if it's still unknown.

Given the magnitude of this upcoming season for general manager Chris Ballard, it would be a horrific happening if Pierce ends up with another team simply because the Colts get outbid.

Keep a very close eye on what happens with Pierce in the upcoming weeks. Initially, it seemed like Pierce was a lock to get a deal from the Colts before the tag deadline.

Now, he's likely going to test his market, and it will be a vast one. Even if the Colts retain him, it will very likely be at a much higher price than they were originally willing to pay.