Window Closing Quickly on Colts to Franchise Tag Jones and Pierce

The Indianapolis Colts are looking deeply into getting deals done for quarterback Daniel Jones and wide receiver Alec Pierce.

However, the franchise tag deadline is fast-approaching, as it ends when the clock strikes at 4 pm Eastern Standard Time on Tuesday, March 3rd, 2026.

If Indianapolis can't figure out a deal by then and misses the franchise tag deadline, Jones and Pierce will become unrestricted free agents.

This gives Indianapolis essentially two-and-a-half days to figure it all out with two of its top players on the roster.

With these two Colts stars at the top of mind, let's briefly dive into each player and what Indianapolis would need to pony up for a franchise tag.

Daniel Jones ($43,895,000 to Tag)

Colts quarterback Daniel Jones (blue and white uniform) tries to run with the football. — Indianapolis Colts quarterback Daniel Jones (17) runs the ball on a keeper during the first quarter of an NFL football game at EverBank Stadium, Sunday, Dec. 7, 2025, in Jacksonville, Fla. The Jaguars defeated the Colts 36-19. | Corey Perrine/Florida Times-Union / USA TODAY NETWORK via Imagn Images

Jones took the NFL by storm in 2025 after getting signed to a one-year, $14 million deal. Jones won the quarterback competition with Anthony Richardson Sr. and made the most of his opportunity.

Jones wasn't able to finish the season, playing 13 games and sustaining a terrible Achilles tear in Week 14 against the Jacksonville Jaguars. This derailed an impressive season from the former New York Giants signal-caller.

Regardless, Jones was the first quarterback since Andrew Luck to look like the long-term answer under center for Indianapolis.

He'd finish with 3,101 passing yards, a career-best completion percentage of 68.0, and 24 all-purpose touchdowns, with 19 coming through the air and five with his legs.

After the Colts allowed Richardson to seek a trade, it's a given that they'll figure out something to keep Jones in the building. However, per Tony Pauline of Essentially Sports, they're not close to getting a contract.

QB Daniel Jones and the Colts are NOT close on a contract extension, per @TonyPauline

Jones wants more money than Indy expected, and if they can’t bridge the gap, the Colts may have to franchise tag Jones and pivot to locking up WR Alec Pierce before free agency opens. pic.twitter.com/4DrB7RhOkq
— SleeperNFL (@SleeperNFL) February 28, 2026

This gives the notion that the Colts will tag Jones and may need to get Pierce a contract to focus on Jones.

While Pierce is an incredible weapon that helped mold Shane Steichen's offense in 2025, Jones is the higher priority since the Colts have been desperately searching for the next franchise QB.

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Alec Pierce ($27,298,000 to Tag)

Colts wide receiver Alec Pierce (blue and white uniform) hauls in a contested catch over a defender. — Dec 28, 2025; Indianapolis, Indiana, USA; Jacksonville Jaguars cornerback Montaric Brown (30) breaks up a pass intended for Indianapolis Colts wide receiver Alec Pierce (14) during the first half at Lucas Oil Stadium. Mandatory Credit: Robert Goddin-Imagn Images | Robert Goddin-Imagn Images

Pierce became the NFL's deadliest deep threat in 2024, securing 37 catches for 824 receiving yards, seven touchdowns, and a league-best 22.3 yards per catch.

Somehow, someway, Pierce figured out how to become even deadlier in 2025.

Not only did Pierce lead the NFL in yards per catch again with 21.3 per haul, but he set career-bests in catches (47), first downs (41), and receiving yards (1,003). It didn't hurt that he also caught six touchdowns.

A wild fact is that Pierce has put together these two impressive seasons with five different quarterbacks (Anthony Richardson Sr., Joe Flacco, Daniel Jones, Philip Rivers, and Riley Leonard).

Alec Pierce is one of the sneakiest dynasty buys right now. Go get him. pic.twitter.com/fayBrCscsC
— Moody (@EricNMoody) February 28, 2026

It would cost Indianapolis dearly to franchise tag both Jones and Pierce, so it figures that the Colts will pursue getting a contract figured out with Pierce more aggressively since Jones and the franchise aren't near an agreement.

Pierce is so dynamic that he opens up opportunities for the rest of Indy's weapons like Michael Pittman Jr., Tyler Warren, Josh Downs, and even running back Jonathan Taylor.

We'll see how things play out for Pierce as the tag deadline looms and free agency begins on March 11th.