Colts Winners and Losers After Day 1 of Free Agency

The Indianapolis Colts had an eventful first day of "legal tampering" as the team brought back wide receiver Alec Pierce and moved his partner in crime, Michael Pittman Jr., to the Pittsburgh Steelers. Several other free agents left Indy, specifically on the defensive line.

Let's take a look at the winners and losers from the first day of free agency.

WINNER: Alec Pierce

Somehow, the Colts managed to get a deal done with Pierce before he officially hit the open market. The two sides agreed on a four-year, $114 million deal that will keep Pierce in Indy through the 2029 season.

According to reports, Pierce turned down larger offers from outside teams in order to stay with the Colts. Realistically, Pierce likely had several offers worth $30 million a year or more. Some of the teams in the running for Pierce included the New England Patriots, Washington Commanders, Tennessee Titans, and Las Vegas Raiders.

WR Alec Pierce is poised to make at least $27M per year on a new deal, per @JFowlerESPN

Among teams in the mix:

Patriots
Commanders
Raiders
Titans
Colts pic.twitter.com/Ifanq9gzr4
— SleeperNFL (@SleeperNFL) March 8, 2026

No matter who he signed with, Pierce was going to secure generational wealth. The 25-year-old is now one of the highest-paid receivers in the league, making him a clear winner from the first 24 hours of free agency.

LOSER: Daniel Jones

This isn't to say Jones is a massive "loser"; it's more to say that the open market brought his price tag down. According to Sports Illustrated's Albert Breer, Jones originally requested a deal worth $50 million per year. The Colts originally offered him a deal worth about $35 million per year, so the two sides were about $15 million apart in negotiations.

The Colts offered Daniel Jones a deal in the range of Sam Darnold’s three-year, $100.5 million contract, per @AlbertBreer pic.twitter.com/j2BxUGB0Oc
— Sports Illustrated (@SInow) March 9, 2026

To be honest, Jones' request of $50 million annually was likely a negotiation tactic. He knew he wasn't going to be paid that much, but he also knew the Colts would offer him a deal worth well under that. Instead, Jones demanded a salary that large because he knew he could negotiate a deal within the $40-45 million a year range.

The lack of interest from outside teams in paying a quarterback coming off an Achilles tear signals little belief in Jones becoming the same player he was pre-injury. Jones and his camp likely knew this would happen, which is why they still want to negotiate a long-term extension with the Colts.

WINNER: Michael Pittman Jr.

Heading into free agency, most reporters figured the Colts would either cut, extend, or trade Michael Pittman Jr. because of his massive $29 million cap hit. The Colts opted for the latter, dealing Pittman and a seventh-round pick to the Pittsburgh Steelers in exchange for a sixth-round pick.

Updated trade summary, via @AlbertBreer:

Steelers get - Michael Pittman Jr, 7th-round pick
Colts get - 6th-round pick
— Underdog NFL (@UnderdogNFL) March 10, 2026

Pittman then signed a three-year, $59 million extension with Pittsburgh, giving him another big payday. The 28-year-old still has plenty of football left in him, and with his new contract, his career earnings will eclipse $125 million.

LOSER: Anthony Richardson Sr.

The Colts and Richardson mutually agreed to seek a trade before free agency started, but after one day of action, Richardson has few potential suitors remaining. The Miami Dolphins and Arizona Cardinals both addressed quarterback by signing Malik Willis and Gardner Minshew, respectively.

The Minnesota Vikings are being heavily linked to Kyler Murray, which means the only teams remaining who could still use a new starting quarterback are the Cleveland Browns and New York Jets. If Richardson goes to either of those teams, it could be dangerous for his career.

QB Anthony Richardson is prioritizing finding a coach who will consistently develop him and his skillset, even if that means sitting behind a veteran, per @CameronWolfe

Per rumors @MatthewBerryTMR heard at the Combine, Cleveland could be a potential landing spot for Richardson. pic.twitter.com/sh0PHoNYrv
— SleeperNFL (@SleeperNFL) March 3, 2026

There is a very small chance Richardson succeeds with the lack of weapons both teams have. Realistically, the best-case scenario for Richardson now is to be a backup on a team with a veteran quarterback. He can take another year to hone his accuracy and game-planning before stepping into a starting role.

WINNER: Kwity Paye

Kwity Paye spent five years in Indy, but the former first-round pick signed a three-year deal worth $48 million with the Las Vegas Raiders to make the first team-switch of his career. After a lackluster 2025 season, the Colts were never going to match that price tag.

Paye recorded 30.5 sacks through five seasons with the Colts. His best year came in 2023, when he recorded 8.5 sacks, 51 total tackles, and two forced fumbles.

$16 million per year is a lot for Paye, making him the true winner from the first day of free agency.

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