Horseshoe Huddle

Four-Point Plan for the Colts' Perfect Free Agency

Here's how the Indianapolis Colts could perfectly execute free agency.
Sean Ackerman|
Feb 24, 2026; Indianapolis, IN, USA; Indianapolis Colts coach Shane Steichen speaks at the NFL Scouting Combine at the Indiana Convention Center. Mandatory Credit: Kirby Lee-Imagn Images
Feb 24, 2026; Indianapolis, IN, USA; Indianapolis Colts coach Shane Steichen speaks at the NFL Scouting Combine at the Indiana Convention Center. Mandatory Credit: Kirby Lee-Imagn Images | Kirby Lee-Imagn Images

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Indianapolis Colts

After a 7–1 start last season, the Indianapolis Colts are expected to be aggressive in the 2026 free-agent market. The legal tampering window will open at noon on Monday, March 9, but official signings will go through when the new league year begins on Wednesday, March 11, at 4 p.m. ET.

Most of the Colts' work in free agency will revolve around in-house players, but outside additions could be the difference between 9 wins and 11 wins.

Let's take a look at the perfect four-point plan for the Colts this spring.

1) Extend/Trade/Cut WR Michael Pittman Jr.

First things first -- the Colts need to address Michael Pittman Jr.'s contract situation. Now entering his seventh season with Indianapolis, Pittman carries a cap hit of $29 million. If it stays that way, that would be the fourth-largest cap hit of any receiver in the league for 2026.

Extending, trading, and cutting are all very different options, but the result is the same: the Colts save money and create more cap space. A trade or a release would save the Colts $24 million in cap space, while an extension would save just under $20 million.

"I think the world of Pitt and who he is as a player," Colts general manager Chris Ballard said at the NFL combine. "Any suggestion that he's not going to be here is a pure hypothetical in my mind."

Taking Ballard's words into account, the Colts will likely try to give Pittman an extension so that they can restructure his contract. In 2025, Pittman hauled in 80 receptions for 784 yards and 7 touchdowns. It was his lowest yardage total since his rookie season, when he accumulated 503 yards with Philip Rivers under center.

If the Colts do nothing about Pittman's contract and re-sign Alec Pierce, they would likely have the most expensive wide receiver corps in the league.

2) Agree to Extensions With Alec Pierce and Daniel Jones

Once the Colts clear up some cap space, they can focus on re-signing Alec Pierce and Daniel Jones. Of course, they already used their transition tag on Jones, but they're still interested in working through a long-term extension.

Realistically, the Colts only used their tag on Jones because of their lack of quarterback stability over the past decade. Tagging Jones was meant to entice Pierce to sign an extension before free agency opened, but now, Pierce says he wants to test the market.

No prices have been revealed in reports, but insiders say that the Colts and Jones disagree over his price tag. Most projections have Jones reeling in a deal worth $40 million annually, but the Colts are being cautious in giving that much to a quarterback coming off a torn Achilles.

As for Pierce, he is expected to draw interest from around the league. If the Colts can get him to agree to a deal worth less than $30 million annually, it would be a win.

At the end of the day, it comes down to how much Pierce and Jones are willing to stick with Indy for another chance at an AFC South title. The Colts want to bring both guys back, but they don't want to paralyze themselves by leaving zero cap space to work with.

3) Sign a Veteran Pass Rusher

If the Colts still have cap space after agreeing to new deals with Jones and Pierce, they must consider using it on the defensive front seven. Ballard has indicated his desire to get "younger and faster" on the defense, but they may be willing to sign a proven pass rusher who's a bit older to help take their defense to the next level.

The top player the Colts could add is Trey Hendrickson, who played under Lou Anarumo for four years in Cincinnati. Anarumo was the man who brought Hendrickson to Cinci, and the move was an immediate success. Hendrickson tallied 57 sacks during their four years together.

The Colts will have three of their own pass rushers hit the open market, but most expect them to move on from all three. Hendrickson would be an ideal replacement, but even then, they would need a couple more depth pieces.

If the Colts can't afford Hendrickson, guys like Odafe Oweh, Jaelan Phillips, and Bradley Chubb will all be available for a lower price. All three still have some juice left, it's just a question of how much cap space Indy will have.

4) Let RT Braden Smith Walk

If Indy can hardly afford their top-two free agents, they probably can't afford guys toward the middle of the pack like Braden Smith.

The Colts can start the 6-foot-8 fourth-round pick Jalen Travis at right tackle in 2026, and they would save a decent bit of money. Smith, an eight-year veteran, will likely land on his feet for a team willing to pay him more in free agency.

Overall Thoughts

Most of the major decisions regard in-house players. Pittman's contract situation will affect Pierce's, and vice versa. The Colts must find a way to negotiate some contracts down to keep the team together in 2026.

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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.

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