The One 2026 Free Agent Colts Can't Afford to Lose

The Indianapolis Colts have to find a way to keep him.

Nov 30, 2025; Indianapolis, Indiana, USA; Indianapolis Colts head coach Shane Steichen during the first half against the Houston Texans at Lucas Oil Stadium. | Robert Goddin-Imagn Images

Indianapolis Colts general manager Chris Ballard isn't known to make contract extensions during the season, and it appears that will hold true in 2025. With that in mind, Ballard will have a lot on his plate during 2026 free agency as a few crucial Colts are set to hit the open market this spring.

The Colts have some massive decisions to make, especially at quarterback. Daniel Jones is expected to be available for training camp, but Indy must decide on a fair price tag for a passer coming off a torn Achilles tendon who showed promise at the beginning of the season.

Pierce, No Matter What

Despite Jones needing another contract, the Colts have one player they must bring back no matter what. That player is wide receiver Alec Pierce.

Pierce is less than 40 yards away from setting a new single-season high. The fourth-year receiver has diversified his route tree, giving him a much bigger role in Shane Steichen's offense.

On the season, Pierce has racked up 39 receptions for 785 yards and 2 touchdowns, and that's with two games missed due to a concussion. Pierce is averaging 65.4 yards per game, which ranks 15th in the league this season.

Once the Colts traded Adonai Mitchell in November, some assumed that this meant Pierce would stay in Indy. There haven't been any contract talks yet, but when the offseason rolls around, this should be priority number one for the front office.

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

Wide Receiver Depth is Shaky Without Pierce

Nov 23, 2025; Kansas City, Missouri, USA; Indianapolis Colts wide receiver Alec Pierce (14) makes a catch against the Kansas City Chiefs in the second half at GEHA Field at Arrowhead Stadium. | Denny Medley-Imagn Images

The Colts' main trio consists of Pierce, Michael Pittman Jr., and Josh Downs. Steichen mixed in some plays for Ashton Dulin when he was healthy, but the Swiss Army Knife is on injured reserve, which means the core of Pierce, Pittman, and Downs have played a lot of snaps over the past month.

Pittman and Downs are both under contract for only one more year. Pittman's deal is worth just over $20 million annually, and Downs is still on his rookie contract. Somehow, the Colts must determine a fair price tag for Pierce, and when you consider how the wide receiver market has changed, they're probably looking at a contract worth at least $25 million a year.

An Unreplaceable Skillset

When you think about the best deep threats in the league, Pierce is one of the first names that comes to mind. At 6-foot-3 with a 35-inch vertical leap, Pierce can high-point a catch like few others.

For the second consecutive season, Pierce is leading the league in yards per reception (20.1). Pierce can run deep crossers, go routes, and fades that utilize his unique mix of height and speed.

Pierce struggled with Philip Rivers under center (1 catch) because the grandpa can't throw it deep anymore. Don't let that distract you from the fact that Pierce is a key part of the Colts' offense.

Game-Changer

In the blink of an eye, Pierce can take the Colts from their own 25-yard line to the red zone. These types of plays are what make him so valuable because, with just one catch, Pierce can guarantee 3 points on the board for Indy.

It's worth offering him a contract, but if the two sides can't agree on the deal, the franchise tag must be used. For 2026, a wide receiver franchise tag is projected to cost $28 million. That's a lot of dough, but it's worth it to keep Pierce.

The Colts don't have another deep threat on their team. They used to use Pittman in that role, but he's now used as a yards after the catch guy who runs slants and shallow crossers.

Drafting another receiver who can fill Pierce's shoes is too risky. The Colts should do their best to keep what they have, even if it means giving him a hefty contract.

Final Thoughts

Overall, it's better to have Pierce than to need a guy like Pierce. Tons of big-body receivers come into the league every year, but few have proven they can actually utilize their size as Pierce has.

The only concern would be Pierce's history with concussions, but every time he returns, he seems to play just as well as when he left.

It'll be interesting to see how contract negotiations go, but if the two sides agree on a price tag, there should be no second thoughts.