Colts' Franchise Tag Dilemma Could Cost Commanders a Shot at Alec Pierce

As a free agent, Alec Pierce is as intriguing a receiver option as any projected to be available for the Washington Commanders this offseason.

However, the first step to him becoming one of the next Commanders stars is getting free from the clutches of the Indianapolis Colts. And after gathering information at the 2026 NFL Scouting Combine, ESPN’s Jeremy Fowler and Dan Graziano seem to believe that outcome is less than likely.

“The team has made it clear to Pierce that he will be a Colt, either through a tag or a long-term deal, before the new league year,” Fowler reports. That determination, of course, would keep Washington from ever having a shot at the talented receiver. “The Colts have work to do to make that happen, but that is the plan. But while Pierce seems like a logical tag candidate, multiple people connected to the situation believe Jones is a prime candidate for it.”

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

A familiar dilemma for Daniel Jones

It would appear the Colts are in the same position the New York Giants were in not that long ago. The results were a franchise tag for quarterback Daniel Jones and the ability to go elsewhere for running back Saquon Barkley.

Jones ended up staying with the Giants while their hopes and dreams collapsed around them, and Barkley won a Super Bowl with the Philadelphia Eagles. Not only that, but certainly in part due to the decision to tag the quarterback and risk the running back leaving.

Here, Fowler says the outcome may not be the same, even if the tactic is.

“Pierce has a good relationship with Jones. If the team tags Pierce but doesn't reach a deal with Jones, for example, that could be an issue for Pierce. Conversely, tagging Jones ensures he will be there in 2026, a move that would appeal to Pierce.

The massive cost of the franchise tag

“A franchise tag for Pierce would come in around $27 million, while Jones would get $43.9 million on the franchise tag and $37.8 million on the transition. Those numbers are steep but reasonable. The Colts haven't tipped their hand in a possible direction. Pierce would command a massive contract if he hit free agency. In November, we reported his market could hit $20 million. Think higher now.”

Graziano adds that it seems Indianapolis is pushing to get a long-term deal done with Jones before the open negotiating period opens, and more importantly, the new league year, because that would open its options for how to handle Pierce.

Impact on the Commanders' plans

If the receiver does hit the open market, he’s expected to be the top target on many teams’ lists, with many watching the Commanders hoping they’re in the mix. However, with the Colts’ apparent determination to keep him and general manager Adam Peters’ albeit short history as someone uninterested in bidding wars that escalate too highly, it appears more and more likely Washington will need to look elsewhere for Terry McLaurin’s next running mate, and Jayden Daniels’ next big target.