Colts Facing Tough Decisions on Daniel Jones and Alec Pierce

Indianapolis Colts must weigh contract options for their top free agents ahead of NFL Combine

Published on Feb. 23, 2026

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The Indianapolis Colts are in negotiations to re-sign quarterback Daniel Jones and wide receiver Alec Pierce, their two most important impending free agents. While both players have expressed interest in staying in Indianapolis, the Colts have limited salary cap space and must decide whether to sign them to long-term deals, use the franchise or transition tag, or potentially let one or both walk in free agency.

Why it matters

The Colts' decisions on Jones and Pierce will have major implications for the team's future. Retaining the duo would provide stability and continuity on offense, but it would also require significant financial commitments that could impact the Colts' ability to address other roster needs. Losing one or both players could create holes the team must fill through the draft or free agency.

The details

According to reports, the Colts are expected to meet face-to-face with Jones this week to negotiate a potential multi-year contract extension. However, the two sides are not close to finalizing a deal, and the Colts may need to use the franchise or transition tag on Jones if they cannot agree on the right contract number. For Pierce, the market value for the young wide receiver has been rising, complicating the Colts' efforts to retain him.

  • The NFL Combine is taking place this week in Indianapolis.
  • The deadline for teams to apply the franchise or transition tag is March 3, just two days after the Combine ends.

The players

Daniel Jones

The Colts' starting quarterback, who is set to become a free agent. Jones played well before suffering injuries last season and the Colts want to keep him in Indianapolis long-term.

Alec Pierce

The Colts' young and talented wide receiver, who is also an impending free agent. Pierce's rising market value makes it challenging for the Colts to re-sign him.

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What they’re saying

“It is also a big week for the Colts and Daniel Jones, who have been in negotiations on a multi-year contract extension to keep him in Indianapolis. The sides, I would anticipate, would meet face-to-face this week. Jones wants to stay here in Indianapolis. The Colts want to keep Jones, who was playing his best football prior to injuries last year.”

— Tom Pelissero, NFL Insider (GMFB)

“Regarding the negotiations [with] QB Daniel Jones and WR Alec Pierce, they weren't close as of my last conversations. I would say the franchise tag AND transition tag are in play. Ballard tends to work on deadline, so this isn't surprising IMO.”

— Stephen Holder, ESPN Insider (X)

What’s next

The Colts must decide by March 3 whether to apply the franchise or transition tag on Daniel Jones or Alec Pierce if they cannot reach long-term contract agreements with the players.

The takeaway

The Colts face a critical offseason in determining the futures of their top two free agents, Daniel Jones and Alec Pierce. Their decisions will shape the team's offensive identity and salary cap situation for the coming years, requiring a delicate balance between retaining talent and managing the team's financial resources.