The Indianapolis Colts should feel the pressure to have a strong 2026 offseason. Indy looked like a Cinderella team in 2025, starting the regular season 8-2. But Daniel Jones' season-ending Achilles injury stopped the Colts from making a late-season push for the playoffs. Now the Colts face the tough task of retaining a few important players for the future.
NFL Network's Tom Pelissero explained how the contract situations surrounding Jones and Alec Pierce could go hand in hand.
“They also have another big ticket free agent to be in wide receiver Alec Pierce, who Daniel Jones loves” Pelissero said on Monday. “If Jones ends up getting a deal, then a tag would be an option if they can't work out a deal with Pierce.”
Indianapolis has been in contract negotiations with Jones on a long-term contract extension. If both sides cannot agree to terms on an extension before March 3rd, Jones could end up receiving the franchise tag.
But as Pelissero noted, the franchise tag could end up being an option for Pierce if Jones lands an extension.
As a result, it seems clear that Indy would prefer to keep both Jones and Pierce. The only unanswered question at this point is which one gets a contract and which one gets the franchise tag.
That is a reasonable plan by the Colts. But it could be a lot easier said than done.
The Colts currently have roughly $35.72 million in cap space to work with this offseason. Over the Cap projects that the 2026 franchise tag for a quarterback is worth $47.32 million. Meanwhile, the franchise tag for a wide receiver is worth $28.82 million.
Both of those figures are slightly smaller when using the transition tag instead of the franchise tag. But even so, it is clear that Indy may not currently have enough cap space to keep both players.
Colts fans should expect the team to make a few roster moves to clear up cap space at some point over the next two weeks. Otherwise they may have to let one of these players walk in free agency.
It will be fascinating to see if Indy can hold onto both Jones and Pierce this offseason.
