Alec Pierce has led the NFL in yards per reception in each of the past two seasons. He surpassed 800 yards in 2024 despite Anthony Richardson‘s accuracy issues and reached a career-high 1,003 this season.
The Colts’ top deep threat is on track for free agency. Even before Pierce crossed the finish line for his first 1,000-yard season, he was expected to do well in free agency. Now, the Colts want to make sure he stays. Chris Ballard confirmed (via Fox59’s Mike Chappell) keeping Pierce is a priority. This comes after the Cincinnati alum said he was open to re-signing.
Usually aggressive when it comes to retaining his own (not so much with outside hires, though that is changing), Ballard has been able to work out numerous extensions and re-signings for core players. The Colts, however, already paid one wide receiver — via Michael Pittman Jr.‘s three-year, $70MM extension — and are planning to enter talks to re-sign Daniel Jones. Their Richardson plan did not work out, pointing to a veteran QB contract being back on the payroll. That will complicate matters with Pierce.
Pittman’s deal runs through 2026, potentially giving the Colts a chance to reevaluate matters with their No. 1 receiver. Jones established a better rapport with Pierce this season, with Pittman only accumulating 784 receiving yards — after 808 in 2024. Pittman missed one game over that span, while Pierce managed to cross into 1,000-yard territory after missing two this year. After averaging 22.3 yards per catch in 2024 and 21.3 this season, Pierce will be a coveted piece on this year’s market.
George Pickens will be the top receiver on this year’s market, though the Cowboys have been mentioned as being in play to use their franchise tag on the trade pickup. Pierce and Romeo Doubs look like the next-best options, with Giants slot Wan’Dale Robinson also a first-time UFA. The Colts also dealt from their receiver group to acquire Sauce Gardner, sending 2024 second-round pick Adonai Mitchell to the Jets. Josh Downs has one season left on his rookie contract.
Kwity Paye joins Pierce as a free agent-to-be, but despite his first-round pedigree, the five-year defensive end appears a lower priority for the Colts. The 2021 draftee is likely to head elsewhere on the market, Chappell adds, noting the Colts should also be considered likely to lose Samson Ebukam and Tyquan Lewis in free agency.
Indianapolis picked up Paye’s fifth-year option, and he joined Jaelan Phillips and Odafe Oweh as 2021 EDGE draftees to play out option years. Both Phillips and Oweh were traded, while Paye finished his rookie contract with the team that drafted him. Though both traded pass rushers proved valuable for their new teams, Paye did not impress in his contract year.
Paye played all 17 Colts games this season but finished with just four sacks and nine QB hits. That came after he combined for 16.5 sacks from 2023-24. Paye’s showings in 2023 and ’24 still stand to help him, though he did not boost his market in a contract year.
Ballard has traditionally been stingy when it comes to acquiring outside talent, but he did make good on a pledge to deviate this past year. The Colts gave big-ticket deals to Camryn Bynum and Charvarius Ward. New owner Carlie Irsay-Gordon expressed interest in Ballard leaning in this direction moving forward, ESPN.com’s Stephen Holder notes.
The Colts are projected to sit in the middle of the pack in cap space, being slated to hold just more than $33MM. A chunk of whatever space Indy ends up with will need to go to Jones, which will limit funds available for Pierce and any outside options. A Pierce franchise tag may cost more than $28MM, per OverTheCap; that will likely not be a path the Colts turn to. With Jones and Pierce deemed priorities, it will be interesting to see if Ballard acts on Irsay-Gordon’s wishes to see more activity with regards to outside talent being added.