The countdown to the franchise tag deadline continues, and the Colts face a critical decision. Both Daniel Jones and Alec Pierce are pending free agents at the moment, and teams can only use one tag in a given offseason. 
Working out an long-term deal with at least one of the two would of course create a more straightforward decision for GM Chris Ballard and Co. Talks with Jones and Pierce have taken place, and deadlines have been known to result in contract agreements around the NFL. That could be the case for Indianapolis.
ESPN’s Stephen Holder reports there has been “positive movement” over the past 24 hours with respect to negotiations with Pierce. An agreement this afternoon “feels possible,” he adds. Of course, nothing has been finalized yet and the Colts need to keep in mind Jones’ situation. A transition tag could be in store in his case, something which would lead to a reduced one-year cost at the quarterback position. That would also, however, leave the door open to Pierce departing in free agency.
While playing out his rookie contract, the wideout established himself as more than a deep threat. Pierce’s overall skillset has drawn strong reviews, and at the age of 26 (as of May), he is in line to serve as a highly productive wideout for years to come. Pierce will not have a hard time lining up suitors in the event he reaches the open market. Indianapolis could prevent such a scenario with a long-term accord or – if the team leaves Jones’ future uncertain – the franchise tag.
A tag in Pierce’s case would cost $27.3MM, the amount George Pickens is due to earn from the Cowboys unless a new deal is worked out. That figure would be fully guaranteed and mark a massive raise compared to Pierce’s earnings on his rookie deal. A multiyear pact would accomplish the same feat while leaving the Colts free to tag Jones. Albert Breer of Sports Illutrated notes the 1,000-yard wideout is understandably seeking clarity on the team’s quarterback situation before committing to a big-ticket contract.
Jones impressed when healthy in 2025, his debut Colts campaign. The former Giant and Viking suffered an Achilles tear, however, something which complicates his market value. Even so, Jonathan Jones of CBS Sports states (video link) Indianapolis’ choice at this point is realistically down to using the franchise or transition tag to ensure stability under center. That approach will be especially viable if Pierce agrees to a new deal, and it will be worth watching closely to see if an agreement can be reached ahead of the 3:00pm tag deadline.