Indianapolis Colts wide receiver Alec Pierce is one step closer to becoming the marquee name on the receiver market. Ahead of Tuesday’s deadline, the Colts announced they are placing the transition tag on QB Daniel Jones in an effort to keep him in Indianapolis for the 2026 season. By rule, the team can’t use the transition and franchise tag, meaning Pierce cannot receive the latter tag.
While the Colts can still attempt to work out a long-term deal with Pierce, the odds are higher than ever he hits free agency as the top receiver available.
The sides will continue to work toward a long-term deal with Daniel Jones. Meanwhile, the focus now turns to getting a deal done with Alec Pierce, who is set to be the top WR hitting free agency — if he gets there. https://t.co/vhHk9K3JO6
— Tom Pelissero (@TomPelissero) March 3, 2026
Indianapolis has spent the offseason trying to thread the needle to keep both offensive pillars. Jones enjoyed a revival season before an Achilles tear ended his campaign. Pierce has consistently been one of the team’s best offensive playmakers and with Michael Pittman’s days numbered, the Colts have had extra motivation to ink Pierce to a long-term deal.
But that contract won’t come cheap. Pierce is expected to command a yearly value well in the $20 million range and potentially close to $30 million per season. Shortly after the Jones’ news, insider Jordan Schultz reported the Colts remain optimistic about signing Pierce before Monday’s legal tampering period.
Sources: While the Daniel Jones tag would allow Alec Pierce to become a free agent, it’s my understanding both sides have been in active negotiations and there is a chance Pierce could agree to terms on a long-term deal — before becoming a free agent next week.
That is believed… https://t.co/vp0NduELlJ pic.twitter.com/CvYy3HarcA
— Jordan Schultz (@Schultz_Report) March 3, 2026
Still, no deal is done until it’s finalized and Pierce has good reason to test the market. Not turning 26 until May, he’s led the NFL in yards per reception two years running. Until Pierce, no player had done that since Flipper Anderson in 1989 and 1990. In 2025, he posted a career-best 47 receptions and 1,003 receiving yards with six touchdowns.
An in-his-prime playmaker is always going to be in-demand. The Pittsburgh Steelers’ passing game could use the jolt Pierce offers, but paying two receivers mega-money seems unlikely. Still, GM Omar Khan hinted the team has the flexibility to make moves that aren’t considered “normal.” Pittsburgh’s done so at pass rusher with T.J. Watt and Alex Highsmith and could opt to do the same with DK Metcalf and Pierce.
Pierce is a player we’ve touted for years. He’s a week away from hitting the open market. If so, plenty of teams, possibly the Steelers will be involved. Today’s news doesn’t guarantee Pierce becomes available, but it increases those odds.
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