The Indianapolis Colts have had a busy start to the offseason.
After placing the transition tag on quarterback Daniel Jones already this offseason, on Monday, the Colts first agreed to a historic four-year, $114 million extension with wide receiver Alec Pierce, per Ian Rapoport, keeping the wide receiver from leaving town as the best free agent at his position.
Then, Indianapolis agreed to trade another wide receiver, Michael Pittman Jr., to the Pittsburgh Steelers. With Pierce returning and Pittman exiting, the Colts' offense got a bit of a shake-up.
Here's a look at Indianapolis' wide receiver depth chart following Monday's moves.
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Colts WR depth chart
Rank Player
1 Alec Pierce
2 Josh Downs
3 Ashton Dulin
4 Anthony Gould
No. 1: Alec Pierce
The Colts paid Pierce like a true WR1 and a star. Now, with Pittman gone, he'll also have to play like one.
Pierce certainly flashed some stardom in 2025, putting up a career-high 1,003 receiving yards to lead the Colts despite having 33 fewer receptions than Pittman, who had 784 yards. As a downfield threat, Pierce was elite, posting 21.3 yards per catch and six touchdowns.
Now, with a massive extension and a path to more targets, expectations increase for Pierce. He'll likely become more of a staple in the Colts' offense, rather than just the big-play, vertical threat.
Pierce, 25, has steadily improved in his NFL career. Without Pittman's veteran presence, he'll now be expected to take on a No. 1 role while still providing the deep-threat element within the Colts' offense.
MORE: Details of Michael Pittman Jr.-Steelers trade
No. 2: Josh Downs
While Pierce should see more targets next season, the biggest beneficiary of the Pittman trade is likely Josh Downs, who will be entering his fourth NFL season in 2026 as a former Colts third-round selection.
Downs had 566 yards and four touchdowns in 2025, numbers that were down from his 803 yards and five touchdowns the year prior despite playing in two additional games. Part of that was getting logjammed further down in an offense including Pittman, Pierce, Jonathan Taylor and Tyler Warren, but Downs also didn't break out as some predicted.
The opportunity will be there this fall for Downs to take that next step into a No. 2 role. The former UNC receiver has become a productive NFL player, but if the Colts are going to maintain their offensive success from 2025, Downs will have to play a significant role in replacing Pittman.
No. 3: Ashton Dulin
Indianapolis could look to add another proven name to its wide receiver room this offseason, which would appear likely. After Downs, there is a collection of receivers with limited NFL action.
While Ashton Dulin has been with the Colts since 2019, the 28-year-old hasn't had more than 207 yards in a season, often one of the top backups on the depth chart. Moving forward, Dulin shouldn't be expected to take on a major role, even without Pittman, but he will be a factor in the wide receiver room in 2026.
No. 4: Anthony Gould
With some added room at the wide receiver position, Indianapolis could assess what it has in 2024 fifth-round pick Anthony Gould. The former Oregon State receiver hasn't had much opportunity for NFL reps, owning three receptions in his first two seasons.
If the Colts don't add further receivers this offseason, Gould could be a name to keep an eye on as a potential No. 3 option for Daniel Jones.
MORE:Full details on Alec Pierce's massive extension with Colts