Indianapolis Colts: Latest Updates for Daniel Jones, Alec Pierce Get Interesting

The two players who should be the Indianapolis Colts' top priorities in free agency are rather clear in quarterback Daniel Jones and wide receiver Alec Pierce. With that, ideally, neither player would be exposed to the open market, and the Colts would work out firm commitments from both players beforehand.

While deadlines spur actions, things do appear to be getting interesting.

If the Colts do not reach agreement on new deals with either player, the team has until Tues., March 3, to place the franchise or transition tag on Jones and Pierce before other teams may begin contract negotiations with them on Mon., March 9.

According to ESPN Colts reporter Stephen Holder, the Colts weren't close on new contracts with Jones or Pierce in a recent check-in, but both the franchise and transition tags "are in play."

"Regarding the negotiations (with) QB Daniel Jones and WR Alec Pierce, they weren’t close as of my last conversations," Holder posted on X. "I would say the franchise tag AND transition tag are in play. [Chris] Ballard tends to work on deadline, so this isn’t surprising (in my opinion). The market for Pierce is (rising)."

Mike Chappell of FOX59/CBS4 added, "Deadlines spur action. With free agency looming, Colts are in talks with QB Daniel Jones and WR Alec Pierce on long-term deals, per source. Neither will be easy or cheap. But both are necessary for 2026."

In general terms, the franchise and transition tags are one-year contracts that pay the player an average salary of the top five highest-paid players at their position (franchise) or the 10 highest (transition). It's supposed to be used as a bridge to buy time for teams to work out multi-year deals with players without a greater risk of losing them to other teams, although players can technically still negotiate with other teams unless the exclusive franchise tag is used, which it seldom is.

The transition tag is seldom used, whereas the franchise tag is used annually by teams across the league. The Colts last used it in 2014 on wide receiver Michael Pittman Jr., then agreed to a multi-year deal with him shortly after.

Jones resurrected his career in his first season in Indianapolis after being released by the New York Giants in 2024.

He reached several personal bests in 2025 before a torn Achilles tendon ended his season prematurely. Jones' win percentage (61.5%), completion percentage (68.0%), passing yards per attempt (8.1), passing yards per game (238.5), passer rating (100.2), and QBR (63.1) were all single-season career highs. He was also on pace to set new marks in completions, pass attempts, passing yards, passing touchdowns, and passing first downs.

Pierce has now completed his four-year rookie contract after being made a second-round pick by the Colts in 2022.

He has not only become the poster child for Colts general manager Chris Ballard's draft-and-develop success stories, but he's also become the team's best receiver. Michael Pittman Jr. and Josh Downs are both fitting for their roles, but the biggest difference-maker in the Colts' offense has been Pierce. For two consecutive years, he has led the NFL in yards per catch, culminating in his first 1,000-yard season in 2025. Pierce is improving as an all-around receiver, but his ability to take the top off of defenses is unmatched.

Jake Arthur has been covering the Indianapolis Colts for over a dozen years and is a member of the PFWA. He's one half of the Locked On Colts podcast and has worked for the Colts' official website, On SI, and more. You can follow him on X @JakeArthurNFL.