The Indianapolis Colts have secured one of their top priorities in free agency.
The Colts worked tirelessly on Sunday night to ensure that, by Monday afternoon, wide receiver Alec Pierce wouldn't be calling anywhere other than Indianapolis "home."
Ian Rapoport of NFL Network reported that the Colts and Pierce agreed to a new contract, covering four years and $114 million. The deal can get up to $116 million and has $84 million in guarantees, including $60 million at signing. It is the richest deal in NFL history for a free-agent wide receiver.
Last week, Pierce appeared on "Up & Adams," speaking with host Kay Adams about his free agency and what was most important to him. It didn't take long for quarterback Daniel Jones to be brought up, who the Colts recently designated with the transition tag.
"Being in Indy, I've played with a ton of different quarterbacks, and I think they're on the way to figuring that out with Daniel if they can get a long-term deal done with him, because I believe in him a ton as a quarterback," Pierce told Adams. "I think I've understood the battles that come with not having that stability, so I think as a free agent, that's something that I would look into a lot."
The Colts made their own feelings about retaining Pierce known, as general manager Chris Ballard spoke at the NFL Combine two weeks ago about retaining Pierce.
"Alec Pierce — Alec knows this. His agents know it — Alec Pierce, I've always believed he's excellent," Ballard said. "He's a really freaking good player. He makes really big plays for us, and he's still young. He's 25 years old. So yeah, (the desire to re-sign Pierce) goes both ways."
Pierce has become one of Ballard's most frequently mentioned examples for draft-and-develop success stories, but has also become the team's best receiver. The biggest difference-maker in the Colts' passing offense has been Pierce, who, for two consecutive years, 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.
Along with signing Jones to a multi-year deal and not just settling on the transition tag, the Colts must now figure out their salary cap, as well as how to get Pierce more involved in the offense so that he's seeing more than the career-high 84 targets he saw in 2025.