The Indianapolis Colts' Alec Pierce was recently ranked as the second-most underrated wide receiver in the NFL.
The NFL world raised its eyebrows this March when the Indianapolis Colts rewarded wide receiver Alec Pierce with a massive contract extension worth four years and $114 million. It's the richest free-agent deal for a wide receiver in NFL history.
Locally, observers have recognized Pierce's continued ascension, but from the outside, the contract was an enormous price tag for a relative unknown.
Consider Bleacher Report's Kristopher Knox among those who see Pierce taking his game to the next level, as he listed Pierce as the No. 2 most underrated wide receiver in the NFL, behind only Michael Wilson of the Arizona Cardinals.
"Alec Pierce generated plenty of headlines at the start of free agency, as his four-year, $114 million extension came in much higher than many fans might have expected," Knox wrote. "The Cincinnati product was, after all, a relative unknown outside of Indianapolis and fantasy football circles."
Through his first four years, Pierce has been productive in a limited sample size, essentially maximizing his capped usage, as he's had to share the ball with the likes of Michael Pittman Jr., Josh Downs, and most recently, Tyler Warren. He also wasn't used as a typical receiver in all areas of the field.
Pierce has primarily been used as a downfield specialist who uses his speed, frame, and leaping ability to high-point the ball and come away with big plays, resulting in his leading the NFL in yards per reception in each of the last two seasons.
"Pierce possesses something that few other NFL receivers do," Knox said. "His combination of size (6'3", 211 lbs), elite speed (4.33-second 40-yard dash), and sure hands makes him a legitimate big-play threat.
"Pierce's production jumped alongside the emergence of quarterback Daniel Jones in 2025, and he posted his first 1,000-yard campaign. However, he consistently flashed his deep-threat ability since entering the league as a second-round pick in 2022.
"In each of the past two seasons, Pierce has led the NFL in yards per catch."
Free agent contracts are an acknowledgment of what a player has become, but they're more so a show of good faith for what the player will continue to develop into. By returning quarterback Daniel Jones to deliver Pierce the ball and trading Pittman and his high volume of targets away, it clears a path for Pierce to be the Colts' top receiver.
He'll need to fully recover from a March ankle surgery before he can hit the field again and prove his worth. Pierce is expected to return sometime this summer from his surgery, albeit hopefully during training camp in August.
"Despite the payday and the notoriety that has come along with it, Pierce is still being overlooked," per Knox. "In the fantasy realm, that may be because he's still recovering from offseason ankle surgery. In the real world, he simply isn't viewed as a true No. 1 receiver.
"If Jones can stay healthy in 2026 and the Colts offense can continue growing, though, Pierce's yardage production could realistically go from top 20 to top 10 this season."
Throughout his career, Pierce has never finished higher than third on the Colts in targets. He even had a career-high 84 last season during his first 1,000-yard campaign and finished fourth.
The thought is that if you extrapolate Pierce's high level of productivity to the workload of an actual top receiver, the Colts will get near superstar production from Pierce.
Perhaps after 2026, Pierce will no longer be considered underrated.
