Indianapolis Colts' Free Agents Could Be Among NFL's Most Coveted

The Indianapolis Colts enter this offseason with immense pressure to do what it takes over the next several months to build a successful 2026 season. Jobs likely depend on it, looking specifically at general manager Chris Ballard and head coach Shane Steichen.

"We have been very clear with Chris and Shane that giving them another opportunity means that the sense of urgency for them to deliver and perform has never been higher."

Those were the words of Colts owner & CEO Carlie Irsay-Gordon in early January after the team missed the playoffs for a fifth consecutive year. While Irsay-Gordon declined to declare 2026 playoffs-or-bust, having a successful season — whatever that looks like — is the expectation.

With expectations come action, so this offseason needs to be as productive as last year, if not more so, for Ballard when it comes to bringing the right players into the building. However, the team has some of its own building blocks set to hit free agency on March 11 if it doesn't retain them, so Ballard must determine which players are the right ones to keep as well.

ESPN NFL analyst Matt Bowen recently ranked his top 50 NFL free agents for 2026, and a few notable Colts players made the list:

"An Achilles injury in Week 14 could delay Jones' availability at the start of next season, but it's clear he elevated his level of play and poise under coach Shane Steichen in Indianapolis. Jones' 64.1 QBR ranked eighth in the league through Week 13, and he threw with a much stronger sense of timing. He fits in an offense that features a good run game, which allows him to operate as a facilitator."

This is a tricky one for the Colts, but they don't see it that way. Steichen had Jones playing the best football of his NFL career in the first half of the season before fibula and Achilles injuries derailed Jones' season. The Colts are hedging their bets that they'll get first-half Jones, but the truth is, they're going to have to pay handsomely for a player who has suffered season-ending injuries in three of the last five years: a neck in 2021, an ACL in 2023, and an Achilles in 2025. Still, the Colts see Jones as their best option for 2026 and want to build on what he and Steichen showed, regardless of having to miss some time this offseason. The Colts hope to have Jones ready for Week 1.

"A vertical stretch target at 6-foot-3 and 211 pounds, Pierce averaged a league-best 21.3 yards per catch in 2025. He also topped the 1,000-yard receiving mark and brought in six touchdowns. Pierce has the straight-line speed to lift the safeties, creating open coverage voids underneath for other targets. With more volume and an increased role, he has the skills to produce as a multi-level route runner."

Pierce has not only become the poster child for draft-and-develop success stories, but he's also become the Colts' 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. How would the Colts replace Pierce if he were to sign elsewhere? His price tag is likely to become eye-popping, which is complicated by the fact that Pittman already has a $29 million cap hit in 2026.

"He is a big-bodied drive blocker at 6-foot-6 and 312 pounds, easily matching power in pass protection. Injuries have been a concern, as Smith has missed 17 games over his past three seasons. He started 13 games at right tackle for the Colts in 2025, and his pass block win rate jumped 7% from 2024."

Smith had an outstanding bounce-back campaign in 2025 after missing the final month of 2024 while overcoming a battle with OCD. The Colts really like what they have in-house to replace Smith this year in rookie Jalen Travis, which gives them an easy out to simply not re-sign Smith. However, Smith has been "a good soldier." He returned in 2025 after his salary was cut in half and played well, despite his season ending prematurely again. If he's willing to play for a modest cap figure, would the Colts bring him back once more?

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.