Alec

Pierce

This comes from a source Holder spoke with, who suggested “8-10" targets a game could be in the range of outcomes for Pierce next season. Given the massive $116 million payday he received to stay with the Colts, and the team’s decision to trade away Michael Pittman, it’s safe to assume there will be more targets available for Pierce in 2026. That said, he’ll still have Tyler Warren and Josh Downs to compete with for targets, and the Colts will likely look to replace Pittman with a player not currently on the roster. Dating back to his college days at Cincinnati, Pierce has never been known as a target hog, but there will be added incentive to get the ball in his hands after his record-setting deal for a free agent receiver. Pierce profiles as a fringe WR2/WR3 until we see more targets come his way. In his breakout 2025 season he finished as a top-24 PPR receiver in 46 percent of his games.

The window was open for seconds before the deal was announced. This means that Michael Pittman Jr.'s spot on the Colts roster is tenuous as Pierce’s cap figure should be enormous. Pierce said on the Pat McAfee Show that “he knew where his heart was.” Pierce figures to see his role increase in 2026 based on this contract, but with Daniel Jones’ health in some question for Week 1, his fantasy stock is somewhere closer to the WR2/WR3 area as things sit today. Dianna Russini of The Athletic reported that Pierce turned down more money elsewhere to stay in Indianapolis.

Field-stretcher Pierce would be a strong fit in the Patriots’ offense, but they might believe he’s not enough of an upgrade on their current Kayshon Boutte/Mack Hollins tandem to justify more than $30 million per season. The 49ers, meanwhile, could be tired of waiting for former first-rounder Ricky Pearsall to stay healthy. Pierce is predictably generating wide interest after the Colts surprisingly let him reach the open market, but he is still most likely to end up with a cap-flushed, receiver-desperate team like the Titans.

It’s a sensible list of teams with major cap space and a need at wide receiver. Albert Breer also linked the 49ers to Pierce on Friday. The Colts are still negotiating with Pierce and did just trade Zaire Franklin to free up some cap space, but we’d be surprised if they were the high bidder in free agency based on how this has unfolded.

He ultimately predicts (not reports) the Patriots will sign Pierce to a four-year, $104 million contract. It’s certainly an outcome that would be unsurprising at this point, though Dianna Russini has mentioned that the price tag could continue to climb on Pierce over the weekend. We were expecting the Patriots to be one of the main teams in the race for Pierce the second they released Stefon Diggs and this article does nothing to dissuade us from this notion.

He also links Romeo Doubs to the 49ers, who will have a big hole at wideout with the expected release of Brandon Aiyuk and impending free agency of Jauan Jennings. We’ve yet to see any beat or any of the sources report Jennings as someone the 49ers believe will return. The 49ers do hypothetically have the cap space to be involved in the Pierce sweepstakes if they’d like to be, but we’d be surprised if they won a bidding war against the major salary cap space super powers.

If the Commanders were to make such a move, though, Keim believes that “they’d still likely pursue another wideout to pair with Terry McLaurin.” Keim lists 49ers WR Jauan Jennings, Packers WR Romeo Doubs, Colts WR Alec Pierce and Seahawks WR Rashid Shaheed as potential options. Commanders general manager Adam Peters is expected to be very active next week.

Pierce said this after Kay Adams asked him how the likely return of Daniel Jones will affect Pierce’s thoughts heading into free agency. He added that this will give him the opportunity to “see what’s out there.” It doesn’t sound like the Colts are getting a hometown discount on Pierce after opting not to place a tag of any kind on him. With the transition tag placed on Jones, the Colts are currently $4.7 million over the cap. The Titans, Raiders, Commanders, and Jets all need help at receiver and have over $70 million in cap space to work with. All signs point to Pierce, coming off his first 1,000-yard season, finding a new home on the open market.

The Colts are very motivated to get Pierce’s contract done before free agency opens, but transition tagging Daniel Jones doesn’t actually guarantee Jones will be on the roster next year — something that Pierce has been rumored to definitively want. It’s also possible that Pierce could simply get way, way more in free agency than the Colts are willing to offer. It would not be surprising if Pierce did better than the $27.3 million franchise tag number for wideouts on the market, per Boyd and Russini.

This gives Indianapolis the “right of first refusal” in negotiations with Jones, it’s the first time a transition tag has been issued to a quarterback since Jeff George. This tag means the Colts cannot tag Alec Pierce, so the wideout could hit free agency if a deal isn’t worked out. For Jones, this is a continuation of a legendary career of bag-getting, earning at least $37.8 million despite suffering a late-season torn Achilles that threatens his early-season availability. It’s hard to understand why the Colts went this route against the field when Jones’ career doesn’t really stand out in any way outside of his two-month span at the start of the season, but the simplest way to put it may be that the honeymoon never ended. Jones could sign an offer sheet with another club if another club wants to do so.