The Colts have moved on to the defensive side of the pall after making a pair of wide receiver moves on Monday.
According to multiple reports, they have agreed to a two-year deal with edge rusher Arden Key. The contract is worth $20 million with $11 million in guaranteed money.
The Colts made waves early in the free agency negotiating window by agreeing to re-sign Alec Pierce and trade Michael Pittman Jr. to the Steelers.
Key had 16.5 sacks for the Titans over the last three seasons, so he’s familiar with life in the AFC South. The 2018 Raiders third-round pick has 30.5 sacks and has also played for the 49ers and Jaguars.
Michael Pittman was entering the last year of his contract.
He’ll get a new one on the way in the door with Pittsburgh.
According to multiple reports, Pittman has agreed to a three-year deal worth $59 million with the Steelers.
Pittman, 28, was set to make $22 million in base salary for 2026.
A second-round pick in 2020, Pittman had spent his entire career with Indianapolis. He caught 80 passes for 784 yards with a career-high seven touchdowns in 2025, playing all 17 games.
In 95 career games with 86 starts, Pittman has caught 485 passes for 5,254 yards with 25 touchdowns.
The Colts retained Alec Pierce and are apparently going to make him their top receiver.
That’s because Indianapolis will not have Michael Pittman Jr. back for 2026.
According to multiple reports, the Colts are trading Pittman to the Steelers for a late-round pick swap.
Pittman, 28, is entering the last year of his contract. By trading him, the Colts will save $24 million against the cap with $5 million in dead money.
A second-round pick in 2020, Pittman had spent his entire career with Indianapolis. He caught 80 passes for 784 yards with a career-high seven touchdowns in 2025, playing all 17 games.
Pittman’s best year came in 2023 when he caught 109 passes for 1,152 yards with four TDs.
Now Pittman will pair with DK Metcalf in Pittsburgh under new head coach Mike McCarthy.
The Colts have gotten it done with Alec Pierce.
Expected to be one of the top free agents on the market, Pierce has agreed to a four-year contract with the Colts, according to Pat McAfee of ESPN.
The initial reported numbers indicate Pierce will earn $116 million over the four-year deal, which works out to $29 million per year.
Pierce, 25, put together his best season for the Colts in 2025, recording 47 catches for 1,003 yards with six touchdowns. It was the first time he’d eclipsed 1,000 yards in his career.
The Colts had wanted to keep both Pierce and quarterback Daniel Jones heading into free agency. Now after using the transition tag on Jones, the club has also retained Pierce.
Blake Grupe closed out the 2025 season as the Colts’ kicker and he will have a chance to hold onto the job in 2026.
Grupe’s agent Mike Delle Donne told Mike Garafolo of NFL Media that Grupe has agreed to a one-year deal to remain in Indianapolis. The contract is worth up to $1.4 million.
Grupe opened last season with the Saints and was let go after appearing in 11 games for New Orleans. He was signed by the Colts to replace Michael Badgley and he was 11-of-11 on field goals over the final five games of the season.
Grupe made 57-of-75 field goal attempts in 45 games for the Saints. He’s also 96-of-98 on extra points over his entire career.
Spencer Shrader opened last season as the Colts’ kicker, but he tore his ACL and MCL during a Week 5 game. If he’s able to return in the preseason, he and Grupe will compete for the kicking job in Indianapolis.
