The Colts were trying to keep both quarterback Daniel Jones and receiver Alec Pierce on the eve of free agency.
But unable to strike a long-term deal with either player before Tuesday afternoon, the club elected to place the transition tag on Jones.
That means Pierce — No. 7 on PFT’s list of this year’s top 100 free agents — is now set to hit the open market next week.
While there has been reporting that Pierce could still reach a deal before he’s officially able to speak with other teams, the receiver disputed that notion during a Wednesday interview on Up & Adams.
“At this point now, it’s like, I love Indy. I’ve loved playing there — great organization, great people in the city,” Pierce said. “Just a ton of support. I know we haven’t been as good as we could be, and I know we can be.
“But, yeah, at this point, I’ve kind of earned the right to explore free agency, see what’s out there. Just make a decision that’s best for my career and for my family.”
Pierce, who turns 26 on May 2, has led the league in yards per reception in each of the last two seasons.
In 2025, Pierce caught 47 passes for 1,003 yards with six touchdowns.
When the Giants benched and then cut quarterback Daniel Jones during the 2024 season, it seemed that his days of making significant NFL money had ended. They’re now back.
Jones’ long-term deal with the Giants had an average value of $40 million per year. His one-year transition tender from the Colts has a total value of $37.833 million. If/when he accepts it, the amount will be fully guaranteed — without exception or limitation, despite the fact that he’s still less than three months removed from a torn Achilles tendon.
Jones now has the ability to see what’s out there, and to determine whether a team will sign him to an offer sheet that the Colts perhaps wouldn’t match. Sometimes, teams are reluctant to devote time and effort to essentially negotiating a player’s next deal with his current employer, given the possibility that the offer will be matched. On other occasions, a team will do a favor for the player’s agents in the hopes of having the favor returned later.
Jones is represented by Athletes First. The firm has many clients. If another team is willing to make Jones an offer that the Colts would likely match, that team will have performed an important service for Jones and his representatives.
Of course, that team would have to be willing to acquire Jones under the terms that are offered and accepted, if the Colts choose not to match.
Then there’s the question of whether Jones’s agents will share with the Colts the terms of an acceptable offer sheet before Jones signs it. That would give the Colts an opportunity to rescind the transition tender and to have Jones’s departure count toward next year’s compensatory draft pick formula. (If Jones signs an offer sheet and the Colts don’t match, his departure will become irrelevant to the compensatory pick process.)
Through it all, Jones has the ability to accept the one-year offer and to receive $37.833 million for 2026. It would be a significant bump over his one-year, $14 million deal from a year ago. And it would set him up for another opportunity to hit the market in 2027, with the Colts having the franchise or transition tag available again.
Bottom line? It’s not a bad spot for Jones to be in. Especially since he’s not currently healthy.
From 2015-24, the NFL saw five or more franchise tags placed on players each of those offseasons. A total of five tags were used the past two years.
The deadline to tag players in 2026 passed Tuesday at 4 p.m. ET.
Only three teams used a franchise tag, with Jets running back Breece Hall, Cowboys wide receiver George Pickens and Falcons tight end Kyle Pitts tagged as non-exclusive franchise players. In 2025, Bengals wide receiver Tee Higgins and Chiefs offensive guard Trey Smith were the only players tagged.
The only other time two or fewer players were tagged was 1994, the first year of the franchise tag, when Pittsburgh tight end Eric Green and Vikings defensive tackle Henry Thomas received their team’s franchise tag.
The Colts placed the transition tag on quarterback Daniel Jones on Tuesday.
Teams will have until July 15 to work out a long-term deal with tagged players, or the players will play on the tag for 2026.
The Colts have made a move to ensure quarterback Daniel Jones is in the fold for 2026.
Indianapolis announced on Tuesday that the club has placed the transition tag on Jones before the 4 p.m. ET tagging deadline.
With the transition tag, the Colts have the right to match any offer Jones receives from another team in free agency. If Jones does agree to terms with a team and the Colts decline to match it, then Indianapolis would not be entitled to draft-pick compensation.
Jones’ one-year transition tag tender will see him earn $37.833 million in 2026 if he and the Colts do not reach a long-term deal and Jones does not sign with another team in free agency.
If the Colts would have placed the franchise tag on Jones, the quarterback’s one-year franchise tender would have been worth $43.895 million.
Jones is still recovering from a torn Achilles suffered in early December. He led the Colts to an 8-5 record in games started, completing 68.0 percent of his passes for 3,101 yards with 19 touchdowns and eight interceptions before his injury.
This is only the seventh time since 2013 that the transition tag has been used on a player. It’s the first time the Colts have used the transition tag since 1998.
With the Colts tagging Jones, receiver Alec Pierce is now set to become an unrestricted free agent next week. But Pierce could still sign with Indianapolis before hitting the open market. ESPN’s Stephen Holder reported earlier on Tuesday that Pierce’s representation and the Colts had been working on a deal, with Pierce interested in continuing to play with Jones.
It’s a big day for the Colts, as the deadline to place the franchise or transition tag on a player will hit at 4 p.m. ET.
Indianapolis has two pending free agents who could be tagged: quarterback Daniel Jones and receiver Alec Pierce. General Manager Chris Ballard said at last week’s scouting combine that his preference would be to retain both without using a tag.
While that scenario appears unlikely at this point, there is some positive energy building for Indianapolis and Pierce. According to Stephen Holder of ESPN, the talks with Pierce have continued and it “feels possible” that the two sides could strike a deal as soon as Tuesday. But, Holder notes, there’s still a long way to go and the situation will likely come down to the franchise tag deadline this afternoon.
Additionally, Holder notes that Pierce would like certainty at quarterback, with the receiver being a big proponent of Jones. If there is no certainty with Jones, then Pierce does not have as much reason to sign a long-term deal with Indianapolis.
Jones’ situation remains fluid, with the franchise tag and transition tag a possibility for him.
Pierce has led the league in yards per reception in each of the last two years. He finished 2025 with a career-high 47 receptions and 1,003 yards with six touchdowns.
