Indianapolis Colts

Indianapolis has locked up receiver Alec Pierce with a long-term deal.

Will Daniel Jones be next?

Though the Colts gave themselves the right to match any offer Jones receives on the open market with the transition tag, multiple reporters on the team’s beat noted on Tuesday afternoon that Indianapolis is still working toward striking a long-term deal with the quarterback.

Jones, who turns 29 in May, is currently set to make $37.833 million if he plays on the transition tag in 2026, which would be a one-year contract. Jones is also free to explore the open market for any deal from a quarterback-needy team. But the Colts have the right of first refusal to match it.

Jones is still recovering from a torn Achilles suffered in early December.

Prior to his injury, Jones completed 68 percent of his passes for 3,101 yards with 19 touchdowns and eight interceptions in 13 games.

Jones has never started every game in a season — though he was healthy for all of the Giants’ 2022, the club rested him for Week 18 with a postseason berth already locked up. But aside from that year, Jones has started 12, 14, 11, six, 10, and 13 games each season of his career.

The Texans are adding a veteran offensive tackle.

Houston has agreed to a two-year deal with Braden Smith, according to multiple reports.

The initial numbers indicate Smith’s deal is worth $20 million.

Smith, 29, will stay in the AFC South after playing the first eight years of his career for the Colts.

Smith has dealt with multiple injury issues over the last few years. He has not played a full slate of games since 2019, when he started all 16. He played 16 games in 2022 as well. But in the last three seasons, he’s started 10, 12, and 13 games for Indianapolis.

The Texans recently agreed to trade Tytus Howard to the Browns. Smith could be a replacement for Howard at right tackle.

With Colts quarterback Daniel Jones restricted by the transition tag, he can’t receive offers from other teams until the new league year begins. Once Wednesday at 4:00 p.m. ET arrives, what will happen?

He’ll make $37.833 million in 2026 if he accepts the transition tag. Before then (and after 4:00 p.m. ET on Wednesday), he can sign an offer sheet with a new team. The Colts would have five days to match, with no right to compensation if they don’t. (He’d also fall out of the compensatory pick system, if he leaves via an offer sheet.)

For Jones, any long-term offer will be weighed against the one-year, $37.833 million bird in the hand.

Albert Breer of SI.com reported earlier this week that the Colts’ “initial offer” (which means it wasn’t the final offer) to Jones was “in the range of Sam Darnold’s three-year, $100.5 million deal” with the Seahawks. Per Breer, the Jones camp responded by saying that, if the franchise tag is applied, “a deal worth $50 million per year would be more in the ballpark” of what Jones would take.

While some (including whoever does the social-media posts for SI.com) are misinterpreting Breer’s reporting to mean Jones asked for $50 million per year, the more accurate characterization is that, if the Colts had applied the $43.895 million franchise tag, the standard approach to turning that into a long-term deal ($43.895 million in 2026, with a 20-percent bump for 2027) would have resulted in a two-year payout of $96.569 million.

So, yes, if the Colts would have used the franchise tag, $50 million per year would have become a reasonable ballpark.

But the Colts didn’t use the franchise tag. They went with the lower level. That creates the basis for a two-year payout of $83.237 million ($37.833 million for 2026 with a 20-percent bump for 2027). That works out to an average of $41.62 million.

The transition tag also opens the door to other offers. Complicating that process is both the availability of other veteran quarterbacks and Jones’s current health. He’s recovering from a torn Achilles tendon suffered in December 2025, and he has had multiple other significant injuries during his seven-year career.

The Colts seem to be banking on no one breaking the bank for an offer sheet Indy won’t match. Which makes the transition tag the starting point for a possible long-term deal that would land in the range of $41 million per year — and which also gives Jones the ability to collect $37.833 million for 2026 and play under the transition tag.

It also gives the Colts the ability to let him do just that, with a decision for 2027 and beyond made based on how 2026 goes, both as to production and as to whether he avoids another significant injury.

Which brings us back to the question that will be resolved at some point after 4:00 p.m. ET on Wednesday: Will another team put together an offer sheet that he’ll sign?

When word broke on Monday that the Colts and Steelers agreed on a trade that will send wide receiver Michael Pittman Jr. to Pittsburgh, there were not any details of the draft pick swap that would be part of the deal.

Tuesday brought more about which picks are involved in the trade. Albert Breer of SI.com reports that the Steelers will be sending a sixth-round pick to Indianapolis for Pittman and a seventh-round selection. The trade cannot become official until the new league year is underway on Wednesday.

Pittman has also agreed to a new three-year deal with the Steelers worth $59 million.

The Colts also agreed to a new deal with wideout Alec Pierce on Monday and will move forward with him, Josh Downs, Ashton Dulin, and Anthony Gould at wide receiver.

The Raiders have agreed to terms with defensive end Kwity Paye on a three-year, $48 million deal, with $32 million guaranteed, according to multiple reports.

Paye, 27, was 55th on PFT’s top-100 free agents list.

The Colts made Paye a first-round pick in 2021, and he spent his first five seasons with the team. He played 75 of a possible 85 games in his time in Indianapolis, starting 74 of the games he played.

In his career, Paye has 209 tackles, 30.5 sacks, 50 quarterback hits, four forced fumbles and three pass breakups.

The Raiders left a huge hole in their defense when they traded Pro Bowl edge rusher Maxx Crosby to the Ravens last week.

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.

The following are PFT’s top 100 free agents for the start of the 2026 league year. The rankings include prospective unrestricted free agents and released players. The list will be updated as events warrant, with signings, tags and re-signings denoted when announced and/or reported. Players released after initial publication may be added and all 100 players initially on the list will still be listed after any additions.

1. Cowboys wide receiver George Pickens. (Placed the franchise tag on him on February 27.)

2. Colts quarterback Daniel Jones. (Placed the transition tag on him on March 3.)

3. Ravens center Tyler Linderbaum. (Agreed to a three-year deal with the Raiders on March 9.)

4. Jaguars linebacker Devin Lloyd. (Agreed to a three-year deal with the Panthers on March 9.)

5. Bengals edge rusher Trey Hendrickson.

6. Falcons tight end Kyle Pitts. (Placed the franchise tag on him on February 24.)

7. Colts wide receiver Alec Pierce. (Agreed to four-year deal with Colts on March 9.)

8. Chiefs cornerback Jaylen Watson. (Agreed to a three-year deal with the Rams on March 9.)

9. Jets running back Breece Hall. (Placed the franchise tag on him on March 3.)

10. Packers quarterback Malik Willis. (Agreed to a three-year deal with the Dolphins on March 9.)

11. Cardinals quarterback Kyler Murray.

12. Bucs cornerback Jamel Dean. (Agreed to a three-year deal with the Steelers on March 9.)

13. Seahawks WR/KR/PR Rashid Shaheed. (Agreed to re-sign with Seahawks on a three-year deal on March 9.)

14. Packers offensive tackle Rasheed Walker.

15. Seahawks running back Kenneth Walker. (Agreed to sign with the Chiefs on March 9.)

16. Colts offensive tackle Braden Smith. (Agreed to two-year deal with Texans on March 10.)

17. Eagles linebacker Nakobe Dean. (Agreed to a three-year deal with the Raiders on March 9.)

18. Seahawks edge rusher Boye Mafe. (Agreed to a three-year deal with the Bengals on March 9.)

19. Packers linebacker Quay Walker. (Agreed to a three-year deal with the Raiders on March 9.)

20. Chiefs linebacker Leo Chenal.

21. Bucs wide receiver Mike Evans. (Agreed to a three-year deal with the 49ers on March 9.)

22. Seahawks defensive back Coby Bryant. (Agreed to a three-year deal with the Bears on March 9.)

23. 49ers wide receiver Jauan Jennings.

24. Packers wide receiver Romeo Doubs. (Agreed to four-year deal with Patriots on March 10.)

25. Jaguars running back Travis Etienne. (Agreed to four-year deal with Saints on March 9.)

26. Broncos edge rusher John Franklin-Myers. (Agreed to a three-year deal with the Titans on March 9).

27. Steelers quarterback Aaron Rodgers.

28. Eagles edge rusher Jaelen Phillips. (Agreed to a four-year deal with the Panthers on March 9.)

29. Commanders wide receiver Deebo Samuel.

30. Bills center Connor McGovern. (Re-signed on March 7.)

31. Jets guard Alijah Vera-Tucker. (Agreed to a deal with the Patriots on March 9.)

32. Seahawks cornerback Riq Woolen.

33. Chiefs safety Bryan Cook. (Agreed to a three-year deal with the Bengals on March 9.)

34. Bears cornerback Nahshon Wright. (Agreed to one-year deal with Jets on March 10.)

35. Bills edge rusher Joey Bosa.

36. Dolphins edge rusher Bradley Chubb.

37. Ravens tight end Isaiah Likely. (Agreed to three-year deal with Giants on March 9.)

38. Chargers edge rusher Odafe Oweh. (Agreed to a four-year deal with the Commanders on March 9.)

39. Steelers offensive guard Isaac Seumalo. (Agreed to a three-year deal with the Cardinals on March 9.)

40. Lions defensive tackle D.J. Reader.

41. Browns linebacker Devin Bush. (Agreed to a three-year deal with the Bears on March 9.)

42. Bears safety Jaquan Brisker.

43. Rams safety Kamren Curl. (Agreed to three-year deal with Rams on March 6.)

44. Bills offensive guard David Edwards. (Agreed to four-year deal with Saints on March 9.)

45. Patriots edge rusher K’Lavon Chaisson.

46. Dolphins wide receiver Tyreek Hill.

47. Saints cornerback Alontae Taylor. (Agreed to three-year deal with Titans on March 9.)

48. Chargers offensive guard Zion Johnson. (Agreed to a three-year deal with the Browns on March 9).

49. Browns offensive guard Joel Bitonio.

50. Eagles tight end Dallas Goedert.

51. Lions linebacker Alex Anzalone. (Agreed to a two-year deal with the Buccaneers on March 9.)

52. Panthers center Cade Mays. (Agreed to three-year deal with the Lions on March 9.)

53. Chargers edge rusher Khalil Mack. (Agreed to a one-year deal to return to the Chargers on March 7.)

54. Bears safety Kevin Byard.

55. Colts edge rusher Kwity Paye. (Agreed to a three-year deal with the Raiders on March 9.)

56. Falcons linebacker Kaden Elliss.

57. Ravens edge rusher Dre’Mont Jones. (Agreed to three-year deal with Patriots on March 9.)

58. Browns offensive guard Wyatt Teller.

59. Lions edge rusher Al-Quadin Muhammad.

60. Commanders linebacker Bobby Wagner.

61. Giants wide receiver Wan’Dale Robinson. (Agreed to a four-year deal with the Titans on March 9.)

62. Patriots safety Jaylinn Hawkins.

63. Cowboys edge rusher Jadeveon Clowney.

64. Saints linebacker Demario Davis. (Agreed to two-year deal with the Jets on March 9.)

65. Panthers running back Rico Dowdle. (Agreed to a two-year deal with the Steelers on March 9.)

66. Falcons edge rusher Arnold Ebiketie.

67. Titans offensive guard Kevin Zeitler.

68. Broncos running back J.K. Dobbins. (Agreed to a three-year deal with the Broncos on March 9.)

69. Cardinals safety Jalen Thompson. (Agreed to a three-year deal with the Cowboys on March 9.)

70. Buccaneers tight end Cade Otton. (Agreed to three-year deal with Buccaneers on March 9.)

71. Saints edge rusher Cameron Jordan.

72. Seahawks cornerback Josh Jobe. (Agreed to a three-year deal with the Seahawks on March 9.)

73. Giants offensive tackle Jermaine Eluemunor. (Agree to three-year deal with the Giants on March 9.)

74. Commanders center Tyler Biadasz. (Agreed to three-year deal with Chargers on March 6.)

75. Texans wide receiver Christian Kirk.

76. Browns tight end David Njoku.

77. Chiefs tight end Travis Kelce. (Agreed to return to Chiefs on March 9.)

78. Giants offensive guard Greg Van Roten.

79. Commanders quarterback Marcus Mariota. (Re-signed with the Commanders on March 9.)

80. Jaguars cornerback Montaric Brown. (Agreed to three-year deal with Jaguars on March 9.)

81. Falcons defensive tackle David Onyemata. (Agreed to a one-year deal with the Jets on March 9.)

82. Bucs linebacker Lavonte David.

83. Bengals guard Dalton Risner. (Re-signed with Bengals on March 2.)

84. Vikings safety Harrison Smith.

85. Giants quarterback Russell Wilson.

86. Ravens wide receiver DeAndre Hopkins.

87. Jets safety Andre Cisco.

88. Buccaneers running back Rachaad White.

89. Packers edge rusher Kingsley Enagbare. (Agreed to one-year deal with the Jets on March 9.)

90. Chargers wide receiver Keenan Allen.

91. Dolphins cornerback Rasul Douglas.

92. Texans defensive tackle Sheldon Rankins. (Agreed to re-sign with Texans on March 9.)

93. Titans tight end Chig Okonwko.

94. Eagles safety Reed Blankenship. (Agreed to a three-year deal with the Texans on March 9.)

95. Raiders offensive guard Dylan Parham.

96. Browns safety Rayshawn Jenkins.

97. Broncos linebacker Alex Singleton. (Re-signed with the Broncos on March 9.)

98. Broncos outside linebacker Justin Strnad. (Re-signed with the Broncos on March 8.)

99. Bengals quarterback Joe Flacco.

100. Colts cornerback Mike Hilton.

101. Bills defensive tackle DaQuan Jones.

102. Falcons running back Tyler Allgeier. (Agreed to two-year deal with Cardinals on March 9.)