Pierce, 25, has emerged as one of the league’s most explosive pass-catchers. He led the NFL in yards per catch for the past two seasons and topped 1,000 receiving yards in 2025, proving he can stretch the field and function as a high-end complement to any WR1.
Franchise-tag costs provide a practical path: a wideout tag would be about $28.8 million, while the quarterback tag sits around $47.3 million. The Colts could tag Pierce to retain him, or tag Jones first and negotiate Pierce afterward; either route keeps Pierce in play this offseason.
Keeping Pierce would be a major factor in the Colts’ 2026-27 rebound. Indianapolis went 8-2 when fully healthy last season before Jones’s injury, and Shane Steichen’s offense, along with weapons like Pierce, Michael Pittman Jr., and Tyler Warren, offers a solid foundation. ESPN’s Jeremy Fowler has suggested cautious optimism about a healthy roster and improved defensive depth fueling a comeback.
Valuation highlights the challenge: PFF projects a four-year deal near $96 million for Pierce, while Spotrac estimates about $81 million. With $36.3 million in cap space and no first-round pick this year, Pierce’s value is particularly significant in a stacked AFC South with rising opponents in Jacksonville, Tennessee, and Houston. Defensive departures, such as Nick Cross or Kwity Paye, could compound the challenge, underscoring Pierce’s role as both weapon and long-term anchor.
In short, the Colts can use the franchise tag to buy time while pursuing a longer-term arrangement for Pierce, all while prioritizing Jones. If kept in Indy, Pierce would bolster a passing attack that could position the Colts as a sleeper team in 2026, provided health and depth hold steady.
