Colts Working On Daniel Jones, Alec Pierce Extensions

The good was a surprising 8-2 start anchored by an even more surprising player: quarterback Daniel Jones. The bad was an 0-7 finish to the year, which included Jones’ fractured fibula and torn Achilles in Week 13 and Philip Rivers‘ dramatic return to the NFL as his replacement.

The Colts had vastly different strengths of schedule during the two halves of their season, with a relatively easy slate to start and a murderer’s row of opponents down the stretch. That, combined with Jones’ injury, makes it hard to know if the current iteration of the team can compete in 2026.

The Colts seem to think so. They are pursuing extensions with Jones and wide receiver Alec Pierce, per NFL Network’s Tom Pelissero. Both are slated to hit free agency in March after breakout years in Indianapolis.

Jones, 28, did not just put up the best numbers of his career in 2025. He finished the year ranked among the NFL’s top 10 quarterbacks in yards per attempt, yards per game, completion percentage, passer rating, and total QBR. He also led three game-winning drives and three fourth-quarter comebacks in just 13 starts.

The seven-year veteran’s play started to slip before his injuries, which are not expected to sideline him into the 2026 season. But his injury history is a concern, and he did not get the chance to prove himself against many top defenses.

That makes Jones’ valuation a little tricky, but somewhere in the region of $35MM would make sense. Fellow 2018 first-round reclamation projects Sam Darnold and Baker Mayfield signed for similar amounts after re-establishing themselves as starting-caliber QBs. Jones and the Colts have mutual interest in reaching a deal, according to Pelissero.

Pierce, 25, posted career-highs of 47 receptions and 1,003 receiving yards. He also led the NFL in yards per reception for a second year in a row. With George Pickens likely to be tagged by the Cowboys, Pierce could be the top wideout available in free agency. The Colts will try to lock him up before he hits the open market, but that may require an offer well over $20MM per year.

Discussions with both players “have been good” thus far, per FOX 59’s Mike Chappell, with negotiations expected to continue at the Combine in Indianapolis this week.

A franchise or transition tag is an option for Jones or Pierce (though not both), per Pelissero, though the latter makes far more sense for their valuations. A transition tag for Jones would cost $40.8MM, while Pierce’s would cost $25MM. However, those numbers would be on the high-end for a potential long-term deal and the tagged player would be able to negotiate with other teams.

The Colts are currently projected to have $35.7MM in cap space in 2026, per OverTheCap, with ways to create upwards of $50MM more. The team could afford to extend both players, or extend one and tag the other while still having room to address other needs in free agency.