'Proirity' – Colts Eyeing One Free Agent

Impending free agent Alec Pierce will likely receive a massive raise in the coming months, but the Indianapolis Colts hope it won’t come from another organization. A second-round pick in the 2022 NFL Draft, the Cincinnati product turned himself into one of the league’s more reliable deep threats despite constant change at the quarterback position and is coming off the best season of his career. Taking the proverbial leap, Pierce finished the season with 47 receptions for 1,003 yards and six touchdowns.

There is a strong case to be made that Alec Pierce will be the top free agent wide receiver on the market, but the Colts may not let him get that far. According to Fox59’s Mike Chappel, the Colts believe re-signing Alec Pierce is a top priority, and the wide receiver has been open to re-signing ahead of free agency. Mutual interest is good, but there are a few hurdles between Pierce and a new deal.

Colts Want to Re-Sign Free Agent Alec Pierce

The biggest concern is the money. Alec Pierce is no Ja’Marr Chase, but the four-year veteran proved he’s more than capable of taking the top off the defense, and he’s one of the few players who only need one or two touches to change the outcome of a game. Spotrac recently put together its free agent contract projects, and they believe Pierce will earn a four-year, $80.9 million deal. Given the pass-happy nature of the NFL, this is a completely reasonable projection.

As of this posting, the Colts have the cap space to extend Alec Pierce without impacting their ability to sign other free agents. However, the uncertainty surrounding Daniel Jones could change this. Jones was playing like a legitimate franchise quarterback prior to tearing his Achilles, and it’s hard to know what the team will do with the impending free agent. You can’t sign someone with that type of injury to a long-term deal, but head coach Shane Steichen might not survive another season in quarterback purgatory.

The most logical conclusion is to use the franchise tag, which is projected to carry a $46-47 million cap hit. This will make it difficult to sign Alec Pierce, but the Colts still have one way to add cap space.

The End of Michael Pittman

Michael Pittman is a good football player, but he’s not a great one. Another second-round pick, the six-year veteran is a solid possession receiver but doesn’t quite justify his $29 million cap hit. The Colts owe him no guaranteed money for the upcoming season and save save $24 million if they release him before the start of the season.

Alec Pierce is a more valuable player at this stage in their respective careers, and the Colts could probably extend the free agent, cut Pittman, and end up with a net gain in cap space. Pittman will still find work somewhere in the league, but he may have played his final snap in Indianapolis.