The Indianapolis Colts are expected to use the franchise tag in the coming weeks on either QB Daniel Jones or WR Alec Pierce, per CBS’s Jonathan Jones.
Jones seems the most obvious candidate for the tag, however the team will have to pay him $47 million in 2026, which is a lofty number for a player coming off of an Achilles injury.
On the other hand, Pierce could earn a lucrative deal this off-season with the wide-receiver class in free-agency being underwhelming, which could incline the team to agree to an extension with Jones and bringing Pierce back on the short-term for one more season.
Jones is scheduled to be an unrestricted free agent this offseason after playing on a one-year, $14 million deal in 2025. Per Over The Cap, the 2026 projected franchise tag for quarterbacks is $47.3 million.
Jones, 28, was selected by the Giants with the No. 6 overall pick out of Duke in the 2019 NFL Draft. He finished the final year of his four-year, $25,664,056 rookie contract that included a $16,684,768 signing bonus.
In 2025, Jones appeared in 13 games for the Colts and completed 68% of his passes for 3,101 yards, 19 touchdowns and eight interceptions. He also added 164 yards rushing and an additional five touchdowns.
Pierce, 25, is a former second-round pick by the Colts in the 2022 NFL Draft out of Cincinnati.
He’s in the final year of a four-year $6,601,342 rookie contract that included a $1,980,976 signing bonus.
In 2025, Pierce appeared in 15 games for the Colts and recorded 47 receptions on 84 targets for 1,004 yards (21.3 YPC) and six touchdowns.
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