Time is running out for the Indianapolis Colts.
Saturday marks the final day of on-field workouts at the 2026 NFL combine, but chatter around the league isn't focused on prospects; it's focused on the Colts quarterback Daniel Jones and wide receiver Alec Pierce will both hit the open market in 10 days if no deals are made.
Most reports indicate the Colts have no intention of letting either player hit the open market, and they have one easy way of making sure that doesn't happen: a franchise/transition tag. The deadline to apply a franchise or transition tag is on March 3 at 4 p.m. ET. Over the past month or so, most figured the Colts would use their tag on Pierce, who would be a cheaper option. New reports from "The team has made it clear to Pierce that he will be a Colt, either through a tag or a long-term deal, before the new league year," Fowler wrote. "The Colts have work to do to make that happen, but that is the plan. But while Pierce seems like a logical tag candidate, multiple people connected to the situation believe Jones is a prime candidate for it. Pierce has a good relationship with Jones. If the team tags Pierce but doesn't reach a deal with Jones, for example, that could be an issue for Pierce. Conversely, tagging Jones ensures he will be there in 2026, a move that would appeal to Pierce." Colts have made clear to Alec Pierce they plan to keep him via a franchise/transition tag or a long-term deal. But a tag for Jones is becoming a real possibility due to the absence of a new deal. Some in league believe Indy is leaning that way.If the Colts use their franchise tag on Jones, it would cost just over $43 million. Of course, the two sides could try to work on a multi-year deal while he's tagged. For Pierce, the franchise tag would cost about $27 million. Both players are expected to draw serious interest from around the league if they hit the open market. Most contract projections have Jones earning upwards of $35-40 million annually and Pierce earning upwards of $25-30 million annually. While you can debate whether either player is worth that much money, the market always goes up. Indy is trying to work on multi-year deals for both players, but with just over $33 million in cap space, they have little financial flexibility to work with. The Colts can't afford to have both guys on the books for $60-70 million combined next season without making some roster moves. "If the Colts can't get a deal done with Jones by Tuesday's tag deadline, it sounds like they'll put the transition tag on him," Dan Graziano wrote. "That means Pierce could hit free agency and another team could sign Jones to an offer sheet . I think the Colts push to get a long-term deal done with Jones to avoid those possibilities, but as of Saturday morning, it doesn't sound close." Jan 4, 2026; Houston, Texas, USA; Indianapolis Colts wide receiver Alec Pierce catches a touchdown pass against the Houston Texans during the first half at NRG Stadium. | Thomas Shea-Imagn Images For the transition tag, the Colts would be paying Jones just over $37 million. If he agrees to an offer from another team, though, the Colts would get zero draft pick compensation. If he agreed to a deal while on a franchise tag, the Colts would get two first-round picks as compensation.SEAN ACKERMAN Sean Ackerman is the co-Deputy Editor of Indianapolis Colts on SI. Ackerman, a graduate of Western Kentucky University, majored in broadcasting. He's in his third year covering the NFL.Colts' Top Cut Candidate Tough to Stomach49ers vs. Colts Final Score Prediction for NFL Week 16
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