Tag you’re it? Colts face looming Tuesday deadline with work to do on QB Daniel Jones, WR Alec Pierce contract extensions

The Indianapolis Colts have a looming decision to make, as the franchise is just hours away from the league’s mandated 4 PM EST, Tuesday deadline where any franchise or transition tag must be applied beforehand.

While contract negotiations remain fluid with each priority internal free agent, the Colts still have not struck a deal with either starting quarterback Daniel Jones or wide receiver Alec Pierce as of this early afternoon.

The challenge for Indianapolis is that they can only use a single tag once as it relates to both players.

Jones appears to be a candidate for the seldom used “transition tag,” while Pierce would presumably receive the franchise tag outright.

If either player is the recipient of that respective tag, the allocated amounts are as follows respectively:

ESPN’s Stephen Holder has indicated that retaining Jones will go a long way toward the Colts retaining Pierce in contract negotiations (if a franchise tag is not applied), as the latter is fond of reconnecting with Jones for the 2026 campaign and beyond.

What will be interesting is if the Colts cannot agree to a contract extension with either priority free agent before Tuesday’s late afternoon deadline.

In that less than ideal scenario, the Colts would have to decide between either applying the transition tag to Jones or franchise tagging Pierce.

ESPN’s Field Yates seems to believe that Jones would be the recipient of the transition tag in that scenario.

While Jones plays the more important position, and is projected to have the higher average annual value on his next contract (albeit potentially with less years), he’s also expected to have less interested suitors—as there are less teams that both have a need and appear to be a fit for Jones as a new starting quarterback.

ESPN’s Pete Schrager indicates that Jones’ former short-lived team; however, the Minnesota Vikings could be looming as a potential dark horse—should he hit free agency without tag attachment.

Meanwhile, while he may command a lesser average annual value on his next contract, but more years, Pierce is projected to have a more robust market—as he’s been linked to nearly every team this early offseason that could be in potential need of a wide receiver upgrade, particularly regarding a down-the-field threat.

In some regards, the Colts placed themselves in this pressure filled situation by not agreeing to a contract extension beforehand with Pierce, as his market value has only gone up following a breakout 2025 campaign.