The NFL free agency legal tampering window opens at noon today, starting a major offseason for the Indianapolis Colts and general manager Chris Ballard.
Under heavy pressure to win after five consecutive seasons without a playoff berth, Ballard and head coach Shane Steichen have made quarterback Daniel Jones and receiver Alec Pierce the first two pieces that want back with a impact pass rusher next on the list.
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Refresh to keep up with all the Colts moves. Here’s the latest on their offseason:
Why there’s urgency to get a deal done with Daniel Jones
SI’s Albert Breer reports there is a “big gap” between what the Colts are offering Daniel Jones and his expectations. The Colts offer was around three years for $100.5 million, the deal Sam Darnold received last offseason with Jones’ countering with a deal worth $50 million per year.
While the Colts can wait and still match any offers with the $37.833 million transition tag on Jones, Alec Pierce has made it clear he wants a stable quarterback situation and Jones is high on that list. Getting a deal done this morning with Jones increases the odds of bringing Pierce back.
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$27 million a year for Alec Pierce?
ESPN’s Jeremy Fowler reported that the Colts receiver Alec Pierce “appears poised to make at least $27 million per year” in free agency with the Patriots, Commanders, Raiders and Titans as the competition.
Breer reported that Pierce’s “expected price tag has already led to other teams seeking alternate paths, with Buffalo’s acquisition of D.J. Moore an example.”
That would make Pierce the 14th-highest paid receiver, according to Over The Cap: Ja’Marr Chase, Justin Jefferson, CeeDee Lamb, D.K. Metcalf, Garrett Wilson, A.J. Brown, Amon-Ra St. Brown, Brandon Aiyuk, Terry McLaurin, Tee Higgins, Jaylen Waddle, D.J. Moore and George Pickens. Pierce’s 1,003 receiving yards ranked 19th in the NFL last season and a new contract — and more targets — makes that salary realistic.
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Fowler added to “expect negotiations between Pierce and the Colts to go down to the wire.”
Pierce told Kay Adams on the Up & Adams show Wednesday that he plans to test the free agency waters.
“At this point now, it’s like, I love Indy. I’ve loved playing there. It’s a great organization, great people in the city, just a ton of support. I know we haven’t been as good as we could be and I know that we can be,” Pierce told Adams. “But at this point, I’ve kinda earned the right to explore free agency and see what’s out there and just make a decision that’s best for my career and my family.”
That opportunity starts at noon Monday.
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NFL free agency: 18 targets for the Colts
CINCINNATI, OHIO – NOVEMBER 03: Myles Murphy #99 and Trey Hendrickson #91 celebrate after Hendrickson’s sack in the fourth quarter of a game against the Las Vegas Raiders at Paycor Stadium on November 03, 2024 in Cincinnati, Ohio. (Photo by Dylan Buell/Getty Images)
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NFL free agency: 18 targets for the Colts
CINCINNATI, OHIO – NOVEMBER 03: Myles Murphy #99 and Trey Hendrickson #91 celebrate after Hendrickson’s sack in the fourth quarter of a game against the Las Vegas Raiders at Paycor Stadium on November 03, 2024 in Cincinnati, Ohio. (Photo by Dylan Buell/Getty Images)
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NFL free agency: 18 targets for the Colts
ARLINGTON, TEXAS – NOVEMBER 23: Jaelan Phillips #50 of the Philadelphia Eagles anticipates a play during a game against the Dallas Cowboys at AT&T Stadium on November 23, 2025 in Arlington, Texas. (Photo by Stacy Revere/Getty Images)
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NFL free agency: 18 targets for the Colts
KANSAS CITY, MISSOURI – DECEMBER 14: Odafe Oweh #98 of the Los Angeles Chargers sacks Patrick Mahomes #15 of the Kansas City Chiefs during the third quarter at Arrowhead Stadium on December 14, 2025 in Kansas City, Missouri. (Photo by David Eulitt/Getty Images)
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NFL free agency: 18 targets for the Colts
Sep 25, 2025; Glendale, Arizona, USA; Seattle Seahawks linebacker Boye Mafe (53) against the Arizona Cardinals at State Farm Stadium. Mandatory Credit: Mark J. Rebilas-Imagn Images
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NFL free agency: 18 targets for the Colts
Nov 30, 2025; Miami Gardens, Florida, USA; Miami Dolphins linebacker Bradley Chubb (2) leaves the field following a game against the New Orleans Saints at Hard Rock Stadium. Mandatory Credit: Rich Storry-Imagn Images
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NFL free agency: 18 targets for the Colts
Oct 13, 2025; Atlanta, Georgia, USA; Atlanta Falcons quarterback Michael Penix Jr. (9) is sacked by. Buffalo Bills defensive end Joey Bosa (97) during the first half of a game at Mercedes-Benz Stadium.
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NFL free agency: 18 targets for the Colts
Oct 23, 2025; Inglewood, California, USA; Los Angeles Chargers outside linebacker Khalil MacK (52) is introduced for the game against the Minnesota Vikings at SoFi Stadium. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images
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NFL free agency: 18 targets for the Colts
Green Bay Packers linebacker Quay Walker (7) against the Arizona Cardinals
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NFL free agency: 18 targets for the Colts
Jacksonville Jaguars linebacker Devin Lloyd (0) enters the stadium before an NFL football game at EverBank Stadium, Sunday, Dec. 14, 2025, in Jacksonville, Fla. [Doug Engle/Florida Times-Union]
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NFL free agency: 18 targets for the Colts
Nakobe Dean #17, Philadelphia Eagles (Photo by Mitchell Leff/Getty Images)
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NFL free agency: 18 targets for the Colts
Dec 28, 2025; Cleveland, Ohio, USA; Cleveland Browns linebacker Devin Bush (30) reacts after Pittsburgh Steelers miss a field goal in the third quarter at Huntington Bank Field. Mandatory Credit: Ken Blaze-Imagn Images
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NFL free agency: 18 targets for the Colts
Aug 9, 2025; Glendale, Arizona, USA; Kansas City Chiefs linebacker Leo Chenal (54) against the Arizona Cardinals during a preseason NFL game at State Farm Stadium. Mandatory Credit: Mark J. Rebilas-Imagn Images
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NFL free agency: 18 targets for the Colts
Seattle Seahawks wide receiver Rashid Shaheed (22) runs the ball during the second half against the Minnesota Vikings at Lumen Field.
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NFL free agency: 18 targets for the Colts
Indianapolis Colts quarterback Joe Flacco (15) draws back to pass Sunday, Jan. 5, 2025, during a game against the Jacksonville Jaguars at Lucas Oil Stadium in Indianapolis.
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NFL free agency: 18 targets for the Colts
Buffalo Bills quarterback Mitchell Trubisky (11) throws a pass in the second quarter against the New York Giants at Highmark Stadium. Trubisky had a stronger second quarter than he did in the first quarter.
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NFL free agency: 18 targets for the Colts
Dec 10, 2023; Inglewood, California, USA; Denver Broncos quarterback Russell Wilson (3) reacts following the victory against the Los Angeles Chargers at SoFi Stadium. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
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NFL free agency: 18 targets for the Colts
Nov 16, 2025; Madrid, Spain; Miami Dolphins linebacker Bradley Chubb (2) tackles Washington Commanders quarterback Marcus Mariota (8) in the second quarter during the 2025 NFL Madrid Game at Santiago Bernabeu Stadium. Mandatory Credit: Kirby Lee-Imagn Images
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NFL free agency: 18 targets for the Colts
Sep 14, 2025; East Rutherford, New Jersey, USA; New York Jets quarterback Tyrod Taylor (2) drops back to pass to pass against the Buffalo Bills during the second half at MetLife Stadium. Mandatory Credit: Vincent Carchietta-Imagn Images
Quarterback Daniel Jones gets transition tag
Indianapolis used the transition tag on Jones, multiple league sources told IndyStar on Tuesday, the first time the franchise has used that tag since placing it on linebacker Tony Bennett in 1998 and the first time an NFL quarterback has received the transition tag since the Falcons used it on Jeff George in 1996.
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Jones will receive a one-year tender worth $37.833 million, approximately $6 million less than the franchise tag, that allows the Colts to match any contract offered by another team if Jones were to reach free agency. If the Colts decide not to match, a team can sign Jones without sending Indianapolis the two first-round draft picks that would come if Indianapolis had placed the non-exclusive franchise tag on the quarterback.
Colts trade LB Zaire Franklin
The Colts traded Zaire Franklin to the Green Bay Packers for defensive tackle Colby Wooden, addressing multiple needs with one move. Franklin was due to count $7.005 million against the cap in 2026 and $9.005 million against the cap in 2027. Wooden’s base salary is $1.145 million in 2026; Indianapolis saves roughly $4.61 million against the cap with the move, putting the Colts in range of being back under the salary cap after the team’s move to place the transition tag on quarterback Daniel Jones briefly put the Colts over the cap.
Franklin made 125 tackles and recorded two sacks in 2025, but he has long struggled in coverage, allowing 70.3% completions and a quarterback rating of 103.1 when he was the nearest defender in coverage, according to the NFL’s Next Gen Stats. Because of those issues, Ballard has made it clear that Indianapolis needed to get younger and faster on defense, and the linebacker position was an obvious target. The 2026 NFL Draft is deep at linebacker, offering a chance for the Colts to revamp the spot Franklin has manned since taking over the starting job in 2022.
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Wooden is a young player on the rise, a player who fits a need for the Colts both now and into the future, if he establishes himself in Indianapolis. Veteran defensive tackles DeForest Buckner and Grover Stewart are both still under contract, but the two players are on the wrong side of 30. Indianapolis has long needed a run-stopping defensive tackle to back up Stewart, who turns 33 in October and carries a 2026 cap hit of $14.25 million in the final year of his contract. Wooden, who turns 26 this year, can be that player.
Colts re-sign K Blake Grupe
The Colts signed placekicker Blake Grupe, who joined the team midseason and finished 21-for-21 combined on field goals and extra points, to a one-year deal, multiple league sources confirmed to IndyStar on Sunday.
Grupe was signed last season ahead of Indianapolis’ Week 14 matchup in Jacksonville and nailed all 11 of his field goals, including a perfect 4-for-4 on kicks from 50-plus and a franchise-long 60-yarder for a late-game lead in Seattle.
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The move gives the team two legitimate options at placekicker on the roster, the type of good problem the franchise hasn’t typically had of late. After years of sifting through numerous options at placekicker, the Colts made a decisive move last offseason, parting ways with veteran Matt Gay two years into a four-year deal as general manager Chris Ballard put his trust in Spencer Shrader, who made his career debut in 2024 with the Colts and kicked for three different teams around the league before making his way back to Indianapolis.
Shrader, who boasts an uber-strong leg, started the 2025 season with the Colts 13-for-14 on field goals, including a long of 52 yards, but a late hit by Raiders safety Tristin McCollum in Week 5 tore the ACL and MCL in the 26-year-old’s right knee, ending his season and putting him on a long road to recovery that’s rare for kickers to face. The Colts immediately brought in Badgley, who went 10-for-11 on field goals but missed three PATs in seven games, leading to his exit, following a narrow 20-16 home loss to the Texans where the Colts were forced to attempt to score a touchdown late in part due to Badgley’s earlier missed extra point.
Joel A. Erickson and Nathan Brown cover the Colts all season. Get more coverage on IndyStarTV and with the Colts Insider newsletter
This article originally appeared on Indianapolis Star: Colts free agency live updates: Rumors, news, what you need to know