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NFL NFL Free Agency Colts wide receiver Alec Pierce is set to be an unrestricted free agent next week. Can the team entice him to stay in Indianapolis? Christine Tannous / Indy Star / USA Today Network via Imagn Images Reggie Wayne is not a financial adviser, but he did give a monetary warning about Alec Pierce’s budding career in November. “His arrow’s going up, ” the Indianapolis Colts legend and wide receivers coach said. “It’s going up just like his price tag. ” A week later, veteran receiver Michael Pittman Jr. echoed the same message. Advertisement “If we don’t sign him quick, the price just keeps going up, ” Pittman said. “And he’s not gonna slow down. ” Wayne and Pittman were spot on in their assessments of Pierce, who led the NFL in yards per reception for a second straight year and notched his first 1, 000-yard receiving season during the last year of his rookie deal. His strong performance made the Colts contemplate using the non-exclusive franchise tag on him, league sources told The Athletic, but they ultimately pinned the transition tag on quarterback Daniel Jones. That decision paved the way for Pierce to become arguably the top unrestricted free-agent receiver, and he appeared to keep all of his options open Wednesday during an appearance on the “Up & Adams” show. “At this point, I’ve kind of earned the right to explore free agency, see what’s out there, ” Pierce said. “And just make a decision that’s best for my career and my family. ” Host Kay Adams rattled off a list of potential teams and quarterbacks Pierce could team up with throughout the interview, and the receiver obliged, albeit diplomatically, so as not to reveal which way he could be leaning. One receiver-needy team Adams mentioned was the Buffalo Bills, led by superstar quarterback Josh Allen. “What would it be like having Josh throwing you the ball? ” Adams asked. “That would be special, ” Pierce said. “He’s one of the most talented quarterbacks in the NFL. Big fan of his game, so yeah, that would be cool, too. ” Pierce also spoke glowingly of Jones and the Colts during the interview but steered clear of making a commitment to return. Since Pierce is an in-house free agent, Indianapolis can re-sign him to a long-term contract right now before league-wide negotiations can begin at noon (ET) Monday. Pierce is not in a rush and sounded as if he would like to hear from all interested parties. There will be plenty of them lining up with deep pockets, though Pierce noted other factors he’s considering. Advertisement “Definitely quarterback play and stability, ” Pierce said when asked what’s important to him. “Stability in a franchise, winning culture, things like that. ” One could argue that is not what the Colts offer. Indianapolis has started nine quarterbacks during Pierce’s first four seasons, and the team has not made the playoffs since 2020. The Colts appeared to be on a track for a playoff berth last season amid an 8-2 start with Jones at the helm, but he fractured his left fibula and eventually tore his right Achilles tendon as Indianapolis lost its last seven games. Pierce commended Jones for his toughness, and despite Jones’ lengthy injury history, the receiver said at the end of the season that retaining Jones would go a long way toward also keeping him. The two have developed a “special” bond on and off the field, Pierce said Wednesday. However, he also hinted on “Up & Adams” that by placing the transition tag on Jones, which still allows other teams to make free-agency bids for the quarterback, the Colts have more work to do to solidify their QB future. “Just being in Indy, I’ve played with a ton of different quarterbacks, ” Pierce said. “I think they’re on the way to figuring that out with Daniel if they can get a long-term deal done with him because I believe in him a ton as a quarterback. But I think I’ve understood the battles that come with not having that stability. ” Could Pierce find that stability elsewhere in the AFC South? The Tennessee Titans are building around 2025 No. 1 pick Cam Ward, Adams noted in the interview, and they have the second-most cap space in the NFL at $93. 8 million, per Over the Cap. “That’s a good spot. It’s close, ” Pierce said. “Young quarterback. ” Pierce added that he and his agents expected the Colts to tag Jones if they couldn’t agree on a new deal with the veteran QB, probably because Jones plays the most important position in football. Had the Colts done the opposite and instead placed the non-exclusive franchise tag on Pierce, he would’ve made a fully guaranteed $27. 3 million in 2026. Now, he’s expected to net even more than that annually on a new contract, league sources told The Athletic. Advertisement The Colts drafted Pierce in the second round in 2022, and his debut couldn’t have gone any worse. The former University of Cincinnati star dropped his first potential touchdown and later left the game with a concussion after taking a big hit across the middle. Pierce didn’t make his first NFL catch until Week 3, but as his rookie season went on, he gradually found his footing, highlighted by a game-winning, 32-yard catch late in the fourth quarter in Week 6. Since then, Pierce has blossomed into one of the NFL’s most explosive receivers. The 6-foot-3, 211-pound wideout is averaging a staggering 21. 8 yards over the last two years, and his 21. 3 yards per catch in 2025 were the second most by a receiver who also had a 1, 000-yard season since De Sean Jackson averaged 22. 5 yards per catch for the Philadelphia Eagles in 2010. Jackson’s deep-threat prowess helped him earn $104. 5 million across 15 NFL seasons, and Pierce is poised to cash in, too, either in Indianapolis or elsewhere. Assuming Pierce nets at least $27 million annually on his next deal, he’d be just the 14th receiver to reach that threshold, per Over the Cap. Asked if he thinks he’s a No. 1 receiver, as a contract in that range would suggest, Pierce did not mince words. “I think it’s something I definitely believe I can do, ” Pierce said. “I think it’s something that I really haven’t had the chance to do. I think you can look at the numbers, the targets I’ve had the past few years. … There’s not very many receivers that have got 1, 000 yards on under 100 targets and I had 84. So, I think you take those numbers and what’s a receiver (No. ) 1 get? Like 130, 150, something like that? So, you basically double my targets and I’m setting the (single-season receiving yards) record right there. ” Adams then jokingly referred to Pierce as Calvin Johnson. The Hall of Famer totaled an NFL-record 1, 964 receiving yards during a then-16-game season with the Detroit Lions in 2012. “I mean if that’s what the math says, ” Pierce said, laughing. “But nah, I think I could get a lot more targets. I think that’s what I’m most excited about, getting paid and being a free agent or getting a big contract. The coaches and the front office know they have to back up that contract, so I’m no longer gonna be an 80-target player. If I get paid this big contract, they’re gonna have to throw me the ball more. ” Colts cornerback Sauce Gardner, who was also a teammate of Pierce’s in college, jokingly posed this question via X on Wednesday: “Should I lock Alec Pierce in my basement and force him to sign the contract papers? ” Advertisement On a more serious note, the Colts have some work to do over the next few days just to give themselves the chance to officially retain Pierce. Indianapolis is $4. 7 million over the NFL’s $301. 2 million salary cap after tagging Jones, per Over the Cap. All NFL teams must get under the salary cap by the start of the new league year at 4 p. m. (ET) Wednesday, so it would behoove the Colts to reach a long-term agreement with Jones ASAP. Locking Jones into a new multiyear deal, along with a few other cap-saving measures like releasing or trading Pittman, who has a $29 million cap hit in 2026, would help the Colts create enough cap space to make Pierce the lucrative offer he’s expecting. “It’s been crazy to see, ” Pierce said of his free-agency buzz. “I’m off of Twitter. I know that’s kind of where the information is … so I’ll be trying to figure things out. I told my friends to text me if you see any Adam Schefter tweets. ” Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle James Boyd is a staff writer for The Athletic covering the Indianapolis Colts. He grew up in Romeoville, Ill. , and graduated from the University of Illinois at Urbana-Champaign. His first job was as a high school sports reporter at The Times of Northwest Indiana and it changed his life forever. Follow James on Twitter @romeovillekid