2026 free agency began with a boom for the Indianapolis Colts, and that is a good thing. Just moments after the legal tampering window opened, Alec Pierce was announced as agreeing to terms with Indy. The move might only shape how the rest of the offseason goes.
Indy was expected to make some kind of move with Michael Pittman, and, somewhat surprisingly, the team was able to trade him and his large contract. It was a win-win for both the player and the team, as those kinds of moves with longtime veterans should go.
Even beyond what happened in the first phase of free agency, it will affect what the team does in the draft. The defense has been reshaped, and that should be a good thing. The offense is looking the same, and that's not bad, either. Here is everything that has happened.
Indianapolis Colts 2026 free agency tracker: All the moves
Indianapolis Colts who have signed or been re-signed:
- Wide receiver Alec Pierce re-signs for four years and a maximum of $116 million
- Edge rusher Arden Key signs for two years and a max of $20 million
- Kicker Blake Grupe signed ahead of free agency for one season and $1.4 million
Pierce, of course, is the gem here. The surprising part is that he agreed to terms so quickly in free agency, but if Indy is willing to pay him $29 million a season, it made the decision likely easy for the deep threat. Now, he just needs to raise his catch rate while getting a lot more targets.
Key hasn't produced at an exceedingly high level in his career yet. His career-high is 6.5 sacks, which he has done twice, and he's decent against the run. He isn't an upgrade over the leaving Kwity Paye.
Indianapolis Colts that are leaving in free agency or have been released:
- Defensive tackle Neville Gallimore (signing with the Chicago Bears)
- Edge rusher Kwity Paye (signing with the Las Vegas Raiders)
Gallimore had a decent 2025 for the Colts in terms of pass-rushing with 3.5 sacks, but he was terrible against the run. The odd part is that he was expected to be the opposite. His ability against the run was why he was ever in Indianapolis to begin with.
Paye had arguably the worst season of his career this past season and saw his sack totals dip from eight in 2024 to four in 2025. The Raiders will probably regret the contract they gave Paye, which is for three years and a max of $48 million. $32 million was guaranteed.
Indianapolis Colts who have been traded:
- Wide receiver Michael Pittman (Dealt along with a swap of late-round draft picks)
- Linebacker Zaire Franklin (Dealt in the days before free agency for defensive tackle Colby Wooden)
Franklin's days were seemingly numbered since the end of the season. Chris Ballard mentioned several times that he didn't know what the linebacker's future was with the team. As it turns out, not long. Wooden hasn't done great things in the NFL yet, but maybe he will be a good fit in Lou Anarumo's defense.
Ballard deserves credit for trading Pittman instead of outright releasing him. Maybe the Indianapolis Colts only got a seventh-rounder for the productive wideout, but it was better than the literal nothing Indy would have received by making Pittman a cap casualty.
This page will be updated with the latest information after every Colts move.