Well, they took it right down to the wire, but the Indianapolis Colts got the man they most wanted to get in this year’s free agent frenzy. Just as the legal tampering began, allowing every team in the league to begin negotiating with pending free agents, Chris Ballard agreed to terms on a four-year, $116 million deal to keep wide receiver Alec Pierce a member of the Colts.
The details of the contract have not been made public as of this writing, but that price, which averages out to 29 million dollars per year, wouldn’t have been remotely thinkable when the 2025 season began. Pierce was coming off a fine 2024 – one in which he led the league with a gaudy 22.3 yards-per-catch and seven touchdowns.
But he was still the Colts’ third most targeted receiver and viewed as a deep threat and nothing more. 2025 changed all that. Pierce again led the league in yards-per-catch – again clearing the 20-yard mark. But he became a far more complete receiver.
He ran more intermediate routes. His catch rate climbed to 56% -- exceptional given his high depth of target. His success rate – a stat based on down and distance – was the highest of his four-year career.
The Indianapolis Colts lock up their WR1 for the next four years
The Alec Pierce of 2025 earned a huge contract. In addition to the stats above, he dropped just one pass. The QB rating when he was targeted climbed to an excellent 112.4. Most of all, e seemed to develop a very strong chemistry with Daniel Jones, who the Colts transition-tagged last league before allowing him to test the free agent market.
But what about the cost? 29 million per year. Four seasons.
That’s a higher yearly figure than the Cowboys’ George Pickens will make in 2026. Pickens was viewed as this cycle’s top wide receiver before Dallas franchise-tagged him. He will now make just under 28 million and then, if no extension is worked out, hit free agency next year.
It’s significantly more than any receiver claimed last year, when there were no potential WR1s just hitting their prime on the market. Veterans like Stefon Diggs, Cooper Kupp and Davante Adams were the highest-priced wideouts last year. The most expensive yearly price tag was Adams, at 22 million.
There are eight other receivers earning an annual salary of more than 30 million. One of them, Brandon Aiyuk, will be looking for a new, presumably much cheaper, deal this offseason. Ja’Marr Chase – four years at 161 million – is the ceiling. The others are mostly perennial All Pros and Pro Bowlers the likes of Justin Jefferson, CeeDee Lamb and Amon-Ra St. Brown.
Pierce’s new is in the same annual range as Terry McLaurin. The Washington Commanders’ star, who is older than Pierce,  signed a three-year deal at the same annual salary after a protracted holdout last Summer.
No doubt, many will see Ballard as overpaying for a good – but perhaps not great – receiver. But the Colts’ GM accomplished a couple of things here. First, he didn’t let this drag out into the free agency period, thus causing both distraction and confusion.
Second, he proved that the Colts could retain a talented, in-demand player. That has value in the NFL. It suggests Indianapolis isn’t merely a stopover, where talented players build their resumes before moving on. Indy is a destination where good players may choose to come.
And he maintained continuity. The offense was quite good last year and it figures to be very good again this season, provided Jones makes a healthy return from his Achilles injury.
What is left to be seen with Alec Pierce is how this new contract will reshape his role. Ballard didn’t give him this deal to have him again finish third or fourth in targets. Pierce now clearly inherits the mantle that has passed from Harrison to Wayne to Hilton to Pittman. He is the Colts’ top wide receiver. If he lives up to the contract, it bodes good things for Indianapolis in the years to come.