The Indianapolis Colts must be aggressive in free agency in 2026, and that isn't simply in terms of chasing other teams' free agents. Indy needs to try to bring back at least two of its own who will be important to the long-term success of the franchise. That includes quarterback Daniel Jones and wide receiver Alec Pierce.
Currently, the team is projected to have $26,913,489 to spend this offseason, but that includes signing players to the practice squad as well as the team's 2026 draft picks. The money will go fast. According to Over the Cap (which is also used for the cap savings for each player below), the team's effective cap room is just $24,899,759.
The Indianapolis Colts need to make a bit more room. The positive part is they can do so without even needing to release a player currently under contract next year. Here is how.
Indianapolis Colts can open up $39 million in cap room in hopes of bringing back Daniel Jones and Alec Pierce
Extending wide receiver Michael Pittman saves $18 million
Lots of talk about Michael Pittman since the season ending has been about potentially releasing the wideout. He is a good player, but his $29 million cap hit is far too high for how much production he provides. Instead of releasing him, though, there could be a better answer.
Pittman is signed through 2026, but is still only 28 years old. The team could sign him to an extension and keep him around for a few more years and still save a bunch. If he were to be released, the Colts would save $24 million. Extending him saves $18 million. That might be enough to bring back Daniel Jones, Alec Pierce, and more.
Extending left guard Quenton Nelson saves $13 million
Another 28-year-old entering the final year of his current deal in 2026 is future Pro Football Hall of Famer Nelson. Whether he will sign an extension or not isn't really a question. Indianapolis allowing the left guard to leave at any point, barring a terrible injury, would be awful. He needs to retire as a member of the organization.
So, why not take advantage of that fact and work out an extension with Nelson soon, which would also help free up money in free agency this offseason? It's a win-win. $13 million is enough to sign a high-quality player at a position of need, or simply to add to the kitty needed to bring back Jones and Pierce.
Extending running back Jonathan Taylor saves $8.5 miilion
The case with Taylor is the same as with Nelson and Pittman: All of their contracts are up next year, and all are worth keeping around, if financially possible. Waiting to offer them an extension only makes next offseason more difficult. Signing them now makes this year and next year easier.
Taylor is even younger than Nelson and Pittman, though he does play a position that gets even more punished than a left guard. Nelson can at least deliver punishment to the player across the line from him. Taylor is consistently hit by heat-seeking missiles, and that is why running backs often have short shelf-lives in the league.
Still, the Indianapolis Colts cannot assume that is the case with one of their best players. Jonathan Taylor could be great for several more seasons. Extending him and keeping him around for a few more years is an easy financial decision to make.