Tick, tick, tick...Time is about to run out on the Indianapolis Colts, and general manager Chris Ballard is almost certainly aware. He has until March 3 at 4 pm ET to apply either the franchise tag or transition tag on quarterback Daniel Jones or wide receiver Alec Pierce or risk losing them in free agency.
The hope, of course, is that Indianapolis will sign both to an extension before they can hit the unofficial start of free agency on March 9. Should the tag not be applied, and both leave for other teams, Ballard should be let go immediately. The team has playoff hopes with the QB and WR, and doesn't without at least one of them.
The priority has to be Jones, of course. He will likely be $20 million-plus more expensive than Pierce, but the quarterback obviously has a say in every play. The wideout just has to wait for the ball to come to him. Both are capable of being game-changing players, but a team succeeds or fails based on the quarterback's play, not a wide receiver's.
Indianapolis Colts have until March 3 to franchise tag Daniel Jones or Alec Pierce
Applying the franchise tag to Jones would cost the team $47,242,000, and for Pierce would be $28,037,000. Both of those would eat up a lot, or all, of the Colts' current $33,211,489 project cap space. Indy would need to make moves on other players to free up space.
One of those could be releasing wide receiver Michael Pittman Jr., and saving $24 million. The gamble is if Ballard releases Pittman and cannot re-sign Pierce. If that happens, both of Indianapolis's top receivers would be gone, and even if Jones returns, the offense would be neutered.
Reportedly, Jones and the Colts have been in talks about working out a long-term deal. The team believes the player wants to return, and obviously, the Colts want Jones back. That a deal hasn't happened yet is a bit scary. If one doesn't happen by March 3, Chris Ballard might be forced to do something he doesn't want to: Apply the tag.
Ballard's job could be on the line, too. He has to sign Jones or Pierce. If March 11 arrives and neither has been signed, chaos will ensue. Indianapolis Colts fans might even know the fates of Daniel Jones and Alec Pierce by then. The general manager could end any drama on one and apply the franchise tag by March 3.