In the NFL, speed kills, but in the boardroom, it’s the price of that speed that causes the most damage.
As the mid-February franchise tag window opens for the Indianapolis Colts in less than a week (February 17th), general manager Chris Ballard faces his most difficult negotiation since the Michael Pittman Jr. saga. At the center of the debate is Alec Pierce, the 6-foot-3 burner who has evolved from a limited vertical threat into a bona fide 1,000-yard weapon.
For three years, Pierce was the "almost" guy -- the receiver who lived at the top of the 'Unfinished Air Yards' charts. But in 2025, everything clicked, as Pierce didn’t just reach the 1,000-yard milestone; he led the NFL in yards per reception (21.3) for the second consecutive year, proving he is one of football's premier lid-lifters.
The case for the Indianapolis Colts using the tag
The dilemma? The slated 2026 WR Franchise Tag is projected at a staggering $28.1 million. For a player with 47 catches, paying nearly $30M for one year is a massive leap of faith. Yet, with Pittman Jr. already carrying a $29M cap hit in 2026, the Colts risk having the most expensive -- and perhaps most lopsided -- receiving corps in football if they use the tag on Pierce.
Ballard is famous for his 'protect our own' philosophy. After trading away AD Mitchell, the Colts' cupboard is relatively bare behind Pierce and Josh Downs. If the Colts let Pierce hit the open market, a team with a young quarterback -- like the Washington Commanders or New England Patriots -- will likely throw a $22M+ AAV contract at him.
By applying the tag, Ballard buys time to hammer out a backloaded extension that reflects Pierce’s value as a deep threat without nuking the 2026 salary cap.
The "tag and trade" pivot
If Pierce’s camp is eyeing the $30 million-per-year, elite tier of contracts, Ballard may have to do the unthinkable: trade his best deep threat. With the Colts coming off an 8-9 season and needing youth on the defensive line, a tagged Pierce could fetch an early Day 2 (rounds 2-3) pick.
In a deep draft for pass-catchers, the Colts could potentially replace Pierce with a cheaper rookie and use the saved $28M to boost a secondary that was shredded for 247.9 passing yards per game in 2025, 31st in the NFL.
The Colts have only used the tag once since 2013, and that was to keep Pittman Jr. in the building. History suggests Ballard will try every trick in the book to avoid the tag, but if a deal isn't reached by the March 3rd deadline, expect the tag to be applied -- followed quickly by a flurry of trade phone calls or a long-term extension.