The New England Patriots made the somewhat surprising news on Wednesday to move on from wide receiver Stefon Diggs ahead of free agency, but the ripple effects could be brutal for the Indianapolis Colts. The Pats might now turn their attention to Alec Pierce.
Pierce, of course, is a free agent and can sign with any team he wants. Indy cannot tag him as the team applied the transition tag to quarterback Daniel Jones. Indianapolis cannot tag, either the franchise or transition options, on another player.
The Patriots are clearly going to be in the market for a top receiver, as New England has a young quarterback in Drake Maye capable of leading a highly effective offense for many years. Letting Diggs go saves at least $16 million for the Pats, depending on whether he is a pre- or post-June 1 cut. This will push New England's cap space north of $50 million.
Patriots could have an eye on Indianapolis Colts' Alec Pierce after releasing Stefon Diggs
That amount is more than the Colts had before any moves began, but it is a lot more after Indy applied the tag to Jones. Technically, Indianapolis now has negative cap room, so signing Pierce isn't even an option on paper. But the cap is malleable, and other players can be released or have their contracts restructured, creating more cash.
This is exactly what the Patriots did by releasing Diggs. As NFL insider Jordan Schultz tweeted after the news, "Alec Pierce is among the names (New England has) been eyeing. The trade market is also an option."
To be fair, Schultz's report isn't shocking. Any insider could have suggested the same, as any team needing an explosive receiver who is still in his mid-20s is going to be eyeing Alec Pierce. The issue is how much those teams could offer the side receiver.
In a recent talk with Up & Adams, Pierce said he was looking forward to free agency and that he deserved to get paid. That would seem to dismiss any other reports that the Indianapolis Colts and Pierce were somewhat close to a new deal, even after Jones was tagged.
The wide receiver wants to make generational wealth, and now he has the opportunity to do so. The Colts are not going to be able to offer him the money that many other teams can. That list will now include the New England Patriots after they let go of Stefon Diggs. With the Patriots, Pierce could make more money and get more pass targets. It's likely a win-win for the player.