Phase 1 of the 2026 NFL free agency is done. What comes next is less expensive and potentially less impactful free agent signings. The Indianapolis Colts will probably make several of those kinds of moves.
After the first week of free agency, though, the Colts are likely in a better spot than many people thought they might be. The team was able to re-sign quarterback Daniel Jones and wide receiver Alec Pierce. Those moves had to be done.
Is the team better overall? That may not be known until the regular season, of course, but the offense should be as good as the first half of the 2025 season next year. That's a positive. Defensive coordinator Lou Anarumo might have some complaints, though.
Winners and losers for the Indianapolis Colts in Phase 1 of free agency
Winner: General manager Chris Ballard
Credit should go to Chris Ballard for getting what he said he wanted done. That means signing Daniel Jones and Alec Pierce. Ballard might have paid them as much as they wanted from any team, but the GM was able to create the cap room needed to bring them back.
He was also able to trade Michael Pittman Jr. and get something back in return, even if it was a late-round draft pick. The Colts didn't have to eat as much dead money by trading the receiver instead of outright releasing him. The move is likely Ballard's best trick of the offseason.
Loser: Defensive coordinator Lou Anarumo
While Ballard reached stated goals this offseason, the defense might be worse. The Colts let safety Nick Cross and edge rusher Kwity Paye walk in free agency, and veteran linebacker Zaire Franklin was traded. Perhaps, two of those subtractions, Paye and Franklin, allow the team to be better simply because they underperformed in 2025.
Still, cohesion is good for a defense, and the team doesn't have any real replacement for Cross or Franklin on the roster currently. A bunch of bargain free agent signings won't help either. Anarumo might need to do the best coaching job of his career next season.
Winner: Quarterback Daniel Jones
Shockingly, Jones got the money he wanted in free agency. Indianapolis seemingly offered something closer to a Sam Darnold deal (three years and a maximum of $100.5 million), but the quarterback asked for $50 million a season, which appeared ridiculous until that is basically what he got.
His new contract pays him for two seasons and as much as $100 million. He has to earn that through incentives, but he also has $60 million guaranteed if he gets hurt again.
Loser: Running back Jonathan Taylor
Taylor has a year left on his deal, and will be due for a huge extension of his own...or sign elsewhere. The issue is that Indianapolis has now poured so much money into Jones and Alec Pierce that the team might need to slightly change its scheme in order to get Pierce more involved. That probably means fewer carries for Taylor.
Not having him run the ball as much should keep him free late in the season, and that's a good thing, but it might not help his asking price in free agency because he will be nearing 30 years old and has had a lot of work.
Winner: Alec Pierce
During the 2025 season, Pierce's asking price in free agency started at about $20 million and only got higher. This is what happens when a receiver has back-to-back seasons of 20 yards-plus per catch, the first player to do that since the 1989-90 seasons.
Pierce also showed this past season that he could do more than go deep. He was efficient and productive going over the middle, too. Still, his getting $29 million a season was because he is the best deep threat in the league, and likely to stay that way.