The Indianapolis Colts were one of the most fascinating teams in the NFL during the 2025 season. Indy dominated the first half of the season with QB Daniel Jones playing like an MVP. But his season-ending Achilles injury completely sunk the Colts and they ended up missing the playoffs.
The theme of Indy’s offseason needs to be extending Jones.
Both Jones and the Colts are interested in a long-term extension, which should start negotiations in a happy place. However, the Colts might not be so happy once they actually ink Jones to a new deal.
Spotrac lists Jones with a market value of roughly $43.6 million per season on a new deal. For context, that’s more money per year than either Baker Mayfield or Sam Darnold. In fact, it puts him up there with Kirk Cousins in average annual value.
That could be a problem because the Colts enter the offseason with only $35.72 million in cap space.
Those two data points alone make it look impossible for a deal to get done. But don’t worry Colts fans, there are a few potential workarounds.
First, Indy could structure Jones’ contract in such a way that his 2026 cap figure is quite small. But that means they’d have to eat their vegetables in a future season.
Meanwhile, Jones could always give Indy a hometown discount. Realistically, he may not have a strong market for a long-term contract with any other NFL team.
Whatever happens, the Colts may still be forced to cut a few players or let some veterans walk away to make ends meet this offseason.
Below we will explore three Colts players who Indianapolis should let walk during NFL free agency.
Alec Pierce is too expensive after breakout 2025 season
Mandatory Credit: Thomas Shea-Imagn Images
In an ideal world, the Colts would love to keep Pierce.
Unfortunately, the young wide receiver dominated during his fourth season in the NFL.
Pierce had a true breakout season in 2025, hauling in 47 receptions for 1,003 receiving yards and six touchdowns. His breakout was especially impressive because he continued playing well even after Jones’ season-ending injury.
The bad news is Pierce is now ready to cash in on a huge second contract via free agency. One that Indy won’t be able to afford.
Spotrac lists Pierce’s market value at $20.2 million per season on a new deal. That would put him in the same ballpark as Jakobi Meyers, Jerry Jeudy, and Christian Kirk in terms of average salary. It would also put him lower than Jameson Williams.
The price of a second-contract wide receiver in the NFL just keeps going up and up.
Don’t get me wrong, Pierce certainly earned a lucrative second contract. But even if the Colts could afford it, I don’t think this would be the right move for the organization.
Can the Colts find a cheap replacement for Braden Smith?
Smith is another player I don’t think the Colts can afford to pay.
Indy has been blessed with excellent right tackle play ever since drafting Smith in the second round back in 2018.
But now Smith will be 30 years old at the kickoff of the 2026 season and his contract has expired. Now might be the right time to move on.
Spotrac gives Smith a market value of $13.5 million per season, down from the $17.5 million per season on his last contract.
Make no mistake, letting go of Smith is not a pleasant thought for the Colts. Indy will be forced to replace Smith with whoever they can find this offseason, on whatever budget they end up having.
But if it means retaining Jones, the Colts will be happy enough to let Smith walk in free agency.
Indy should let another team give Kwity Paye a massive contract in free agency
Christine Tannous/USA Today Network via Imagn Images
The Colts are also in for some big changes at edge rusher this spring.
Indy is set to lose Samson Ebukam, Tyquan Lewis, and Kwity Paye to free agency all at the same time.
The good news is Indy has Laiatu Latu, an ascending young talent who can lead the unit in 2026. But aside from himself and JT Tuimoloau, there’s almost nobody on the roster who the Colts can count on.
Spotrac lists Paye’s market value at $17.9 million per season, which would be tough to stomach for the Colts.
Indy needs to solve their edge rusher problem, one way or another, this offseason. Likely by adding at least two new players to the position group.
I can see the Colts retaining one of their current edge rushers. But if they do, it will either be Ebukam or Lewis.
Colts fans should expect the team to invest at least one draft pick in an edge rusher during the 2026 NFL Draft.
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