Updated March 10, 2026, 10:51 a.m. ET
The NFL free agency legal tampering window is open until 4 p.m. Wednesday and Colts general manager Chris Ballard has been busy in a major offseason for him and the franchise.
Under heavy pressure to win after five consecutive seasons without a playoff berth, Ballard and head coach Shane Steichen made quarterback Daniel Jones and receiver Alec Pierce the first two pieces they want back with a impact pass rusher next on the list. Pierce is locked up in a four-year contract paying him an average of $29 million per year.
Refresh to keep up with all the Colts moves. Here’s the latest on their offseason:
Colts have spent the 6th most in free agency
The Colts have spent $132 million on two free agency, the sixth most in the NFL according to overthecap.com, for two players. The $18.5 million per year average for Alec Pierce and Arden Key is the most so far in free agency.
Former Colts starters still available in free agency
The Colts made some major moves on Monday — most notably locking up budding star receiver Alec Pierce on a four-year, $116 million deal — but there remains plenty of work left to do. Among the team’s nearly two-dozen free agents that remain on the market, the franchise has three players who started the majority of this past season still available in offensive tackle Braden Smith, linebacker Germaine Pratt and safety Nick Cross.
None are guarantees to return.
Smith, the second-round pick from 2018, has played his entire eight-year career in Indianapolis but ended 2025 on IR for the final four-plus games with a concussion and neck injury. Ballard called Smith “one of the most underappreciated tackles in the NFL” last month at the Combine but largely dodged whether he thought the 29-year-old who took over a starting role as a rookie might return. The Athletic ranked Smith as the 19th-best free agent in their league-wide breakdown — third-best among available offensive tackles.
Ballard was also asked about Cross at the Combine, and the Colts GM hinted that Indianapolis may end up priced out of the 24-year-old’s market after Cross grew into an impact starter over the last two seasons since he was taken by the Colts in the third round in 2022. Pratt, who the Colts picked up midseason to fill a desperate need at linebacker, may find himself landing elsewhere, too, after Zaire Franklin, the fellow 29-year-old starter at the second level this past season, was dealt to the Packers over the weekend. Ballard has made it no secret the Colts plan to get “younger and faster” in the front-seven and eschewing both in favor of younger players in next month’s draft or prospects already on the roster are reasonable expectations.
Beyond those three, several other notable names from the Colts’ 2025 roster remain available either for Indianapolis or outside teams to sign, including rotational defensive ends Samson Ebukam and Tyquan Lewis, tight end Mo Alie-Cox, running back Ameer Abdullah and others.
Few top pass rushers left; position of need for Colts
Pass rush is the Colts’ biggest need and they’ve signed rotational piece Arden Key. But other top targets were signed quickly Monday, including: Odafe Oweh to the Commanders, Khalil Mack returning to the Chargers, Boye Mafe to Cincinnati and Jaelen Phillips signing with the Carolina Panthers.
Trey Hendrickson, believed to be the Colts top target, remains on the market as does Bradley Chubb.
Hendrickson led the NFL in sacks with 17.5 in 2024, equaling his total in 2023. He slipped to 4 sacks in 7 games last season due to injuries but is the most coveted pass rusher on the market. Chubb missed all of 2024 with a torn ACL but returned to make 8.5 sacks for the Dolphins at 29 last season with 20 quarterback hits.
ESPN’s Adam Schefter said Hendrickson believes he deserves a contract on par with Phillips ($30 million per year) and Danielle Hunter ($40 million per year extension with Houston) but he hasn’t received such an offer.
“Sometimes it takes a player a little time to understand how the market works,” Schefter said. “Just because Danielle Hunter gets $40 million, you might not get $40 million. Just because Jaelen Phillips gets $30 million, doesn’t mean you get $30 million. Nobody has met his price. He wants to get his price.”
Schefter said several teams have talked with Hendrickson but did not mention any of them by name,
Latest on Daniel Jones
The urgency to resign Daniel Jones was alleviated with Alec Pierce returning on a record contract. The Colts used the transition tag on Jones, which comes with a fully guaranteed $37.833 million contract. Other teams can make offers to Jones but the Colts have the right to match any contract. The Colts and Jones will also negotiate but if they can’t come to terms, Jones will play on the transition tag.
SI’s Albert Breer reported there is a “big gap” between what the Colts are offering Jones and his expectations. The Colts offer was around three years for $100.5 million, the deal Sam Darnold received last offseason with Jones’ countering with a deal worth $50 million per year.
Now the Colts can wait it out and see what the market is for Jones, who is recovering from an Achilles tendon tear that will keep him out until at least the start of training camp in July.
Joel A. Erickson and Nathan Brown cover the Colts all season. Get more coverage on IndyStarTV and with the Colts Insider newsletter.