Colts shell out historic free agent deal to keep receiver Alec Pierce

The Indianapolis Colts kept one of their wide receivers in free agency, but shipped one out as well. 

Alec Pierce, who reportedly had offers elsewhere, is staying with the Colts after agreeing to terms on a four-year, $116 million deal, making the highest-paid free agent receiver in NFL history, according to multiple reports.

Pierce is getting $84 million in guarantees, including $60 million fully guaranteed at signing. 

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After the Pierce news hit the free agency stream, the Colts made a trade with the Pittsburgh Steelers, sending veteran receiver Michael Pittman Jr. in exchange for a late-round pick swap, which has yet to be announced. 

With Pittman's deal scheduled to be up after this year, the Steelers reportedly inked him to a new three-year, $59 million deal to keep him in place for the near future. 

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The Steelers needed wide receiver help to go along with D.K. Metcalf, who they traded for last season with the Seattle Seahawks. The big question is who will be throwing passes for them this season, as all eyes are on quarterback Aaron Rodgers and whether a reunion with new head coach Mike McCarthy, who he spent years with in Green Bay as he starred for the Packers, is in the cards. 

For the Colts, Pierce is someone who had a breakout season in 2025, seeing his first 1,000-yard-plus campaign on just 47 catches, showcasing his deep ball threat abilities with Daniel Jones as the team's new quarterback. Pierce quickly became one of the best deep ball players in the NFL, and the Colts knew that aspect of his game makes their offense quite the threat. 

They definitely paid him as such to make sure he didn't pursue any other options on the market. Then again, he told ESPN's "The Pat McAfee Show" how much he wanted to stay put. 

"I knew where my heart was," he said on the program. "I loved the city of Indianapolis. I just seen where we were at last year, early in the year, kind of rolling. I truly believe we were the No. 1 team in the NFL and just obviously didn't finish out the season like we should have."

The Colts saw Jones go down with an Achilles injury, knocking him out for the rest of the year at the worst possible time. Philip Rivers was even called upon to make his shocking return to the gridiron, but the Colts couldn't make the playoffs despite starting 8-2. 

Jones got the transition tag from the Colts this offseason, which allowed Indianapolis to pursue Pierce heavily, knowing they should have their quarterback return for the 2026 campaign. 

With Jonathan Taylor setting the tone in the Colts' backfield, Pierce stretches the defense with his threat of going long, with 36.2% of his receptions going for 20 yards or more in 2025. 

At the same time, the Steelers and McCarthy know Pittman is a trusty pair of hands, willing to do the dirty work in the short and intermediate to move the chains and provide a physical presence no matter the assignment with his 6-foot-4 frame. 

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