How did the Indianapolis Colts do in 2026 NFL free agency? Grades for signings, trades

The Indianapolis Colts retained two key players early in 2026 NFL free agency, quarterback Daniel Jones and wide receiver Alec Pierce.

They added edge rushers Arden Key and Micheal Clemons, and defensive linemen Colby Wooden and Derrick Nnadi. They also brought in safety Jonathan Owens.

Indianapolis lost wide receiver Michael Pittman Jr., linebacker Zaire Franklin, tackle Braden Smith, edge rusher Kwity Paye, defensive lineman Neville Gallimore and safety Nick Cross.

How do you think the Colts fared in the first week of free agency? These NFL observers aren't thrilled.

NFL free agent grades: Did the Colts improve in free agency? How the Indianapolis Colts fared in NFL free agency

Gordon McGuinness, Pro Football Focus: C

McGuinness rates six Colts-related deals, five receiving "average" grades for Indianapolis, and the Daniel Jones transition tag deal "below average."

PFF on Jones deal: "This always seemed like the logical conclusion to Jones' offseason situation, but it is fair to wonder if there were better options available at a lower cost. As good as the start of the 2025 season looked for both him and the Colts, there were some rough moments. His 3.9% turnover-worthy play rate was higher than his 3.1% big-time throw rate, the latter of which ranked just 31st among NFL quarterbacks in 2025. Still, it was Jones' best mark of the past five seasons."

Garrett Podell, CBS Sports: C-

"Can Alec Pierce really be worth $114 million? His contract makes him the recipient of the largest free agent deal by any wide receiver in NFL history. Leading the NFL in yards per catch each of the past two seasons is a valuable skill, and the Colts will certainly ask him to expand his route tree in the coming years. The argument against Pierce is he has never had a 50-catch season or more than 1,003 yards in a season, something he did in 2025. The contract also forced the Colts to salary dump Michael Pittman Jr. to the Pittsburgh Steelers.

"Daniel Jones' contract is a larger issue. Jones played what's definitely the best football of his seven-year career as the Indianapolis Colts' starting quarterback in 2025, playing like a top 10 quarterback through the first 14 weeks of the 2025 season before suffering a torn Achilles. Jones could be ready to go for Week 1 after six to eight months, but there's no guarantee he immediately looks like the guy who balled out in the early part of 2025. Both Kirk Cousins and Aaron Rodgers needed multiple years to shake off the effects of a torn Achilles, but he's much younger than both as Jones will turn 29 on May 27.

"It looks like Indianapolis created more holes than they addressed this offseason. The defense needs help at linebacker, and the Colts are now banking on the oft-injured Josh Downs to be their WR2. Oh, and the Colts don't have a first-round pick thanks to the Sauce Gardner trade."

Frank Schwab, Yahoo: C

"The Colts wanted receiver Alec Pierce back and didn’t care about the cost. He got a four-year, $116 million deal. Pierce is good but he also has just 2,934 yards and 17 touchdowns in four seasons. Now he’s one of the top-paid receivers in the NFL. The Colts also traded Michael Pittman Jr. for very little return, presumably because they didn’t have the budget for two large receiver contracts. Daniel Jones got a two-year deal worth $88 million that can rise to $100 million (via NFL Media) after getting the transition tag. It’s a lot for a quarterback coming off an Achilles injury but the Colts felt they couldn’t lose Jones. On the defensive line, Arden Key was signed to replace Kwity Paye, which is a bit of a downgrade. If you love Pierce no matter the price, and understand quarterbacks like Jones get overpaid, the Colts’ offseason plan has been fine."

Eric Edholm, NFL.com: Colts are 18th in his power rankings, down 1 place from before free agency

"Daniel Jones signed for two years at franchise-QB money ($88 million). Now we'll find out if he can get healthy by Week 1 — and stay that way. Spending on him is an awfully big risk, but the Colts saw last season what he could be. Can he resume that form after recovering from an Achilles tear? That's a significant unknown. A big part of what makes Jones so dangerous is his mobility, and we have no idea how much of that will be there post-surgery. He'll have Alec Pierce back at receiver, but the offensive line isn't as strong after tackle Braden Smith's departure for the rival Texans. The Colts also couldn't land the big pass-rush fish on the market, with Trey Hendrickson deciding on Baltimore. Between that and Kwity Paye leaving for the Raiders, Indy might not be able to wait until the draft to address a position group that became a real sore spot by last season's end."

Fox Sports on Jones deal: C-

"Jones’ deal — a two-year, $88 million contract worth up to $100 million, including $50 million fully guaranteed at signing — is a massive win for the quarterback and a gamble for the Colts. It’s Indianapolis giving him top-half-of-the-league QB1 money off his performance in one partial season. Jones is recovering from a torn Achilles suffered in December and his availability for the start of the 2026 season is in question, though the team is optimistic.

"Let’s be clear: Retaining Jones was the Colts’ most logical move. They were heading that way by placing the transition tag on him, which would have paid him $37.8 million in 2026. A multi-year deal closer to what Sam Darnold received from the Seahawks last season — three years for $100.5 million, including $37.5 million fully guaranteed at signing — made the most sense, though.

"Indianapolis benefits from the short-term commitment with this deal, the largest two-year contract in NFL history, but will see a higher cap number as a result. This is risky for the Colts, no matter how you slice it."

Joel A. Erickson and Nathan Brown cover the Colts all season. Get more coverage on IndyStarTV and with the Colts Insider newsletter.

This article originally appeared on Indianapolis Star: NFL free agency 2026: Colts grades for roster moves