The Indianapolis Colts are staring down a pivotal offseason, and the stakes couldn’t be much higher. After missing the playoffs for a fifth straight year, the message from ownership is clear: it’s time to deliver.
Colts owner and CEO Carlie Irsay-Gordon didn’t mince words earlier this month, stressing that the urgency for general manager Chris Ballard and head coach Shane Steichen has “never been higher.” While she stopped short of labeling 2026 as playoffs-or-bust, the implication is there - this team needs to show real progress, and soon.
That means Ballard and his front office must not only look outside the building for upgrades, but also make tough decisions on key in-house free agents. With March 11 looming - the start of free agency - the Colts have several foundational players who could hit the open market if new deals aren’t reached. ESPN analyst Matt Bowen recently released his top 50 free agents for 2026, and three Colts cracked the list, including a quarterback whose future could define the franchise’s short-term outlook.
No. 4 - QB Daniel Jones
Jones’ 2025 season was a tale of two halves - and two injuries. Before a fibula fracture and a torn Achilles ended his year in Week 14, Jones was playing the best football of his career under Shane Steichen’s guidance.
Through Week 13, he ranked eighth in the league in QBR (64.1), showing a newfound rhythm and decisiveness in the pocket. He thrived in Steichen’s run-heavy, play-action-based scheme, operating as a true facilitator with improved timing and poise.
The Colts believe in that version of Daniel Jones. They’re betting that the early-season success wasn’t a fluke - and they’re willing to pay to keep him, even with his injury history.
That’s a gamble, considering Jones has now suffered three season-ending injuries in the last five years (neck in 2021, ACL in 2023, Achilles in 2025). Still, Indianapolis views him as the best option for 2026 and wants to build on the progress he made with Steichen.
The hope is that Jones will be ready for Week 1, but even if he misses some offseason time, the Colts appear committed to riding this wave.
No. 6 - WR Alec Pierce
Alec Pierce has blossomed into one of the league’s premier deep threats - and one of the Colts’ most valuable offensive weapons. At 6-foot-3 and 211 pounds, Pierce has the size-speed combo to stretch defenses vertically, and he’s doing it at an elite level.
He led the NFL in yards per catch for the second consecutive season in 2025, averaging a staggering 21.3 yards per reception. He also crossed the 1,000-yard mark for the first time and found the end zone six times.
Pierce isn’t just a one-trick pony anymore. He’s evolving into a more complete receiver, capable of running a fuller route tree and creating separation at multiple levels.
That development has made him the engine of the Colts’ passing game, even with Michael Pittman Jr. and Josh Downs playing their roles effectively. The challenge now?
Paying him. Pittman is already set to carry a $29 million cap hit in 2026, and Pierce’s next deal could command top-tier money.
If the Colts let him walk, they’ll be hard-pressed to find someone who can replicate his explosive impact.
No. 10 - OT Braden Smith
Braden Smith might be one of the most underappreciated players on this list - both for what he’s endured and what he’s contributed. After missing the end of the 2024 season while addressing a personal battle with OCD, Smith returned in 2025 and quietly put together a strong campaign. He started 13 games at right tackle, and his pass block win rate improved by 7% from the previous year.
Durability remains a concern. Smith has missed 17 games over the last three seasons, and he didn’t finish 2025 either.
But he showed toughness and leadership, even agreeing to a pay cut before the season. The Colts like what they’ve seen from rookie Jalen Travis, which gives them a potential in-house replacement.
Still, if Smith is open to returning on a team-friendly deal, there’s a case to be made for keeping a proven veteran who can still play at a high level when healthy.
This offseason is shaping up to be a defining moment for the Colts’ front office. Retaining key players like Jones, Pierce, and Smith will require a delicate balance of financial strategy and football foresight. With pressure mounting and expectations rising, every decision Ballard makes over the next few weeks will carry weight - not just for the 2026 season, but for the future of the franchise.