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Rowan Fisher-Shotton

By Rowan Fisher-Shotton

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The Indianapolis Colts made one of the boldest bets of the offseason, trading Michael Pittman Jr. — the team's leading receiver since 2020 — to the Pittsburgh Steelers, and handing a new four-year, $114 million extension to Alec Pierce in March.

Pierce was coming off a breakout 2025 season, leading the team with 1,003 receiving yards and six touchdowns on 47 catches, averaging a whopping 21.3 yards per catch. So the contract was earned, but it's still a gamble for a player who's never been the No. 1 target on an NFL offense.

Even worse, Pierce underwent surgery shortly after receiving his new contract to clean up an ankle injury he'd been dealing with since 2024 — one that reportedly worsened late in the 2025 season. Now, the Colts are placing him on the Active/Physically Unable to Perform (PUP) list.

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Indy's training kicks off on Wednesday, and now their second-highest-paid player won't be a part of it.

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The expected recovery timeline when he first had the surgery was around four to six months, putting his potential return anywhere from late July to early September. So, it's not completely surprising that the Colts made this decision, and it may be more precautionary than anything.

Indianapolis can take Pierce off the PUP at any point during the preseason. But if he remains on it after the August 30 cut-down date, the Colts will be forced to put him on the Reserve/PUP list, which will keep him sidelined for at least the first four games of the 2026 season.

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INDIANAPOLIS, INDIANA - DECEMBER 22: Alec Pierce #14 of the Indianapolis Colts lines up for a play in the first quarter against the San Francisco 49ers at Lucas Oil Stadium on December 22, 2025 in Indianapolis, Indiana. (Photo by Dylan Buell/Getty Images)

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Quarterback Daniel Jones is already rehabbing from a torn Achilles, and the last thing the Colts need is any setback to their top receiver. But training camp would have been a great time to get some reps in with Jones and the rest of the receiving corps before preseason ramps up.

Indianapolis' first preseason game is on Thursday, Aug. 13, against the New England Patriots at Gillette Stadium.

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