NFL free agency is off and running, and we’re keeping track of every major signing, trade and release of the 2026 offseason, with analysis from our NFL nation reporters and grades from our experts.
The new league year began Wednesday at 4 p.m. ET, which means free agents can now officially be signed. The first round of the 2026 NFL draft begins April 23 on ESPN.
The Colts also dealt LB Zaire Franklin to the Green Bay Packers for DT Colby Wooden.
Here’s a breakdown of every 2026 NFL free agent signing by the Indianapolis Colts and how each will impact the upcoming season:
The Colts brought Jones back on a two-year, $88 million deal.
What it means: This was long expected, but getting a deal done proved tougher than predicted and took longer than anticipated. The Colts got the only quarterback they truly considered by consummating the deal. The two-year term works well for both sides, giving the Colts some multi-year consistency at quarterback — something they’ve lacked for years.
It also provides Jones with a chance to cash in again in 2028 if he performs at the level he and the Colts believe he can. The wild card here is health; Jones is still recovering from his torn Achilles tendon. The Colts insist he’ll be ready for opening day, but it’s still very much a projection.
The Colts are keeping Pierce on a four-year, $116 million deal.
What the signing means: The Colts went down to the wire, agreeing to a deal with Pierce just prior to the opening of the free-agent negotiating period. But they were always hopeful of retaining their most explosive target, and they’ll need him more than ever before.
The re-signing came just before the Colts agreed to trade No. 1 wideout Michael Pittman Jr. to the Steelers, meaning Pierce’s role is likely to expand significantly as he embarks on his new deal. Pierce started to show more diversity in his routes last season, and that is going to need to continue in 2026 as he will be called upon to be the primary outside receiver in the Indianapolis offense.
The former Titan agreed to a two-year, $20 million deal.
What it means: The Colts were considered likely to part ways with some veteran defensive linemen, including Kwity Paye. The signing of Key just reinforces the direction things have been trending for a while.
The Colts needed to beef up their edge rush given the lack of pass rush last season and their efforts to get more out of 2024 first-round pick and featured rusher Laiatu Latu. Key has been a rotational rusher for most of his career, but his exact role in Indy remains to be seen. Either way, his signing won’t preclude the Colts from signing or drafting additional edge players.
The former Jet signed a three-year, $17 million contract.
What it means: The Colts have targeted numerous defensive ends during this free agency period, but whether they’ve truly upgraded the position remains to be seen. Clemons didn’t have much production in New York, but the Colts have a history of finding under-the-radar edge rushers in free agency who have the potential to break out.
But whether they can duplicate that outcome here is a question. Clemons had 8.5 sacks in four seasons in New York and figures to be a rotational player in Indianapolis.
What it means: The Colts have been retooling their defensive line throughout the free agency period, and this acquisition continues to address the interior depth. Nnadi has the chance to be a key contributor as a backup nose tackle behind longtime starter Grover Stewart.
The Colts have struggled to maintain their run defense when Stewart has missed time in the lineup, so supplementing nose-tackle depth makes sense.
Owens signed a one-year deal.
What it means: The Colts have impressive talent in their secondary, but Owens provides some depth. That’s particularly necessary in the aftermath of strong safety Nick Cross‘ departure to the Washington Commanders.
Owens’ primary contribution might come on special teams, where he has been a fixture throughout his career. He played over 50% of his teams’ special-teams snaps in each of his past three seasons, with Green Bay and Chicago.
What it means: Thomas missed significant time in the lineup last season while on the non-football illness list, but he has been a huge special-teams contributor in his career and should have an opportunity to contribute immediately for Indianapolis.
The Colts should have significant competition in their secondary in 2026 with the return of several injured players. Thomas will be in the mix among them.
