Dynasty Fantasy Football Free Agency Preview 2026: Indianapolis Colts
The injury to Daniel Jones really put this team in a bind both in 2025 and for the future. As we suggested in last year’s free agent series article, the Colts had a lot of great pieces but needed the most important one - quarterback. Daniel Jones was looking like the answer there before tearing his Achilles tendon. That sent the Colts into a tailspin that including Philip Rivers coming out of retirement at 44 years old. And, because Daniel Jones was on a one-year deal, the plane has not quite stopped spinning.
It’s our job here to figure out the best way for the Colts to land this aircraft in free agency. We’ll look at the depth chart, the contracts, the cap space, and the narratives to make some predictions. Hopefully, that can help some folks plan ahead who play dynasty fantasy football as well. So let’s dig in!
Become a Fantasy Alarm Member today to access our full Dynasty Fantasy Football Rankings along with our buy, hold, or sell recommendations!
*The salary cap numbers referenced in this article come courtesy of our friends over at Spotrac.com*
Indianapolis Colts Depth Chart 2026 (Fantasy Football Relevant)
QB | ||||
RB | ||||
WR | ||||
WR | ||||
WR | ||||
TE |
KEY
- White = free agent
- Green = role is safe
- Yellow = role in flux
- Orange = likely a depth piece
- Red = roster spot not guaranteed
Indianapolis Colts Free Agency 2026
- PROJECTED 2026 SALARIES: $270M
- ESTIMATED 2026 CAP SPACE: $35M
Free Agent Types
Unrestricted free agent: Any player with four or more accrued seasons whose contract has expired. They are free to negotiate with any team.
Restricted free agent: A player with three accrued seasons and an expired contract. The CBA allowed for NFL teams to tender these players to one-year qualifying offers to retain them. Another team can sign them, but would need to provide the tendering team with compensation. In layman’s terms, if a new team signs a player, the current team can match it, or they receive the corresponding pick from the new team. These are the projected RFA tender levels per OverTheCap.com:
- 1st Round - $7,893,000
- 2nd Round - $5,658,000
- Right of First Refusal - $3,453,000
Exclusive rights free agent: Any player with fewer than three accrued seasons and an expired contract. If his original team offers him a one-year contract at the league minimum, the player cannot negotiate with other teams. If the team wants the player back, these contracts are a no-brainer, as the player either needs to play on the contract or sit out.
Colts Quarterback Depth Chart
Daniel Jones
If you believe that Daniel Jones can fully recover from this injury, you bring him back. Simple as that. Things clearly looked and felt different with Jones under the helm as the team started 7-1. The big question is obviously the Achilles, but there simply is no better answer out there.
In your dynasty fantasy football leagues, it’s a different question. Rushing quarterbacks naturally slow down around age 28, which is right where Daniel Jones is now. He wasn’t super athletic to begin with, but was simply willing to run. Your decision about Daniel Jones in your dynasty league should be based on how you feel about him as a passer, as we may not be able to rely on mobile upside moving forward.
Anthony Richardson
A lot of folks want Anthony Richardson to be traded. And, if the plan is to commit to Daniel Jones long term, that makes a lot of sense. There are some QB-needy teams like the Dolphins out there. Teams with aging QBs like Matthew Stafford could take him on as a development project. A change of scenery could be good for Richardson, like it’s been for many quarterbacks. He’s red on the chart more related to the trade possibility than being released.
That said, there aren’t many athletes on the planet who have the upside of Richardson, even if the floor isn’t great. So, if you move a guy like this, you'd better have exhausted every possibility of his development with your organization. And that’s something you should keep in mind for fantasy football too - there will be 32 starting QBs every year, but only so many of them have difference-making upside. And upside is far more important than floor.
Riley Leonard
Riley Leonard should never have had to play this year. Things are hard enough for a first-round pick who is prepped all offseason to start - being thrown in there as a sixth-round pick, third-string QB is brutal. But he looked surprisingly comfortable out there given the conditions, so I actually would not be opposed to Leonard being the QB2. I think he’s shown he can at least be QB3.
Philip Rivers
It was fun watching Philip Rivers given the circumstances. But he deserves to rest now. Hopefully, he can win that high school football state championship this time around.
- Reserves/Futures: Seth Henigan
COLTS QB FREE AGENCY TAKE: I’ve already made it clear that I think the Colts would be wise to bring Daniel Jones back. What else are they going to do, sign Aaron Rodgers or Russell Wilson? Bring in Malik Willis to compete with Anthony Richardson? The move here is to bring Jones back. From there, you can decide whether or not to trade Anthony Richardson, but they really don’t need to go out of their way in free agency at QB.
- POSSIBLE FREE AGENT OPTIONS: Daniel Jones
Colts Runningback Depth Chart
Jonathan Taylor
There are five active NFL backs who have averaged over 100 yards from scrimmage per game for their whole career. Christian McCaffrey, Bijan Robinson, Saquon Barkley, Jahmyr Gibbs, and Jonathan Taylor. This guy is a star, and they would actually save cap space in 2026 by working out an extension for him. That would make a lot of sense to me.
Ameer Abdullah
In a perfect world, Ameer Abdullah does not end up as the backup to Jonathan Taylor. Rookie DJ Giddens does. In fact, Giddens started out as the backup. But he eventually fell out of favor, ending up as a healthy scratch for a number of games. Instead, Ameer Abdullah served as the primary backup. If they are giving up on Giddens, they should probably bring in someone to be the clear RB2 this year rather than going with Abdullah again, who will be 33 this year.
DJ Giddens
There are two schools of thought with Giddens. One is that the Colts decided to keep Ameer Abdullah and Tyler Goodson active most weeks when Jonathan Taylor was healthy because they play special teams. And, had something happened to Taylor, Giddens would have stepped up. The other school of thought is that Giddens either didn’t play well or wasn’t mentally prepared, which is why he spent time inactive. If you are a Giddens fan, you have to hope for the latter.
Tyler Goodson
Goodson is a restricted free agent, though they won’t pay the $3.4M to tender him. If he’s back, it will be on a cheap deal once again as a special teamer that serves as an emergency option.
- Reserves/Futures: Bentley Ulysses
COLTS RB FREE AGENCY TAKE: The Colts have Jonathan Taylor, so they don’t need to spend up in free agency on a starter. If they did want bring in someone who can contribute in a meaningful way on offense, to me, there is one very obvious candidate - Kenneth Gainwell. Not only did Gainwell play under Shane Steichen and Jim Bob Cooter with the Eagles, but if there were a weakness to Taylor’s game, it would be on pass downs. And that is where Gainwell thrives.
The thing is, Gainwell probably wants to go somewhere where he can have a bigger role, possibly even start. So here are some other backup options that the Colts could consider without breaking the bank that could fill a similar role.
- POSSIBLE FREE AGENT OPTIONS: Rachaad White, Kareem Hunt, Jerome Ford, Michael Carter
Colts Wide Receiver Depth Chart
Michael Pittman Jr
It might shock you to see Michael Pittman’s name in red on the chart above. But it’s not crazy to suggest that the Colts could release Pittman here. He could be let go with $24M in savings and only $5M in dead cap. If that were to happen, it will happen during the next month or so, as he has a $2M roster bonus that hits on March 15th. If he were released, he would immediately become a top 3-5 WR option in free agency.
The other move here that equally makes sense would be to extend Michael Pittman with some sort of restructure. That would keep your reliable top option in town and free up space for the short term. Pittman has served as a captain of this team at various times and even played through a broken back in 2024, so I’m sure the Colts would love to have him around on a reasonable deal. But it certainly feels like something needs to happen here because his cap hit, as it stands, is $29 million.
Alec Pierce
When the Colts drafted Adonai Mitchell, I figured the writing was on the wall for Pierce to eventually walk in free agency. But Pierce outbattled Mitchell to be one of the Colts primary playmakers and an every-snap player in 2025. Mitchell was shipped off to the Jets as part of the Sauce Gardner deal, so he’s out of the equation.
My thoughts on Pierce are this. If Pittman is gone, Pierce will almost certainly be back. If they find ways to extend some key players like Pittman, Jonathan Taylor, and Quentin Nelson, they can actually free up cap space to keep Pierce. Then you can just continue with Pierce and Pittman on the outside and Josh Downs in the slot. If he leaves, Pierce will be a coveted free agent and could have even bigger upside for fantasy as a focal point somewhere.
Josh Downs
The spreadsheets love Josh Downs because of his efficiency. But part of that is because he’s a part-time player in his current capacity - the low sample size of primary pass downs boosts the numbers to some degree. In 2025, he was once again primarily used on 50-60% of the snaps, which caps his upside. If you are rooting for Downs in fantasy, you are rooting for Michael Pittman and/or Alec Pierce to be gone so that Downs can be used more like Wan’Dale Robinson was this year in both the slot and as a flanker.
Ashton Dulin
This staff likes Dulin. Classic depth guy who also plays special teams, including returning some kicks. In fact, he’s contributed on five different special teams units at various points. They have him on a cheap deal, so why not keep him around?
Laquon Treadwell
Treadwell pretty exclusively played special teams. And that didn’t include any return duties. He’s an unrestricted free agent and, if he is back, it would likely just be in that special teams role again.
Anthony Gould
Gould was basically the understudy for Josh Downs out of the slot. So, in the one game that Downs missed, he played 65% of the snaps. In the other games, he didn’t crack 7 offensive snaps. He, too, plays some special teams, and he’s on a rookie deal through 2027, so he’ll likely be back in that role.
D.J. Montgomery
Montgomery has mostly bounced around the practice squad, rarely seeing game action. He missed the whole 2025 season after being put on IR in August. He’s a restricted free agent, but they aren’t going to tender him, so he’ll be angling for a veteran minimum contract if he wants to be back.
- Reserves/Futures: Coleman Owen, Eli Pancol
COLTS WR FREE AGENCY TAKE: The Colts could free up cap space via restructure/extension and bring back both Daniel Jones and Alec Pierce. If they do that, they don’t need to do much. They could also release Michael Pittman and let Pierce walk. The range of outcomes for this WR group is pretty drastic.
Let’s say at least one of Pittman or Pierce is gone. Josh Downs is primarily a slot guy, so they’d likely need a big body on the outside. If they became available, they could pay up for the likes of George Pickens or Mike Evans, but there are some discount options out there as well.
- POSSIBLE FREE AGENT OPTIONS: George Pickens, Mike Evans, Alec Pierce, Romeo Doubs, DeAndre Hopkins, Tim Patrick, Olamide Zaccheaus
Colts Tight End Depth Chart
Tyler Warren
The Colts hit on a good one here. Tyler Warren has the size and ability to play as a “two-way” inline tight end. He can also line up at WR. He can also line up at gadget QB, being a converted QB himself. Tight ends can take time to develop but he was contributing right from the jump.
In dynasty, you have to be happy to have a guy like this. The window for true fantasy greatness comes when he can be a locked-in top two target on the team. If the Colts enter the season without one of Michael Pittman or Alec Pierce, based on the discussions above, that would be great news for the upside of Warren. But he should have a solid floor either way.
Mo Alie-Cox
Big Mo served as the blocking tight end for the Colts once again in 2026. Tyler Warren is obviously the starter and pass-catcher, but they are going to need someone in this capacity in 2026. Alie-Cox is a free agent, so they’d need to work something out to bring him back.
Andrew Ogletree
Drew Ogletree worked mostly in a blocking capacity along with Mo Alie-Cox. He suffered a neck injury that held him out during the last few games, but it is not believed to be serious. He’s also an unrestricted free agent.
Will Mallory
Will Mallory was inactive for the vast majority of the season. He can be released with very little dead cap and would be surprised to see him back for 2026.
- Reserves/Futures: Sean McKeon
COLTS TE FREE AGENCY TAKE: The Colts spent up at tight end on Tyler Warren, so the starter is settled. They need help in a blocking capacity. They could just bring back Mo Alie-Cox and/or Andrew Olgetree, but here are some names as blockers. We’ll also include a couple of pure pass-catching names in case they want to add someone for depth, in case Warren goes down.
- POSSIBLE FREE AGENT OPTIONS: Blocking - Mo Alie-Cox, Andrew Ogletree, Adam Trautman, Foster Moreau, Austin Hooper, Charlie Kolar. Pass-Catching: Greg Dulcich, Kylen Granson, Anthony Firkser, Stone Smartt
Dynasty Fantasy Football Rankings
Become a Fantasy Alarm Member today to access our full Dynasty Fantasy Football Rankings along with our buy, hold, or sell recommendations!
Player News
{{item.text}}
{{analysis.analysis}}