The Colts re-signed Alec Pierce to a four-year deal worth $116 million as soon as the legal tampering period began on Monday, opening the door for the Steelers to trade for Michael Pittman Jr. shortly thereafter. Pittman will team up with DK Metcalf to form a competent WR duo in Pittsburgh, while Indianapolis hands the keys to Pierce as their WR1.
MICHAEL PITTMAN JR.
- Pittman is 28 years old (29 in October) and coming off back-to-back disappointing seasons, although his 2024 performance can be excused by a reportedly painful low back fracture that he fought through all year. Still, he averaged only 46.1 yards per game in 2025, his lowest output since his rookie campaign, and averaged just 7.1 yards per target. His 9.8 yards per reception was the second-lowest mark of his career. He still earned 0.22 targets per route run, but his 1.58 yards per route run is nothing to write home about. Pittman did score a career-high seven touchdowns but was largely underwhelming in 2025.
- The Steelers needed WR help with an incredibly thin room after Metcalf, and Pittman should immediately step in as the WR2. At this point, Pittman mostly is what he is: a volume-dependent, low-efficiency-per-catch WR. We still don’t know who will start at quarterback for Pittsburgh, either. Pittman will project for solid volume, but he’s pretty uninspiring as a fantasy option given his capped ceiling.
COLTS PASS CATCHERS
- Honestly, the fallout for Colts pass catchers today is far more interesting than what to do with Pittman and his new Steeler teammates. Pierce got $29 million APY after leading the league in yards per reception in consecutive years and will presumably step into a larger role, both because Pittman is gone now and because Indianapolis now has a monster investment in him. Pierce had 28 targets at least 20 yards down the field last year (via PFF) compared to only 14 under 10 yards. The Colts will likely make him more multi-dimensional in 2026.
- Pierce’s seasonal numbers are also dragged down by the end of the season when Philip Rivers took over as the QB. Rivers was an abysmal fit with Pierce’s skill set, as he physically couldn’t throw the ball deep enough to connect with Pierce, but Pierce averaged a healthy 0.20 TPRR and 17% target share with Daniel Jones under center. Jones’ future is still in question after the Colts put the transition tag on him, but the most likely outcome is still that he returns to Indianapolis. Assuming that’s the case, Jones’ recovery is one to watch after a midseason Achilles tear, but he currently looks like he has a good chance to play in Week 1. That would be a boon for Pierce’s value.
- With that being said, Josh Downs and Tyler Warren will also take on larger roles underneath. Pittman’s average depth of target was 8.2 yards last year, and he had 68 targets under 10 yards. Downs (7.2-yard aDOT) and Warren (5.4) should consolidate that volume, and Warren quietly led the Colts in target share as a rookie.
- Considering Downs is strictly a slot receiver, the Colts may not be done at the position. Ashton Dulin is currently their second outside WR after Pierce. Expect an addition in free agency or the draft.
STEELERS PASS CATCHERS
- This is additional target competition for Metcalf, but it was extremely clear that Pittsburgh was going to add at WR this offseason since they previously had nothing after Metcalf. All in all, this shouldn’t have a major impact on Metcalf, and who ends up at quarterback for the Steelers is the far more pressing question for his value.
