Horseshoe Huddle

Colts Playmaker Due for Major Salary Upgrade

The Indianapolis Colts will have to pay one of their best receivers soon.

Sean Ackerman

Dec 22, 2024; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Josh Downs (1) rushes for a touchdown during a game against the Tennessee Titans at Lucas Oil Stadium.
Dec 22, 2024; Indianapolis, Indiana, USA; Indianapolis Colts wide receiver Josh Downs (1) rushes for a touchdown during a game against the Tennessee Titans at Lucas Oil Stadium. / Grace Hollars/USA Today Network via Imagn Images
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The Indianapolis Colts were the only team in the NFL last season to have three separate wide receivers cross the 800-yard mark.

Michael Pittman Jr., Alec Pierce, and Josh Downs were the names responsible for carrying the Colts' passing game in 2024, especially with a lackluster tight end room. Indianapolis struggled to piece together a consistent offense, but these three gave it their best go.

Pittman, the oldest of the bunch, caught 69 passes for 808 yards and three touchdowns. Pierce, who finished his third year with the team, had a career-high 824 yards and seven touchdowns. Downs, the youngest, hauled in a team-high 72 catches for 803 yards and five touchdowns.

Looking at their contracts, Pittman has already been paid. Pierce and Downs, however, have not signed any extensions. Bleacher Report analyst Brad Gagnon feels that Downs is the Colts' most underpaid player, but really, it's a tie between Pierce and Downs.

"This is really a tie between Downs and his fellow receiver Alec Pierce," wrote Gagnon. "Both have shown promise under rookie contracts and should be key contributors moving forward, but Downs has become a slightly more central figure in the offense and is under contract for the next two years at $3.0 million total (versus Pierce, who is entering a $3.9 million contract year)."

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Pierce earns more than Downs due to a higher-overall draft selection. Pierce was selected 53rd overall in the second round of the 2022 draft while Downs was chosen 79th overall in the third round of the 2023 draft.

Downs is set to earn $1.5 million in both of the next two seasons, but is beyond deserving of an extension. He's stimulated the Colts' short-yardage passing game while proving he can be a threat down the seams.

After the wide receiver contract market was blown up by Cincinnati Bengals receivers Ja'Marr Chase and Tee Higgins, who knows what any extension would look like for Downs. If he has another consistent year and reaches the 1000-yard mark, Downs could be looking at a deal worth around $25 million annually.

There's no way to predict what Colts general manager Chris Ballard is willing to give up to keep Downs on the roster, but it would need to be a hefty amount. If the Colts want to keep Pierce, too, then there's some sticky contract talks ahead for Ballard.

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Sean Ackerman
SEAN ACKERMAN

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