NFL free agency started in a big way on Monday, with the Colts re-signing wide receiver Alec Pierce just moments after noon ET.

The deal sent shock waves through the league. Pierce had 47 catches for 1,003 yards last season for the Colts, both of which are career highs. That got him $116 million over four years, with a reported $60 million of that guaranteed. It’s essentially a two-year contract for the Colts, and if it goes well, Pierce will likely see the deal through all four years if the salary cap continues to increase.

In recent years, an annual salary of $30 million became the barometer for the best receivers in the NFL. The elite players got even more, with Ja’Marr Chase getting more than $40 million annually from the Bengals last offseason.

Pierce came up just shy of that, but his production pales in comparison to top receivers who now make less than him. For reference, Pierce is set to make more money than Tee Higgins, Jaylen Waddle, DeVonta Smith, Nico Collins and former teammate Michael Pittman Jr., who was traded to the Steelers on Monday.

[2026 NFL Free Agency: The Top 100 Players Available and Potential Fits]

Pittman being traded to Pittsburgh means Pierce’s role will likely increase in the Colts’ offense next season. Quarterback Daniel Jones was given the transition tag, while the star of the show will still be running back Jonathan Taylor.

As of Monday, March 9, at 2:30 p.m. ET, here are the highest annual salaries among NFL wide receivers, including Pierce’s reported contract with the Colts (data courtesy of Over the Cap):

PlayerAnnual Avg.Total ValueJa’Marr Chase$40.25 million$161 millionJustin Jefferson$35 million$140 millionCeeDee Lamb$34 million$136 millionDK Metcalf$33 million$132 millionGarrett Wilson$32.5 million$130 millionA.J. Brown$32 million$96 millionAmon-Ra St. Brown$30 million$120 millionBrandon Aiyuk$30 million$120 millionAlec Pierce$29 million$116 millionTerry McLaurin$29 million$87 millionTee Higgins$28.75 million$115 millionJaylen Waddle$28.25 million$84.75 millionD.J. Moore$27.5 million$110 millionGeorge Pickens$27.3 million$27.3 millionJameson Williams$26.7 million$80 millionDeVonta Smith$25 million$75 millionNico Collins$24.25 million$72.75 millionMichael Pittman Jr.$23.3 million$70 millionCourtland Sutton$23 million$92 millionCalvin Ridley$23 million$92 million