The Dallas Cowboys are acting with aggression to start NFL free agency, striking a trade with the Green Bay Packers (shocking, right?) for pass rusher Rashan Gary.
Unfortunately, there is virtually zero chance they will extend George Pickens during the signing frenzy. The saga could drag out potentially until training camp after the Cowboys placed the non-exclusive franchise tag on him.
Applying the non-exclusive tag can help gauge Pickens' market, as he is free to negotiate with other teams and even sign an offer sheet.
Well, the Indianapolis Colts just accomplished that by re-signing wide receiver Alec Pierce on a four-year, $116 million contract. That's an average annual value of $29 million, and makes Pierce the highest-paid free agent wide receiver in NFL history.
Alec Pierce's contract makes George Pickens that much harder for the Dallas Cowboys
Pickens set a gaudy price for himself with his play in 2025, setting career-highs across the board and ultimately being named a second-team All-Pro. He was one of the five best receivers in the league, and Dallas' passing attack didn't skip a beat while CeeDee Lamb nursed a high-ankle sprain.
Pickens all but guaranteed himself $30 million per year, regardless of what Pierce signed for, but the Cowboys' star can now use Pierce's contract as leverage for more money.
Let's compare their careers, shall we?
George Pickens | Alec Pierce |
|---|---|
267 catches | 157 catches |
4,270 receiving yards | 2,934 receiving yards |
21 touchdowns | 17 touchdowns |
65.7 yards per game | 45.8 yards per game |
Pickens and Pierce were both second-round picks in 2022. The discrepancy in production isn't a matter of Pickens having an extra year of experience. Pierce has still yet to catch more than 50 passes in a season, and 2025 marked his first year with more than 800 receiving yards.
No matter how you slice it, Pickens is the better player. And yet, Pierce is now set to make more than him next season, as Pickens will earn $27.298 million on the non-exclusive tag.
Pickens might be more inclined to bet on himself now, as a $35-40 million payday could be in his future in 2027 if he has another strong season. Whatever the case, Pierce's shocking new contract just made it that much harder for Dallas to sign their guy this offseason.