Missing: $114 Million Man. If found, report to Indianapolis Colts head coach Shane Steichen.

Colts wide receiver Alec Pierce has not practiced this summer since signing a four-year, $114 million deal this offseason. After inking his massive extension, Pierce underwent surgery on his left ankle to address a lingering injury he said he had been dealing with since 2024.

After the surgery, he missed team workouts in the spring at OTAs and minicamp. In June, Pierce told reporters that recovery from the procedure generally takes 4-to-6 months and that it could keep him out of training camp and into the preseason.

Before the start of training camp, the Colts placed Pierce on the Physically Unable to Perform (PUP) list. On July 28, Colts general manager Chris Ballard said that Pierce was “a week or two” away from returning to practice. But the two-week mark since those comments is approaching, and Indianapolis has not given any indication that Pierce will be ready to go by its preseason opener on Aug. 13.

Here’s what we know:

Alec Pierce injury update

The adage “no news is good news” generally does not apply to NFL injury updates, and Pierce’s situation is no exception.

On Aug. 6, Steichen told reporters that he and the Colts did not have an updated timeline on when Pierce might make his practice debut after his March ankle surgery.

“Not right now,” Steichen said. “His rehab’s going great, I’ll say that. I don’t have the timetable on his return, but he’s doing a hell of a job in his rehab process.”

Pierce missed training camp practice again on Aug. 9. Colts wide receivers coach Reggie Wayne told reporters that Pierce was still in good spirits despite continuing to miss time, which he sees as a positive indication of the young wideout’s recovery.

“We just got done talking to him about his rehab and where he is,” Wayne said. “I’m excited for him, man. He’s upbeat, so if he’s upbeat, then that means he’s where he wants to be. Where he needs to be. Obviously, we know what he means to our (receivers) room.

“I just want him whenever he’s 100%. I don’t want him at 85, I don’t want him 80 – I need him 100. However long that takes, it is what it is.”

Alec Pierce stats

Pierce earned his paycheck by becoming one of the league’s preeminent downfield receiving threats over his first four seasons in the league. The Colts liked his production enough to sign him to a massive extension to keep the wideout from hitting free agency this past March.

Here’s how his career looks by the numbers so far:

• Targets: 296
• Receptions: 157
• Receiving yards: 2,934
• Yards per catch: 18.7
• Receiving touchdowns: 17

Pierce led the NFL in yards per catch in 2024 (22.3) and in 2025 (21.3). His 47 catches and 1,003 yards in 2025 were both career-high marks for the Cincinnati product in his fourth season.