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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.

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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:

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Football is back! See NFL players in action at training camp

New England Patriots quarterback Behren Morton (15) does a passing drill with running back Jam Miller (30) during training camp at Gillette Stadium on July 28.

(Eric Canha, IMAGN IMAGES via Reuters Connect)

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

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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.”

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