The longer the Atlanta Falcons take to extend Drake London, the more expensive his price tag will get. It's a very obvious rule of thumb in the modern NFL, but the Falcons are going to have to wait and see what kind of deal Indianapolis Colts' star wide receiver Alec Pierce receives this free agency.
Sports Illustrated's Albert Breer reported that he expects Pierce to make between $28 million and $30 million annually on a new deal in free agency, which backed up Jeremy Fowler's report from yesterday. And if that's the money he ends up making, he is going to tear the WR market to shreds.
If Pierce lands $30 million a year, what's London going to ask for? There's a chance that this pushes his price tag closer to the $35 million range, and given how negotiations have done so far between London's camp and Ian Cunningham, that doesn't seem like a price Atlanta should be willing to pay.
UPDATE: Pierce has signed a four-year $116 million deal (29M AAV) to return to Indianapolis
Alec Pierce's free agent contract will play a key role in the Falcons' extension talks with Drake London
Pierce is the most coveted receiver available in free agency, but he's also capitalizing on the sheer demand for wideouts this offseason. The 25-year-old barely surpassed 1,000 receiving yards in 2025 but did so on just 47 receptions, so any team paying him this elite WR1-type money is a big gamble.
Whatever way you slice it, there is no world where the Cincinnati product is worth more money than London. One of them has consistently been one of the top wideouts in the NFL since being drafted in 2022, while the other has broken out across the last two seasons and is about to fool everybody.
Let's make it clear: Pierce isn't a bad player, he just doesn't deserve this sort of money. Only 10 receivers make over $30 million a year, and his fellow 2022 draftee has earned that price tag a lot more, but he doesn't have the luxury of being a free agent when most contenders need WR help.
Now that Darnell Mooney has been cut, the USC product is the lone established product in Atlanta's receiver room, which should make the idea of paying him easier. They also need to extend Kyle Pitts and Bijan Robinson, but we saw how much the passing game faltered during the month he was hurt.
London is also Michael Penix Jr.'s favorite target, so there's every reason for Atlanta to extend him. The only hurdle is price tag, which both Pierce and George Pickens could have an affect on. He knows what he's worth, which is fair, but waiting to extend him until Pierce signs is textbook incompetence.