When the Indianapolis Colts signed wide receiver Alec Pierce to a four-year, $114 million contract this offseason, they clearly expected him to perform like a true No. 1 receiver.That might come to fruition eventually, but Pierces ankle rehab will keep him sidelined for the start of training camp and it has prevented him from taking the field so far this entire offseason.The Colts placed Pierce on the physically unable to perform list on Monday, with training camp practices slated to open on Wednesday. Head coach Shane Steichen said Pierce will return eventually, and the team will have a ramp-up plan in place when hes cleared.Is there cause for concern? Lets dive into the details of Pierces situation.Best- and worst-case scenarios for Alec Pierce landing on PUP listPierce underwent ankle surgery in late March after signing the extension and was facing 4-6 months of rehab time then. Were at the four-month mark now, and Pierce remains shelved. Thats the bad news.The good news is that he can come off anytime, and as soon as Pierce does, he can practice right away. More than anything, the PUP list is a procedural safety net to protect teams in case some injuries take longer to heal.But if Pierces recovery time stretches out closer to the six-month range, hed be returning sometime around Week 3. The Colts play the Ravens, Chiefs and Texans three AFC heavyweights the first three games of the season. They need him out there, especially after letting Michael Pittman Jr. walk this offseason and with last years collapse still leaving a bad aftertaste.Right now, theres no indication that Pierce is going to miss regular-season time. But he also needs the proper runway heading into the season. The Colts might opt to hold him out of preseason action, but in a perfect world (or as close to perfection as is possible now), theyll want to get their WR1 ample practice reps to get up to full speed by Week 1.The Colts are already holding their breath at quarterback, where Daniel Jones is returning from an Achilles injury he suffered less than eight months ago. Jones has proclaimed himself ready to go, no holds barred, for the start of camp. Thats great news. But thats also a very speedy rehab period, even these days.The Colts have a diverse offense, but thats with a healthy Jones and a healthy Pierce. Without Pierce, the firepower changes dramatically, even as he hasnt been a high-volume receiver to this point. Josh Downs is a solid option, and TE Tyler Warren figures to have an even bigger role in Year 2, but Pierces vertical speed is what helped make this Colts offense at its best what it was in 2025.More is expected in 2026 after the Colts made Pierce the 13th-highest-paid receiver in the league. He has led the NFL in yards per reception in each of the past two seasons, but hes also only 52nd in receptions, 21st in receiving yards and 17th in receiving TDs, among wideouts. Pierce was targeted only 84 times last season and has averaged 74 over his four seasons; that number almost has to be over 100 if Pierce can play a full season.The panic level is low now, but with each day and week missed, it rises just a bit more.Revisiting Pierces ankle surgery, which was Plan BOne thing that stands out with Pierces ankle surgery was the timing. He waited until late March, a few weeks after re-signing, before going forward with it. Pierce said this offseason he felt that the surgery was unavoidable after previously attempting platelet-rich plasma treatment in January, which didnt have the desired effect.Pierces doctors wanted him to give the PRP treatment ample time, six to eight weeks, to take effect. But it never did. After not seeing results, he went under the knife. Thats one reason why Pierce is set to miss the start of camp.The injury is a chronic one that Pierce said dates back to the 2024 season. It got progressively worse as the 2025 season wore on, even if Pierces production didnt see a noticeable dip and in fact, his TD rate went way up, with all six of his TDs coming in Week 8 and after. He had two two-TD outings in that span, too, in Weeks 16 and 18.But Pierce also had a few duds: one-catch outings in road losses to the Chiefs and Seahawks and a goose egg in a loss to the Jaguars right after the Colts were eliminated from the playoffs. Was it the ankle? Pierce was forced to skip some practices and really manage his workload. Then again, one of the knocks on Pierce has been inconsistent production, failing to watch five or more passes in consecutive games in his 64-game career.The dream scenario is obviously that the surgery did the desired job, Pierce will be cleared to play early in camp and he can ramp his way back to full strength well in advance of Week 1. If so, the Colts might truly have a game breaker whos in line for a higher rate of production. But if there are hangups in his rehab, or the injury doesnt fully clear, it changes the Colts picture significantly.