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The last true free agent domino has fallen with wide receiver Keenan Allen signing with the Indianapolis Colts on a one-year, $8.32 million deal. Unless there is some sort of big surprise like a miraculous Tyreek Hill recovery, he’s the last true potential fantasy football difference-maker on the market.
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BREAKING – WR Keenan Allen is signing a 1-year, 8.32M deal with the Colts, per @Schultz_Reportpic.twitter.com/4DhAIStk5k
– SleeperNFL (@SleeperNFL) August 18, 2026
This signing is interesting for a number of reasons and could significantly impact both the ADP and fantasy production of quite a few players. It will be interesting to see how this plays out in drafts and once the season kicks off.
Fantasy Impact
WR Keenan Allen, Indianapolis Colts
Obviously being on a team rather than not being on a team is a big improvement for Allen’s fantasy value, and this could be a great landing spot. At the very least, he should be the WR3 with the team projected to have Ashton Dulin starting before this signing. This was one of the few places he could land and be locked in to a significant role immediately.
We have not updated our rankings because he just signed literally minutes ago, but he should be viewed as a solid rotational flex option. Last season, he still commanded 122 targets, catching 81 of them for 777 yards and four touchdowns. Don’t overreact to this signing, but also don’t ignore it.
WR Alec Pierce, Indianapolis Colts
This could imply that Pierce’s ankle injury could be more serious than fantasy owners are hoping, and it could even linger into the season. While, if healthy, we don’t expect Allen to have a significant impact on Pierce based on their roles in the offense, this could be viewed as a red flag when it comes to Pierce’s health.
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WR Josh Downs, Indianapolis Colts
We said when everyone is healthy that we don’t expect Allen to impact Pierce too much, but he could definitely impact Downs. Last season, we saw the negative effect that Allen had on Ladd McConkey’s fantasy value, and this is a very similar situation. If you are a Downs owner, you should not be happy with this turn of events. It’s not time to panic, but it’s essentially the worst-case scenario.
WR Ladd McConkey, Los Angeles Chargers
There were a lot of people assuming that Allen would at some point sign a deal to return to the Chargers before the start of the season. Now that his presence is not looming, it gives McConkey a much higher floor. Allen stole a ton of targets from McConkey last season, but his fantasy owners can breathe a sigh of relief knowing that will not be the case in 2026.
More Fantasy Sports On SI News
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- Alec Pierce Injury Remains a Question Mark: Fantasy Football Impact
- When to Draft Kickers and D/ST in Fantasy Football
This article was originally published on www.si.com/onsi/fantasy as Keenan Allen Joins The Colts, Driving Up Ladd McConkey’s Fantasy Football Value And Damaging An Indy Sleeper.
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This story was originally published August 17, 2026 at 8:12 PM.