Hey there Colts’ fans! Here are my thoughts on the Colts early offseason moves during the first few weeks of free agency.

OVERALL: The Colts landed two big fish internally that they needed to have, but have done so with significant risk in each signing. They have committed to revamping their defense, especially the defensive line. Some of their choices indicate a confidence in some young players to step up, on the offensive line especially. They also created some glaring holes, but have done so at some of the deepest and best positions available in this year’s draft – perhaps tipping off their draft plans. But they absolutely failed to land a true difference maker in free agency thus far, rendering their team even more "meh" than it was before, talent-wise. Without first round picks in the next two drafts (from the CB Sauce Gardner trade), they really can’t afford to be without rostered impact players since their chances of landing one in the draft are reduced. The division really got stronger, so just blandly adding depth is actually a step back without splash players. In addition, while many of their losses could be justified at the prices paid by other teams, there are far more holes on this roster and in this starting lineup than there were at the end of last season. For example, the positions of depth included O-line and receiver ion 2025 but now both of those rooms look thin now.

BIG DEALS: Obviously, the two most important offseason questions were what to do with QB Daniel Jones and WR Alec Pierce. After a few days sitting under the applied transition tag, the team ultimately signed Jones to a two-year $88 million dollar deal. The deal actually could be worth up to $100 million with incentives if he really works out, and around $50 million of it is fully guaranteed. This is the largest 2-year contract in NFL history with a big cap number, which seems like a big deal for a guy coming off a late-season Achilles tear with no guarantee of being available for the opener. Jones said he will be ready for game 1, but that is not as certain as he has stated and even if he is active…will he be as mobile as he was in 2025? With only relatively unproven QB Riley Leonard likely to be available if Jones is delayed, this isa risk, but perhaps a necessary one. I might have considered just letting him play under the transition tag, but they are committing to him for at least through the 2027 season.

Then of course, there was the huge 4-year, $114 million deal ($84 million guaranteed) to make Pierce their new #1 receiver and place him in the top 10 league-wide contractually. He has never had a 50-catch season, and his 1003 yards in 2025 is his career high. They basically had to do it, but this will cost them some more of their roster to keep this blossoming young player. It’s a big bet on his continued ascent into being a more complete receiver, a move that is not without risk for a general manager who may have to hit on all his decisions in the short term to save his job. I like the move overall, and think it was unfortunately the price they were going to have to pay to keep him with a lot of other teams interested.

RE-SIGNED: Here are the other free agents that have re-signed with the team this offseason

OT Luke Tenuta – key depth piece for a line in transition

WR Laquon Treadwell – depth signing to help address loss of Pittman (meh)

TE Mo Alie-Cox – depth signing behind rising star, and a better blocking tight end. A little surprising, but his veteran leadership is needed

TE Drew Ogletree – depth signing behind rising star, primarily as a blocker but also as an underrated and versatile special teams contributor

CB Cameron Mitchell – young vet who had a little success as a Colt in 8 games after early career struggles. This is a bet on his play as a Colt in 2025 being his real norm.

K Blake Grupe –an extension at $1.4 million for a young kicker that stabilized the position last year. A solid move

SIGNED: The Colts have signed a lot of bodies but perhaps might not have signed a single impact player. Their primary signings have been to shore up and redesign the defensive line

WR Nick Westbrook-Ikhine – a necessary signing for receiver depth, especially as a red zone target to replace Pittman, bringing the Indiana Hoosier home

DE Michael Clemons – (3yr, $17 million) – a rotational player at a starter price. Tyquan Lewis clone, but without the proven locker room presence

DEArden Key – (2yr, $16 million) – a rotational player at a starter price. Ugh.

DT Derrick Nnadi (1yr, $1.5 million) – backup; just insurance for Buckner and Stewart

DT Jerry Tillery (1yr, $1.5 million) – durable backup; rotational player, former 1^st round pick

LB Akeem Davis-Gaither (1yr, undisclosed) had a lot of tackles last year as a Cardinal. His familiarity with Anarumo’s scheme and vacancies in Indy should let him see starter’s snaps

S Jonathan Owens - (1yr, $1.4 million)Veteran with lots of snaps and lots of special teams experience also, a replacement for Rodney Thomas

S Juanyeh Thomas - (1yr, $1.3 million) cheaper possible starter to replace Cross; a lot of untapped potential, but some recent injury concerns

CB Cam Taylor-Britt (1yr, undisclosed) – another guy with Anarumo familiarity from time in Cincinnati. Inconsistent and had some off-field issues, but very talented in coverage. Good risk.

LOST: The Colts have lost a lot of starting slots and skill via free agency this year, and look likely to lose others as well.

OT Braden Smith – (HOU, 2 yr, $20 million) a proven guy at a key position, but his injury history and age made this a steep price. They are very comfortable with massive 2^nd year guy OT Jalen Travis taking over as he did late in 2025

DL Neville Gallimore (CHI, 2yr, $10 million) – loss of a rotational player; the Bears overpaid

LB -Kwity Paye (LV, 3yr, $48 million) – way too much to pay for a player that has not lived up to his 1^st round draft capital. Good pass by the Colts.

LB Samson Ebukam–(ATL, 1 yr, $2.8 million) They paid more for Key to do the same thing?

LB Segun Olubi – (LV, 1 yr, $1.1 million) with the lack of experience here at linebacker and his special teams value, this is one that the Colts should have paid for

S Nick Cross – (WAS, 2 yr, $13 million) – loss of a key starter at a league-standard price for a playmaking safety. With $$ tied up in the secondary, this was a tough choice that had to be made, but that they might regret some day

S Rodney Thomas (SEA, 1 yr, $1.4 million)– loss of a versatile piece and special teams player at a cheap price for a dependable safety

TRADED: After signing Pierce to that huge deal, it was a foregone conclusion that the team would be moving on from WR Michael Pittman. I am not surprised that they traded him – I actually thought they might just release him – but I was surprised at the miniscule return for a player of his caliber. Yes, he was in the final year of a contract extension that was vastly overpaying him for providing stability but minimal threat on the field…but they only got a move up from round 7 to round 6 – not even an additional pick or anything. His veteran leadership and possession role was surely capable of garnering more than that. The Steelers then inked him to a three-year extension lowering his 2026 cap hit from $29 million to under $9 million. Why didn’t the Colts simply do that?

Also traded was leading tackler LB Zaire Franklin, going to the Packers for DL Colby Wooden meaning that the Colts have moved on from a guy that was a 2024 Pro Bowler, and the 6-time captain and outspoken leader of the team. The Packers then also reworked and extended his deal. Maybe the Colts see something in Wooden that has yet to show up on film or in the stat sheets, but I don’t see what they did to improve the team with this move. Without any clear replacement on the roster for his leadership and tackling, this is a bit of a head-scratching move unless there was something brewing off the radar in the locker room.

And stay tuned….QB Anthony Richardson is exploring trade partners through his agent, but no one has shown a lot of interest yet. I am not sure what draft capital they could recover for him, but it certainly won’t make up for what they spent, nor recoup the first rounders lost in the Gardner deal. With Jones questionable Achilles health, one could make a cogent case for holding on to him for the start of the season, but it appears as if his tenure in Indy is over and will go down as a failed experiment – derailed significantly by injury as well as some questionable early-career work ethic.

STILL UNSIGNED: There are 13 unsigned guys from last year’s roster, but only a handful could or should be resigned – and most will be at minimum salaries.

OC Danny Pinter – valuable and versatile, he should be brought back

RB Ameer Abdullah, RB Salvon Ahmed and RB Tyler Goodson – any one of them could be brought back as a #3 option and for special teams value, but all will not be back. Ahmed never really got the chance last year after signing, so he might get the first look.

WR DJ Montgomery – the Colts need depth, but this guy isn’t it.

DL Chris Wormley, DL Eric Johnson and DL Tyquan Lewis – the other signings likely exclude the first two guys. Lewis’s locker room value could be brought back at a discount if he wants to, but Clemons (on the field) looks to be a replacement for him also.

LB Germaine Pratt – a high-priority re-signing, in my opinion. He was super down the stretch last year and there is a dearth of talent and experience at the position on this team.

LB Buddy Johnson and LB Jacob Phillips – Phillips maybe, Johnson…no

CB Chris Lammons – signings of Taylor-Britt and Mitchell likely leave him on the outside looking in, but he may find his way to practice squad

S George Odum – special teams ace felt insulted by offer last year, so he may look elsewhere unless they really pony up some money this year. They need him, but likely won’t get him

There is a lot of activity defined there. A lot. A free agency full of sound and fury, but signifying nothing. If anything, the team got demonstrably weaker since the end of last season. This is looking like the very real possibility of yet another season missing the playoffs and the earning of a high draft pick – which will belong to the Jets instead. Ugh. I will be back again next month to preview what I think the Colts will do in the 2026 NFL draft. Until then…enjoy your spring breaks!

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