Refresh to keep up with all the Colts’ moves. Here’s the latest on their offseason:
According to OverTheCap.com, the Colts have spent $132 million on two free agency picks, the sixth-most spending for two players in the NFL. The average of $18.5 million per year for Alec Pierce and Arden Key is the most ever in free agency.
Former Colts starter still available in free agency
The Colts made some major moves on Monday – notably signing budding star receiver Alec Pierce to a four-year, $116 million deal – but there’s still a lot of work to do. Of the team’s nearly two-dozen free agents who remain on the market, the franchise has three players who started the majority of this past season still available in offensive tackle Braden Smith, linebacker Jermaine Pratt and safety Nick Cross.
There is no guarantee of refund.
Smith, a second-round pick since 2018, has played his entire eight-year career in Indianapolis, but ended 2025 on IR for the final four-plus games with a concussion and a neck injury. Ballard called Smith “one of the most underappreciated tackles in the NFL” at the combine last month, but he largely avoided asking whether he thought the 29-year-old who took over the starting role as a rookie could return. The Athletic ranked Smith as the 19th best free agent in its league-wide breakdown – third best among available offensive tackles.
Ballard was also asked about Cross at the combine, and the Colts GM hinted that Indianapolis could be out of the market for the 24-year-old after Cross developed into an impact starter over the past two seasons as he was taken by the Colts in the third round in 2022. Pratt, whom the Colts selected in midseason to fill a desperate need at linebacker, also could land elsewhere after fellow 29-year-old Zaire Franklin. A starter at the sophomore level last season, he was dealt to the Packers over the weekend. Ballard has made no secret of the Colts’ plan to be “young and fast” in the front-seven and avoiding prospects in next month’s draft in favor of younger players or already on the roster are reasonable expectations.
In addition to those three, several other notable names from the Colts’ 2025 roster are available to sign for Indianapolis or outside teams, including rotational defensive ends Samson Ebukam and Tyquan Lewis, tight end Mo Ali-Cox, running back Ameer Abdullah and others.
There are few top pass rushers left; Colts’ position of need
Pass rush is the Colts’ biggest need and they have signed rotational piece Arden Key. But other top targets were signed immediately on Monday, including: Odafe Oweh to the Commanders, the return of Khalil Mack to the Chargers, Boye Mafe in Cincinnati and the signing of Jaylen Phillips with the Carolina Panthers.
Trey Hendrickson, considered the Colts’ top target, remains on the market, as does Bradley Chubb.
Hendrickson led the NFL with 17.5 sacks in 2024, which is equal to his total in 2023. He slipped to 4 sacks in 7 games last season due to injuries, but is one of the most coveted pass rushers on the market. Chubb missed all of 2024 due to a torn ACL, but returned last season to make 8.5 sacks for the Dolphins with 20 quarterback hits in 29 starts.
ESPN’s Adam Schefter said Hendrickson believes he deserves a contract comparable to Phillips ($30 million per year) and Danielle Hunter ($40 million per year extension with Houston), but has received no such offer.
“Sometimes it takes a little time for a player to understand how the market works,” Schefter said. “Just because Danielle Hunter gets $40 million, you don’t get $40 million. Just because Jaylen Phillips gets $30 million, doesn’t mean you get $30 million. Nobody’s got his price. He wants to get his price.”
Schefter said several teams have talked to Hendrickson but did not disclose any of them by name.
Latest on Daniel Jones
The urgency of Daniel Jones’ resignation was reduced by Alec Pierce’s return to his record contract. The Colts used the transition tag on Jones, which comes with a fully guaranteed $37.833 million contract. Other teams can make offers to Jones but the Colts have the right to match any contract. The Colts and Jones will also negotiate but if they cannot agree, Jones will play on the transition tag.
SI’s Albert Breer reported that there is a “huge gap” between what the Colts are offering Jones and his expectations. The Colts’ offer was around $100.5 million over three years, the same deal Sam Darnold got last offseason, along with Jones’ $50 million per year deal.
Now the Colts can wait and see what the market is for Jones, who is recovering from an Achilles tendon tear that will keep him out at least until the start of training camp in July.
Joel A. Erickson and Nathan Brown cover the Colts All seasons. Get more coverage with IndyStarTV and the Colts Insider newsletter.
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