Colts currently have NFL’s 5th most salary cap space ahead of 2024 offseason

The Colts are once again poised with a lot of potential available team salary cap space, but with some key free agents to also re-sign.

According to PFF, the Indianapolis Colts currently have the NFL’s 5th most available team salary cap space with a projected $62.8M of ‘wiggle room.’

That being said, a good majority of that could be eaten up with potential long-term contract extensions of key pending free agents including wideout Michael Pittman Jr., cornerback Kenny Moore II, defensive tackle Grover Stewart, and safety Julian Blackmon among others.

However, the Colts are the beneficiaries right now of having starting quarterback Anthony Richardson on a rookie contract for potentially four more seasons, meaning it may be time to take greater advantage of it and be a little more aggressive in free agency.

Something that Colts general manager Chris Ballard has already mentioned this offseason during his end-of-year press conference:

(Not to mention, the Colts have a team owner, Jim Irsay, who recently had a health scare and wants to win.)

While Ballard has been historically frugal in free agency, preferring to sign the ‘Tier 2’ or ‘Tier 3’ free agents—and quite a few on shorter-term deals, rather than overpaying the top guys each free agency cycle, he did open up his iron wallet a little further last offseason.

Specifically, the Colts inked starting defensive end Samson Ebukam to a 3-year, $24M deal, and also made Matt Gay the highest paid kicker in NFL history last free agency.

No, the Colts won’t be confused with the MLB’s Los Angeles Dodgers anytime soon, but it’s a start, right?

Right?

The important thing is that the Colts have a great deal of salary cap flexibility, it’s just a matter of how and the true extent they choose to actually use it during the 2024 offseason.