INDIANAPOLIS – The construction of the 2024 Indianapolis Colts began in earnest Tuesday when they affixed the restrictive non-exclusive franchise tag to their most significant free-agent-to-be.
The one-year, $21.8 million tag doesn’t absolutely guarantee Michael Pittman Jr. is back for a fifth season, but you’d go broke betting against it.
With that bit of business taken care of, general manager Chris Ballard and his personnel staff turn their attention to one of the more hyped, riskier blocks on the NFL calendar: free agency.
Players with four years experience and on expiring contracts become unrestricted free agents Wednesday at 4 p.m. As a precursor to the latest dash for cash by the top-end veterans, the NFL has instituted what’s been called a “legal tampering’’ window.
Beginning noon Monday and running through Wednesday’s start of the new league year, teams are allowed to negotiate with pending free agents from other teams. Contracts can be agreed upon but can’t be finalized until 4 p.m. Wednesday.
The Colts probably will remain selective shoppers, especially at the onset of free agency when Cost vs. Risk/Reward is most perilous. That’s been a core personnel principle for Ballard.
To provide the proper groundwork for what’s to come, consider the salary cap came in at $255.4 million, roughly $30 million higher than in 2023. After tagging Pittman, the Colts have approximately $49 million in cap space to work with, according to Overthecap.com.
The increased salary cap, Ballard admitted, “definitely gives you more room to work with. We’re in good shape, but I think it gave everybody a little bit more of a parachute.’’
Again, he’s never overly-giddy as free agency nears.
“Everybody gets excited for that week and stamps a future Super Bowl winner off of that,’’ Ballard said at the NFL Scouting Combine. “We’ll be as aggressive as we need to be where we think we need to be.’’
There are several areas that require attention, either via free agency or the draft. Perhaps both.
Even with Pittman getting the tag, another receiver is needed. A cornerback. A safety. A tight end. And Ballard isn’t likely to ignore the offensive and defensive lines.
It’s been reported the Colts are one of several teams with some level of interest in L’Jarius Sneed, the Kansas City Chiefs’ tagged cornerback.
Generally, Ballard has gotten bang for owner Jim Irsay’s bucks on the open market. That’s included Samson Ebukam, Matt Gay and Gardner Minshew II last offseason; Stephon Gilmore in 2022, Philip Rivers in ‘20, Justin Houston in ‘19, Denico Autry and Eric Ebron in ’18 and Jabaal Sheard in ’17.
Before looking elsewhere, Ballard will attempt to re-sign a handful of his own. Because that’s what he does. That’s another of his core principles: reward your own.
“It always is first,’’ Ballard said.
The Colts have 12 players who become unrestricted free agents Wednesday:
- Minshew.
- CB Kenny Moore II.
- DT Grover Stewart.
- S Julian Blackmon.
- P Rigoberto Sanchez.
- DL Tyquan Lewis.
- RB Zack Moss.
- OL Danny Pinter.
- WR Isaiah McKenzie.
- DE Jake Martin.
- DT Taven Bryan.
- LB Ronnie Harrison.
No one should be surprised if three or four of the pending free agents are re-signed by early next week. That was the case last offseason with Lewis and linebacker E.J. Speed.
Here’s a breakdown of the more prominent free agents who merit re-signing. We’ve included Pro Football Focus’ projected contract.
Julian Blackmon
- Age: 25.
- Last contract: four years, $6 million as a 2020 third-round draft pick.
- PFF: two years, $11.5 million, $6 million guaranteed.
- 2023: Finished season on IR with a shoulder injury after starting the first 15 games. Had team-best four interceptions and 88 tackles, both career highs.
- Ballard: “I thought Julian Blackmon played really good football (in 2023). It sucked when he got hurt. That hurt, it did when we lost him. I thought he played excellent football.’’
Gardner Minshew II
- Age: 27.
- Last contract: one-year, $3.5 million in 2023 (reached $5.5 million with incentives).
- PFF: two years, $17.5 million, $9 million guaranteed.
- 2023: Started 13 games after rookie Anthony Richardson suffered a concussion and a season-ending shoulder injury. Led Colts to a 9-8 record and set career bests with wins (seven), yards (3,305), attempts (490), completions (305) and rushing touchdowns (three).
- Ballard: “We really think the world of Gardner. He is highly competitive. He bleeds confidence. That’s who he is and that’s what I love about him. . . . You’re able to pull out more wins (with him) than most backups. When the backup usually goes in, it’s usually disaster time. He’s a tremendous young man, good player. Thank God we had him.’’
Kenny Moore II
- Age: 28.
- Last contract: four-year, $33 million extension in 2019.
- PFF: two years, $13.5 million, $8 million guaranteed.
- 2023: 16 starts, career-best 1,088 defensive snaps, 93 tackles, three interceptions, two of which he returned for TDs versus Carolina.
- Ballard: “He’s a special human being. He had a really good year. What he does as a nickel, it’s valuable. And it’s valuable to us. I mean, love to have him back. I think he knows that, but we’ll work through it.’’
Grover Stewart
- Age: 30
- Last contract: three-year, $30.75 million extension in 2020.
- PFF: three years, $33 million, $21 million guaranteed.
- 2023: Started 11 games and missed six while serving a suspension for violating the NFL’s performance enhancing substances policy. Had 41 tackles, including five for a loss. Stewart has been the unquestioned anchor of the Colts’ run defense.
- Ballard: “I think you know my feelings on Grover. In my first year here, he was one of our first draft picks (round 4 in 2017). He’s done nothing but be a great Colt, a great teammate, everything you want. Yeah, Grover is a guy we’d like to have back.’’
Rigoberto Sanchez
- Age: 29.
- *Last contract: four-year, $11.6 million extension in 2019. The $2.9 million per-year average ranks No. 7 among punters.
- 2023: Had solid season after missing 2022 with a torn Achilles. Averaged a career-best 48.3 yards per kick. Had 21 of his 68 punts downed inside the 20 and finished with zero touchbacks.
- Ballard: “I think a lot of Rigo. He had a good year. Things started off a little slow, but once he got going, he was Rigo. A pretty neat guy. I’ll never underestimate his ability to hold. I think that’s one of his more underrated skills.’’
You can follow Mike Chappell on X, formerly Twitter, at @mchappell51.