INDIANAPOLIS – The NFL’s free agent frenzy kicked off Monday with a flurry of reported deals across the league.
Monday marked the start of “legal tampering,” when teams can negotiate (but not sign) players. The trades and free agency signings can be finalized starting at 4 p.m. Wednesday, the start of the new league year.
For the Colts, it meant a busy time in which the team re-signed some of its key players while losing a couple to other clubs.
Here’s a look at moves centered around the Colts.
Zaire Franklin’s extension
Once considered a core special teams player, Franklin has excelled at middle linebacker, becoming a tackling machine since hitting the starting lineup.
He was in the third year of a 3-year, $10 million extension when the team elected for another extension—this one commensurate with his level of play. The new 3-year deal is worth a reported $31.26 million, according to a source with knowledge of the situation.
Franklin, a seventh-round pick out of Syracuse, set franchise records for tackles in both 2022 and 2023. He finished second in the NFL in total tackles last season.
Tyquan Lewis stays in Indy
Lewis, a versatile defensive lineman who has excelled in Indianapolis despite a pair of season-ending injuries (2021 and 2022), received a new two-year deal worth $12 million with $7.7 million guaranteed, according to the Bleacher Report’s Jordan Schultz.
Keeping him in Indy brings some continuity to a defensive line that set a franchise record with 51 sacks last season.
The Colts brought Lewis back in consecutive years on one-year deals after he suffered separate patellar tendon injuries in each knee. It appears this year, however, that Lewis drew some interest from other teams before opting to stay with the Colts.
Minshew Magic heads to Vegas
Gardner Minshew, who nearly guided the Colts to the playoffs after rookie Anthony Richardson suffered a season-ending injury, is reportedly heading to Las Vegas.
Minshew started the final 12 games of the 2023 season after Richardson was injured in Week 5. He proved the worth of a reliable backup quarterback—and gave other teams a look at his starting potential.
The team would’ve loved to bring Minshew back, but the Las Vegas Raiders offered the journeyman quarterback something irresistible: a 2-year deal worth a reported $25 million (per Ian Rapoport) plus the chance to compete for the starting job.
In Indianapolis, Minshew would’ve been the backup for Richardson. In Vegas, he’ll compete for the starting job with second-year QB Aidan O’Connell.
Moore money, no problems
The Colts retained a key piece of their secondary by re-signing Kenny Moore II. The playmaking slot corner received a 3-year deal worth $30 million, according to a source with knowledge of the situation.
After the Colts claimed him off waivers from New England in 2017, Moore emerged as one of the league's best nickelbacks. He's also been paid as such, with his new contract setting the bar and making him the highest-paid slot corner in the NFL.
After struggling in 2022, Moore had an impressive bounce-back season in 2023. Few moments were as memorable as his performance against the Carolina Panthers, when he took a pair of interceptions back for touchdowns.
In his seven seasons in Indy, he’s started 89 of 103 regular-season games. For his career, Moore has 17 interceptions, 9.5 sacks; 32 tackles for loss and 516 total tackles.
Zack Moss takes I-74 to Cincy
Zack Moss, a crucial piece of the offense with the early-season absence of running back Jonathan Taylor, will have a crack at the starting job in Cincinnati.
The Bengals will move on from Joe Mixon and sign Moss to a 2-year deal worth $8 million, according to the NFL Network’s Tom Peliserro.
The Colts acquired Moss in the 2022 trade that sent Nyheim Hines to Buffalo. He had a career year in 2023, rushing for 794 yards and five touchdowns in 14 games. He also caught 27 passes for 192 yards and a pair of scores.
Michael Pittman Jr. remains team’s top target
Pitt stays in Indy. While the team used the non-exclusive franchise tag on Pittman, the goal was always to keep him in Indianapolis.
General manager Chris Ballard indicated the two sides were closing in on a deal; the Colts used a tag for the first time since 2013 to prevent him from hitting the open market. Another team could’ve signed Pittman to an offer sheet, but that team would’ve had to give up two first-round draft picks.
Ultimately, the Colts and Pittman worked out a 3-year extension reportedly worth $70 million, according to the NFL Network’s Ian Rapoport. It includes $46 million in guaranteed money.
Keeping MPJ, the team’s top receiver for three straight seasons, is crucial to the development of young quarterback Anthony Richardson.
Rigo stays in Indy
After missing the 2022 season with an Achilles injury, Rigoberto Sanchez again proved his worth to the team. He's agreed to a 3-year contract extension with the Colts, according to a source with knowledge of the situation. The deal is for $7.5 million.
Sanchez averaged 48.3 yards per punt in 2023. And while he got off to a slow start, he finished strong and ended the season without a single touchback, a remarkable feat for any punter.
Sanchez succeeded Pat McAfee as the team's punter. An undrafted rookie in 2017, he's spent the entirety of his NFL career with the Colts.
Grover Stewart will still clog the middle
Massive defensive tackle Grover Stewart proved his worth when fans and the team got a look at the Colts’ run defense without him in the middle.
It wasn’t pretty. Stewart missed six games due to a suspension for violating the NFL’s performance-enhancing drugs policy; Indy surrendered 4.7 yards per carry and 153 rushing yards per game without him. With Stewart in the lineup, Indy allowed 3.7 yards per carry and 107 rushing yards per game.
He’ll avoid hitting the open market with a 3-year deal worth $39 million, according to ESPN’s Adam Schefter. The Colts selected Stewart in the fourth round of the 2017 NFL Draft—Ballard’s first draft as the team’s general manager.
Other decisions loom for Colts
The Colts still have decisions to make on several other free agents.
Safety Julian Blackmon flashed playmaking potential in 2023 before a shoulder injury sidelined him for the final two games.
Other pending free agents include defensive tackle Taven Bryan, defensive end Jake Martin, linebacker/safety Ronnie Harrison, offensive lineman Danny Pinter, defensive end Genard Avery and wide receiver Isaiah McKenzie.