The Indianapolis Colts’ reluctance to spend a ton of money in free agency can be looked at in one of two ways.
While the Colts aren’t bringing in a ton of difference-makers this offseason, Chris Ballard is also avoiding the common trap of paying way too much for a player that isn’t nearly as valuable as his contract states.
The Colts could use a young safety to replace Malik Hooker, a pass rusher that could help alleviate the concerns surrounding the lack of Justin Houston, and a true No. 1 wide receiver, but Ballard clearly had a price that he was not going to go over and he stuck to it.
The usual suspects, meaning teams mired at the bottom of the standings who believe that they could fix all of their problems by simply spending enough in free agency, decided to beat the Colts to the punch and acquire some top free agents.
These three players won’t be coming to the Colts, and that’s probably for the better given their contract situation.
These 3 free agents were overpaid, and the Colts lucked out by missing them.
No. 3: Rayshawn Jenkins, Jacksonville Jaguars (4 years, $35 million)
A former fourth-round pick out of Miami, Jenkins was able to assume a starting role in Gus Bradley’s defense due to Derwin James missing so much time due to injuries. Jenkins recorded 138 tackles and five interceptions over the last two seasons, with his speed serving as his biggest asset.
The Jaguars needed help just about everywhere, and they decided to use some of their cap space to make Jenkins an anchor of their defense. Unfortunately, the Jaguars must’ve only watched one year of film, as they just gave high-end money to someone without a history of success.
Rayshawn Jenkins was too expensive for the Colts.
Jenkins was a backup and special teamer for the first two years of his career, and while he was a solid safety, he was by no means the main figure in that secondary. Now he is the marquee man, in addition to CJ Henderson, on what was a horrific unit last year.
Jenkins will be a solid signing for the Jaguars, as he appears to still be trending upward. However, Jacksonville will still have one of the worst secondaries in the league next year, and Jenkins will likely not make a huge difference in that regard. At $35 million for four years, that’s a tough pill to swallow.
No. 2: Trey Hendrickson, Cincinnati Bengals (4 years, $60 million)
Before this season, Hendrickson had just 6.5 sacks in three seasons and appeared to be on the verge of the Saints’ roster bubble. One year later, after compiling 13.5 sacks, Hendrickson ended up earning a huge contract with the notoriously cheap Cincinnati Bengals, who added him to replace Carl Lawson.
The Colts seemed like a natural fit, especially with all of the questions surrounding whoever will replace Justin Houston on the edge. However, when Ballard saw that contract, you can bet he got crossed off of Indianapolis’ list.
Trey Hendrickson would’ve been risky for the Colts
Hendrickson looks like a top-end pass rusher considering how well he played last season, but that is only one season of sustained quality production. Is that worth being shackled to an expensive four-year contract? 65 tackles apparently equates to $60 million these days?
Without 2020, Hendrickson would likely have been signing a one-year deal for barely over a few million in order to get a second chance to prove himself. Because of last year, Cincinnati paid him like one of the game’s best edge rushers. If he regresses to his old form, this could be an all-time bad move.
No. 1: Kenny Golladay, New York Giants (4 years, $72 million)
Golladay once led the league in touchdowns with the Lions, but he was not a sure-fire bet to receive a huge multi-year deal this offseason. Golladay’s inability to stay on the field has been the biggest mark against him, as he played in just a handful of games last season.
Without question, Golladay is one of the best vertical threats and red zone studs in the game, and the Giants should be commended for getting Daniel Jones a massive upgrade at that position. However, they made him the seventh highest-paid receiver in football, ahead of names like Tyreek Hill, Mike Evans, and Davante Adams.
Colts target Kenny Golladay is not worth that money.
Ballard has been very stingy about choosing to give out multi-year contracts, and Golladay apparently didn’t check most of those boxes. Given that he has rarely found himself in the elite wide receiver tier, making him one of the most well-compensated players in the game at his position is a very risky proposition.
The Colts appear to be more than content riding out with Michael Pittman Jr. and TY Hilton as their top two receivers, and they’re certainly a more economical combination than Golladay. Tying up that much money into one receiver would go against how Ballard builds a team, and he was right to stay away.
Colts: 3 pass rushers Indianapolis should still consider signing
Not only will these three help the Colts' pass rush, but they won't cost Chris Ballard's right arm and leg to bring to Indianapolis.