Colts are among the top teams in remaining cap space after first week of free agency

Dec 26, 2022; Indianapolis, Indiana, USA; Chris Ballard walks the field on Monday, Dec. 26, 2022,
Dec 26, 2022; Indianapolis, Indiana, USA; Chris Ballard walks the field on Monday, Dec. 26, 2022, / Jenna Watson-USA TODAY Sports

After one week of NFL free agency, the Indianapolis Colts are one of the teams with the most remaining cap space. How will Indy spend it’s money?

The NFL is entering Week 2 of 2023 free agency. During the first week, several big moves were made. Elite players were traded and others signed with new teams. The Indianapolis Colts were also apart of all the action, moving on from several starters and bringing in new talent. However, Indy and the league as a whole is just getting started.

There are several major names still available in free agency and for trade. Additionally, teams like the Colts still have a lot of holes on their roster that needs to be addressed. Unfortunately, not every team has the cap space to remain active in free agency. Luckily, Indianapolis does still have a lot of cap space.

How much cap space do the Colts have?

After one week of free agency, Indianapolis has $20.3 million in cap space according to Over The Cap. That’s the fifth-most in the league currently. This sets Indy up to remain active in free agency, but will they? Will the Colts be active and go address their remaining needs?

While Indianapolis has made a couple of good signings, a case can be made that Indy is in a worse position than it was when free agency first started. The Colts traded away Stephon Gilmore and the lost Parris Campbell and Bobby Okereke. Indianapolis still has to address the offensive line and now they must urgently address the corner position and wide receiver room.

To make matters worse, Isaac Seumalo, the Philadelphia Eagles guard that everyone called a must-sign free agent for the Colts, recently signed with the Pittsburgh Steelers. That means Indianapolis needs to aggressively target the best-remaining offensive linemen out there, or Indy could be stuck with another bad offensive line next season. That’s never a good thing, especially since Indy will likely be starting a rookie quarterback.

What is good though, is that the Colts have over $20 million in cap space. While Chris Ballard and company will have to balance re-signing and extending players, the team has the ability to go out and sign the needed players to be competitive.

READ MORE: Can the Colts be good in 2023?