A look back at Colts’ busy first week of free agency and what to look for in Week 2

Indianapolis Colts general manager Chris Ballard was busy in free agency this time around but not in the way that most fans would want to see. Ballard typically sits out the first days of free agency as he refuses to “overpay” for most of the talent that is available, and this offseason has been no different so far.

The Colts have spent the money but mostly on returning talent. There are some names Indy is rumored to be interested in (L’Jarius Sneed, Quandre Diggs, among others) but nothing has been confirmed. Also, of note, most of these contracts run in line with the Anthony Richardson fifth-year option that the Colts will need to decide on in three years. Ballard has lined this part of his tenure with the success of his young quarterback.

Here is a quick hits recap of the first week of the Colts Free Agency and what we might see in Week 2.

Colts players re-signed for 2024 and beyond

Zaire Franklin, LB
Three Years, $31 Million ($17.6 Million Guaranteed)

Colts lock up their star linebacker and defensive captain a year earlier than expected. This was a great way to start free agency for the franchise. The extension money will not begin until next season, which gives Indy great flexibility this season. There is no other player that has earned an extension on this team more than Zaire Franklin.

Michael Pittman Jr., WR
Three Years, $70 Million ($46 Million Guaranteed)

Colts lock up their WR1 for at least the next three seasons in Michael Pittman Jr. He has been the leader for the wide receiver room and will give Anthony Richardson a reliable pass catcher for the next few years. There was never really a discussion of Pittman leaving but great work keeping him here and expect Pittman to continue his consistent play this upcoming season.

Tyquan Lewis, DE
Two Years, $12 Million ($7.7 Million Guaranteed)

Tyquan Lewis had other offers but chose to stay with Indianapolis. He has dealt with numerous injuries the past few seasons but was able to stay healthy last season and he produced. It was only his second full season without injury since getting drafted in the second round of 2018 draft. Every team needs rotational and situational edge rusher and Lewis fits that perfectly with this team.

Grover Stewart, DT
Three Years, $39 Million ($25.7 Million Guaranteed)

A stalwart on the defensive line with DeForest Buckner signs his third NFL contract. A big number for this contract but it’s well deserved. He did serve a six-game suspension that many though might hinder his prospect for an extension, but it did just the opposite. In fact, it showed how much he is needed as the Colts struggled against the run and defensively in his absence.

Kenny Moore II, CB
Three Years, $30 Million ($16 Million Guaranteed)

Another defensive captain re-ups with the franchise. The secondary was the weakness of this team last season, and this signing will hopefully keep the hope alive in that room for the upcoming season. The Colts had a lot of youth and inexperience last season, and Kenny Moore II will be the veteran voice and is, arguably, the best nickel corner in the league and brings value to the team on and off the field as well.

Rigoberto Sanchez, P
Three Years, $7.5 Million (Guarantees Not Disclosed)

A great season in 2023 in the punting department. He did return this past season from an Achillies tear in 2022. Sanchez returns on a three-year deal.

Ronnie Harrison Jr., S/LB
One Year, 1.29 Million ($167,00 Guaranteed)

Hybrid defender Ronnie Harrison Jr. had his number called after the mid-season release of linebacker Shaq Leonard. He played seven games and started three, with two interceptions and 19 tackles. He can play both linebacker and safety, so the chances of him making the roster next season are probable.

Genard Avery, DE
One Year, $1.25 Million (Guarantees Not Disclosed)

Avery missed all last season with a season-ending LCL/Meniscus injury. This is nothing more than a potential depth piece for the defensive line but will have competition to even make the team during training camp.

Jack Anderson, C/G
One Year, $1.05 Million ($75,000 Guaranteed)

The former seventh-round pick has now signed with his third team and the small guarantee implies that he has signed with an opportunity to make the team in training camp.

Trey Sermon, RB
One Year, $1.05 Million (Non-Guaranteed)

Trey Sermon returns to a crowded running back room that already has Taylor, Evan Hull and Tyler Goodson all returning. Goodson is on a two-year contract and Hull is returning from a season ending injury. All three are expected to try to secure the backup running back spot behind Jonahtan Taylor.