The Colts have nearly $35 million in cap space — how will Chris Ballard spend it?

At his season-ending press conference, Indianapolis General Manager Chris Ballard was blunt about the state of his team. He admitted that the Colts aren’t close to competing, and that it was a mistake to bet on the same players year after year, while expecting different results. Ballard’s first opportunity to reshape the roster will be free agency, which officially kicks off March 12.

In the past, Ballard’s approach to free agency has been conservative. However, his tone appears to have shifted, and the Indianapolis front office may have the appetite to be more aggressive this offseason. While we don’t know what Ballard is actually planning, let’s preview what free agency could look like for the Colts.

How much cap space do the Colts have in 2025?

The 2025 NFL salary cap has reportedly been set at $279.2 million — a significant increase from the previous limit of $255.4 million. As it stands today, Indianapolis is already on the hook for over $250 million for their top 51 contracts, including big names like DeForest Buckner, Michael Pittman Jr., and Quenton Nelson.

According to OverTheCap, the Colts head into free agency with $34.9 million in free cap space after rolling over $10.1 million from last season. Despite the salary cap boost, the organization has normally had more excess cash in recent years. Unfortunately, a series of expensive extensions have cut into the team’s financial flexibility. The Colts still have a decent amount to spend (18th most in the league), but there are also plenty of needs to address, so Ballard will have to spend wisely.

Who could be on the chopping block?

If Indianapolis wants to truly overhaul their roster, they may need to start by cutting some non-essential personnel and freeing up more cap space. Usually, the ideal players to release are those nearing the end of medium-to-large contracts in order to maximize the cap savings and minimize the dead money hit. The Colts, conveniently, have multiple expendable veterans that fit that description.

Since the majority of the team’s spending is committed to the offensive and defensive lines, it's no surprise that there could be a few salary cap casualties in the Indianapolis trenches. Four logical candidates include defensive ends Samson Ebukam and Tyquan Lewis, defensive tackle Raekwon Davis, and right tackle Braden Smith.

All of those players only have one more year left on their deals, and can be realistically replaced by younger options next season. In total, cutting all four (which is highly unlikely) would save $35.5 million, doubling the team’s current cap space. Those are much-needed funds that Ballard can use to bolster the rest of the roster.

Who could be re-signed?

Historically, Ballard has always prioritized continuity. That sounds great on paper but in practice, it translated to re-signing a bunch of good-but-not-great homegrown players. However, if you believe Ballard’s recent statements, that strategy may be changing. We won’t know for sure until we see how the front office deals with their 18 unrestricted free agents, including seven starters who have spent their entire NFL careers in Indianapolis.

On offense, Ballard could shake up the underperforming tight end unit (Kylen Granson and Mo Alie-Cox) and the injury-prone interior offensive line (Ryan Kelly and Will Fries). On defense, Ballard will have to decide if the polarizing trio of Dayo Odeyingbo, E.J. Speed, and Julian Blackmon should be a part of the team’s future. Notably, the Colts are not expected to use their franchise tag this year.

Indianapolis cannot afford to bring everyone back and still have enough money to upgrade the roster, so hard choices have to be made. Most importantly, the team needs to evaluate which players are absolute must-haves and which they can live without. 

Which free agents could be targeted?

If Ballard is serious about building a championship-caliber team, then nailing free agency is the first step. There are many ways to improve a roster, including the draft, but new signings are the best way to immediately inject proven, elite talent into the squad.

In January, Ballard said that the Colts “have to be better at identifying the free agents [they] want to sign and close the deal.” He can deliver on that promise by adding key difference-makers to address the team’s top positional needs: quarterback, tight end, linebacker, edge rusher, cornerback, and safety. This year’s free agent class is full of quality options that can help Indianapolis turn its weaknesses into strengths.

Last year, multiple savvy teams invested in premium players like Saquon Barkley and Derrick Henry, to great effect. Per Ballard’s old policy of not paying A+ money for B players, the Colts have generally avoided those kinds of bidding wars. That being said, is Ballard finally ready to pay up for top free agents, or will it be another quiet offseason in Indianapolis?

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