The Indianapolis Colts have been relatively quiet in free agency considering they entered free agency with the most cap space in the NFL.
But from what Indianapolis Colts owner Jim Irsay said during an interview with Colts.com on March 31, Indianapolis may not be done in free agency.
“There could be — it would have to be at the right price because we don’t have much cap room — an addition that excites some. But we’ll see,” Irsay said. “It’s possible. I know Chris Ballard is looking hard at that, trying to find the right individual. It has to be the right guy at the right number.
“One more veteran possibly to come in and make a big difference.”
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Big-Named Defenders Remaining in NFL Free Agency
Irsay did not specifically name defenders or a defensive position group that Ballard is looking to add to in free agency. But even with linebacker Bobby Wagner signing a deal worth up to $65 million with the Los Angeles Rams on April 1, there are a handful of big-named defenders still available in free agency.
The most intriguing options for the Colts might be in the secondary — safety Tyrann Mathieu and cornerback Stephon Gilmore.
A three-time All-Pro, Mathieu has been a playmaker throughout his career with the Arizona Cardinals, Houston Texans and Kansas City Chiefs. He was an intricate part of the Chiefs defense from 2019-21, making three Pro Bowls.
In three seasons with the Chiefs, Mathieu had 13 interceptions, 27 pass defenses and 213 combined tackles in 47 games.
Mathieu would fill a hole at safety for the Colts, but he has the ability to play all over the defensive backfield.
“The nine-year pro is the most versatile safety in the league, with a unique mix of ball skills, coverage ability and tackling mixed with elite mental processing that allows him to seamlessly transition between two safety spots and into any defense,” Colts beat writer Nate Atkins wrote in a mailbag article on April 1.
“Mathieu is a chameleon, and the Colts could badly use one. They’re installing Gus Bradley’s Seattle-style Cover-3 defense, which employs a safety up high in the ‘middle third’ and another who roves in the box. Mathieu has played the former responsibility in Kansas City and the latter responsibility in Arizona.”
The 2019 Defensive Player of the Year winner, Gilmore is a big-named defensive free agent also still on the market. He has made four straight Pro Bowls, including in 2021 despite only playing in eight games for the Panthers.
Signing Gilmore would help replace cornerbacks Xavier Rhodes, who is a free agent, and Rock Ya-Sin, who the Colts traded to the Las Vegas Raiders for defensive end Yannick Ngakoue.
In addition to Mathieu and Gilmore, deputy sports editor Nat Newell of the Indianapolis Star identified defensive lineman Jadeveon Clowney, edge rusher Melvin Ingram and defensive tackle Calais Campbell as other big-named defensive free agents that fit Irsay’s description.
Colts Remain Among Leaders in Cap Space
Irsay said the Colts don’t have much cap space, but if he truly believes that, then there are about 29 NFL teams with not much cap space.
Spotrac reports the Colts have a little more than $22 million in salary cap space as of April 2. They have been sitting with the same amount of space (about $22 million) since restructuring Matt Ryan’s contract on March 26.
With that cap room for Indianapolis, only three teams — the Carolina Panthers, Miami Dolphins and New Orleans Saints — have more money left to spend this offseason.
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Jim Irsay Says Colts ‘Looking Hard’ at Signing Defensive Veteran