Found March 26, 2012 on The Colts Authority:
Every year, the NFL awards teams compensatory picks based upon their free agency losses in the previous year's offseason. The NFL announced the 2012 picks on Monday, based on teams' losses in the 2011 (shortened) offseason.  First reported by Mike Chappell, the Colts will receive three compensatory picks in the 2012 NFL Draft:  The final pick in the 5th round (170th overall) The second to last pick in the 6th round (206th overall) The final pick in the 7th round (253rd overall) These picks are due to the Colts' loss of Clint Session and Charlie Johnson last summer, who signed multi-year deals with the Jaguars and Vikings, respectively. The three extra picks in those later rounds will allow the Colts to take a few risks in those later rounds. The Colts now have 10 picks in the 2012 draft, a very helpful bonus for a rebuilding team.
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