Offseason In Review: Indianapolis Colts

Aiming to snap a four-year playoff drought, Colts general manager Chris Ballard decides to go all in to upgrade the Colts’ defense. Ballard pulls off a seismic trade, sending two first-round picks and wide receiver Adonai Mitchell (a 2024 second-rounder) to the Jets for two-time first-team All-Pro cornerback Sauce Gardner.

JANUARY 5, 2026: The regular season is over. Once 8-2, the Colts’ playoff odds climbed over 99% heading into their Week 11 bye. Barring a monumental collapse, the team was a lock to return to the postseason. Well, not only did the monumental collapse occur, but it was more catastrophic than anyone could have imagined.

Several crippling injuries cut down the Colts during a shocking seven-game losing streak, leading to a second straight 8-9 finish and adding another year to their playoff skid. Jones briefly played through a fractured fibula before succumbing to a torn Achilles in early December; Gardner missed six games with a calf strain; No. 2 corner Charvarius Ward sat out 10 because of three different concussions; and neck problems limited defensive tackle DeForest Buckner to 10 appearances. That’s not even the full list, which goes to show how much post-bye adversity the Colts faced.

With no answer at QB after Jones went down in Week 14, Ballard and head coach Shane Steichen lured potential Hall of Famer Philip Rivers out of retirement. The longtime Charger started for the Colts during their most recent playoff season, but he was unable to lead them back in his out-of-nowhere return. Although the 44-year-old grandfather’s three starts were must-see TV, he didn’t produce storybook results.

Realizing some of the Colts’ second-half troubles were out of the control of their GM and coach, owner Carlie Irsay-Gordon retained Ballard and Steichen for 2026. At the same time, though, Irsay-Gordon indicated the current regime is in a make-or-break situation.

“We have been very clear with Chris and Shane that giving them another opportunity means that the sense of urgency for them to deliver and perform has never been higher,” Irsay-Gordon said. “Chris and Shane are both capable of facing this challenge head-on and finding a way to achieve the results that our fans deserve, which is winning games, getting to the postseason and ultimately winning championships.”

SEPTEMBER 8: The Colts are five days away from kicking off their season against the Ravens. Now in a contract year, Ballard has shown no desire to sign an extension unless the Colts rebound. Having gone without any major offseason additions, Ballard is putting his fate in the hands of a roster that looks similar to last year’s. If it doesn’t work, then this season — Ballard’s 10th on the job — could be his last in Indianapolis.

Extensions and restructures:

• Gave transition-tagged QB Daniel Jones two-year, $88MM extension ($49.49MM guaranteed)
• Extended RB Jonathan Taylor on two-year, $44MM deal ($23MM guaranteed)
• Signed P Rigoberto Sanchez to two-year, $7MM extension ($2.5MM guaranteed)
• Restructured LT Bernhard Raimann’s contract to save over $8MM in cap space

Jones and wide receiver Alec Pierce showed strong chemistry during their first year together, though both players went into the offseason unsigned. The Colts made it clear they wanted to retain the pair, but doing so came with challenges. Namely, while the franchise and transition tags were on the table for Jones and Pierce, you can only take that route with one player.

The Colts slapped the $37.83MM transition tag on Jones on March 3, buying more time to negotiate with him. It also upped the urgency to re-sign Pierce by the time the legal tampering period began on March 9. Otherwise, Pierce could have cashed in with another team on the open market. Furthermore, despite the tag, there was also still a threat of Jones departing. Had he signed an offer sheet elsewhere and the Colts declined to match it, they would not have received any compensation.

Minnesota loomed as a possible suitor for Jones, who finished 2024 as a Vikings backup after the Giants cut him. The Vikings even made Jones a richer offer than the Colts’ one-year, $14MM proposal in 2025. However, Jones thought beating out Anthony Richardson for the job in Indianapolis was more realistic than starting ahead of J.J. McCarthy in Minnesota.

Jones made the right choice for his career when he relocated to Indianapolis, where the 2019 sixth overall pick enjoyed his most productive season. He ranked fourth in the league in yards per attempt (8.1), fifth in EPA per play (0.14), eighth in QBR (63.0) and ninth in passer rating (100.2).

The Colts went 8-5 in Jones’ starts, demonstrating they can win with him if the form he showed in 2025 doesn’t prove to be a mirage. That isn’t a given, especially with Jones coming off a severe injury. Nevertheless, for the second time in his career, he scored a large raise on a multiyear deal. The sides came to terms eight days after the Colts tagged Jones.

The 2023 Giants, stuck in their version of the Jones-Pierce tag dilemma with Jones and running back Saquon Barkley, handed the signal-caller a four-year, $160MM deal just before the franchise tag application deadline. Doing so enabled the Giants to place the tag on Barkley, but they wound up waiving a struggling Jones just 20 months later.

Despite Jones’ spotty overall track record, including a concerning injury history and zero full seasons, the Colts — down key routes to acquiring a long-term option in the draft thanks to the Gardner trade — consider him their best option for the next couple of years. They gave Jones top-15 QB money with the expectation he will put the Achilles tear in the rearview and continue to hold his own.

Now nine months removed from the injury, Jones made such a smooth recovery and will start Week 1. While that’s encouraging, we’ll see how he looks when the actual games begin for the Colts on Sunday. Nobody knows if the Colts will get the 2025 version of Jones, the Jones whose six-year Giants tenure ended in disaster or something in between.

The 27-year-old Taylor put pen to paper on his second big-money Colts extension in August. He now ranks third at his position in average salary ($22MM), sitting right behind the Lions’ Jahmyr Gibbs ($22.5MM) and the Falcons’ Bijan Robinson ($22.25M). Gibbs and Robinson signed days before Taylor, providing a blueprint for Indianapolis.

After Taylor expressed a desire to be a “Colt for life,” negotiations this summer went far smoother than they did when he sought a raise in 2023. Back then, things became so contentious that Taylor requested a trade in July. Late owner Jim Irsay insisted Taylor was not going anywhere, though he did allow the player to seek a trade near the end of August. Then, either because of offseason ankle surgery, dissatisfaction with his contract or a combination of the two, Taylor began the season on the reserve/PUP list.

A trade never materialized despite outside interest, and after a required four-game absence, the drama came to an end in early October. Taylor’s camp and Irsay finally hammered out a three-year, $42MM extension. He returned to action that week and has remained one of the league’s premier weapons when healthy.

Taylor battled injuries from 2022-24 and missed the equivalent of a whole season (17 games), but he was a force over a full campaign last year. The 5-10, 226-pound workhorse finished first in both carries (323) and total TDs and third in yards (1,585). If he has another year like that in 2026, it would go a long way toward helping the Colts avoid a sixth straight season without a playoff berth.

Taylor’s deal is not quite as player-friendly as those handed to Robinson and Gibbs, as no guarantees are in place at signing beyond 2026. Taylor’s 2027 salary ($15MM) becomes fully guaranteed on February 19. If the Colts move on before that date, they would only be tagged with $10MM in dead money. The deal also contains an out for 2028, with a $7.5MM roster bonus due on Day 5 of the ’28 league year. These are checkpoints to monitor with Taylor, who has logged 1,551 career carries (seventh among active RBs) and missed 16 games from 2022-24.

Re-signings:

• Alec Pierce, WR: Four years, $114MM ($60MM guaranteed)
• Mo Alie-Cox, TE: One year, $2.69MM (fully guaranteed)
• Andrew Ogletree, TE: One year, $2.25MM ($1.5MM guaranteed)
• Laquon Treadwell, WR: One year, $1.49MM ($438K guaranteed)

Unlike Jones and Taylor, injuries haven’t been much of a concern during Pierce’s career. The 2022 second-rounder missed just four games over his first four seasons. Despite sitting out two last year, he surpassed 1,000 yards (1,003) for the first time.

The field-stretching Pierce accomplished the feat on just 47 receptions, becoming the first player to do it on fewer than 50 since former Charger Mike Williams in 2019 (fun fact: Rivers was the Bolts’ QB that year, and Steichen was their QBs coach/interim offensive coordinator).

Although Pierce has averaged a modest 39 catches per season, he makes it count when the ball is in his hands. After leading the league in yards per catch in both 2024 (22.3) and ’25 (21.3), the 6-foot-3, 211-pounder drew widespread interest in the run-up to free agency. The Colts, who were not able to lock up Pierce before March 9, came close to losing him. However, just as the negotiating window opened across the league, Indianapolis agreed to make Pierce one of the league’s wealthiest wideouts.

The 26-year-old Pierce is now sixth in fully guaranteed money at his position, though his resume pales in comparison to those in the top five (Justin Jefferson, Ja’Marr Chase, Jaxon Smith-Njigba, CeeDee Lamb and D.K. Metcalf). It’s worth pointing out that Jefferson, Chase, Smith-Njigba, Lamb and Metcalf all got their money on extensions. The Colts had to fend off the Commanders, Patriots, Raiders, 49ers, Chargers and others, which drove up Pierce’s price. If the Colts didn’t splurge on Pierce — PFR’s No. 2-ranked free agent — someone else would have. Of course, that doesn’t mean Pierce will prove worthy of the contract.

In a less-than-ideal development, offseason ankle surgery prevented Pierce from practicing until late August. Pierce is healthy again, though, and this is the first time he will go into a season as the Colts’ unquestioned No. 1 receiver. Indianapolis is betting big on the Jones-Pierce partnership continuing to thrive.

Trades:

• Traded WR Michael Pittman Jr., 2026 seventh-round pick to Steelers for 2026 sixth-rounder
• Sent LB Zaire Franklin to Packers for DT Colby Wooden
• Acquired C Sedrick Van Pran-Granger, 2027 seventh-rounder from Bills for 2027 sixth-rounder

Not even an hour after news of the Pierce agreement broke, out went Pittman for a meager return. Trading the six-year Colt created $24MM in cap room at the cost of $5MM in dead money, but looking at it six months later, are they better off without him? Debatable.

The Colts still have the league’s eighth-most cap space ($19MM-plus), and their receiving corps remains a question mark. Meanwhile, Pittsburgh (another AFC playoff hopeful) appears to have a capable No. 2 wideout to team with Metcalf after Indianapolis’ salary-dump trade.

The Steelers gave the sure-handed Pittman a three-year, $59MM payday straightaway. The Colts, on the other hand, obviously had no intention of awarding him a second extension. The 6-4, 223-pounder previously signed a three-year, $70MM deal after the Colts placed the franchise tag on him in 2024. Pittman went on to pile up 149 catches, including 80 and a career-high seven TDs last season, but the Colts deemed him expendable with a year left on his pact.

Unlike Pierce, Pittman has never been a downfield threat. He owns a middling 10.8 yards per catch average on 485 career receptions, yet the 28-year-old is still a two-time 1,000-yard receiver who has not caught fewer than 69 passes since his 2020 rookie season. That consistency won’t be easy to replace. The Colts will lean on Pierce, Josh Downs, newcomer Keenan Allen (more on him below) and ascending second-year tight end Tyler Warren to pick up the slack.

A seventh-rounder in 2018, Franklin developed into one of Ballard’s most successful picks. He became a full-time starter in 2023 and proceeded to record between 167 and 179 tackles in three consecutive seasons.

Franklin made 173 tackles, including 11 for loss, and notched career highs in sacks (3.5) and interceptions (two) in 2024. He was a Pro Bowler and a second-team All-Pro selection then, but Franklin’s play took steps backward last year.

While he did put up his second 17-start season in a row, Franklin dropped to 125 tackles, a pair of sacks and no picks. Worsening matters, he missed a career-low 15.5% of tackles and surrendered a hefty 111.5 passer rating as the closest defender in coverage. Franklin finished 2025 as Pro Football Focus’ second-worst off-ball linebacker out of 88 qualifiers.

With the Colts around $4.7MM over the cap in early March, they put the 30-year-old Franklin — who had been tied to a three-year, $31.26MM deal that ran through 2027 — on the trade block. Indy found a buyer in Green Bay, which reached a revised agreement with the veteran linebacker (two years, $18MM) and dealt Wooden to the Colts.

Indianapolis saved $5.8MM in cap space for this season, but the team otherwise got nothing out of the swap. Wooden, a 16-game starter with the Packers last year, did not make the Colts’ 53-man roster on cutdown weekend. The Saints claimed Wooden on waivers, leaving the Colts to go forward with Jerry Tillery, Tim Smith and Adetomiwa Adebawore as backups to Buckner and Grover Stewart.

Free agency additions:

• Arden Key, DE: Two years, $16MM ($11MM guaranteed)
• Micheal Clemons, DE: Three years, $17MM ($5MM guaranteed)
• Keenan Allen, WR: One year, $3.32MM ($2.81MM guaranteed)
• Akeem Davis-Gaither, LB: One year, $2.73MM ($1.5MM guaranteed)
• Jerry Tillery, DT: One year, $1.49MM ($938K guaranteed)
• Cam Taylor-Britt, CB: One year, $1.4MM ($688K guaranteed)
• Jonathan Owens, S: One year, $1.4MM ($188K guaranteed)

As he haggled with Jones and Pierce, Ballard also identified a couple of notable outside targets at the outset of free agency. He made an offer to star edge defender Trey Hendrickson and pursued standout interior D-lineman John Franklin-Myers.

Signing Hendrickson would have reunited the former Bengal with Colts defensive coordinator Lou Anarumo, who had the same job in Cincinnati from 2019-24. The 31-year-old earned all four of his Pro Bowl nods under Anarumo, but it wasn’t enough to tip the scales in the Colts’ favor. Hendrickson chose Baltimore’s four-year, $112MM offer ($60MM guaranteed at signing) instead. The Colts’ offensive staff is now putting together a game plan to keep Hendrickson out of Jones’ hair this Sunday.

Franklin-Myers did indeed move from Denver to the AFC South, but he picked Tennessee over Indianapolis. Part of a sizable free agent haul for the big-spending Titans, Franklin-Myers inked a three-year, $63MM pact. The Colts will see him twice this season.

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After swinging and missing on Hendrickson and Franklin-Myers, the Colts landed Key and Clemons on much cheaper arrangements. They already had plenty of familiarity with Key, who is now on this third AFC South team. The ninth-year vet spent 2022 with Jacksonville and then had a three-season stint with Tennessee.

Dating back to his 2021 season with the 49ers, Key has chipped in at least 15 QB hits and six sacks three times. He may have reached those numbers last year if not for quad and hip injuries. Over 12 games, Key contributed 11 QB hits and four sacks.

Clemons wasn’t a needle-mover during his career-opening four-year stretch with the Jets. The 6-5, 263-pounder topped out at 4.5 sacks during a 17-start campaign in 2024, but he made less of an impact under then-rookie head coach Aaron Glenn last season. Despite logging a career-high 55% defensive snap share, Clemons managed a mere five QB hits and one sack in 16 games. He also missed a personal-worst 18.5% of tackles.

With Key and Clemons now the main complements to Laiatu Latu, it does not seem as if the Colts did enough to upgrade along the edge. While the Colts were a mid-tier 15th in sacks last year, they were a ghastly 30th in pass rush win rate. Factoring in the losses of Kwity Paye and Samson Ebukam, the additions of Key and Clemons come off as rearranging deck chairs.

Paye sunk to four sacks last year after back-to-back eight-sack efforts, though he amassed 23 pressures in the process. The Raiders gave him gave him $48MM over three years, while Ebukam went to Atlanta for $2.77MM. Ebukam had a career-high 9.5 sacks with the Colts three years ago, but a torn Achilles prevented him from suiting up in 2024. They let him walk after he fell to two sacks during his 14-game return last season.

Anarumo did not get another opportunity to work with Hendrickson, but he is coaching former Bengals Davis-Gaither and Taylor-Britt again. Davis-Gaither was largely a reserve in Cincinnati from 2020-24.

As a Cardinal last season, he set career highs in tackles (117) and starts (13), though it was not enough for them to retain him for the second year of his contract. Davis-Gaither, whom Arizona released to free up cap space, is likely to begin this season as a starter in Indianapolis.

Taylor-Britt will serve a suspension in Week 1 for past driving offenses in Ohio. Effective Week 2, he will provide depth behind Gardner and Ward.

Taylor-Britt worked well with Anarumo from 2022-24, a 39-game stretch in which he made 38 starts and pulled in seven picks. Last year didn’t go nearly as well under Bengals DC Al Golden, who demoted Taylor-Britt to backup duties. He also missed nine games with a foot injury. In eight appearances, the 26-year-old made two starts and went without an INT. The Colts bought low on Taylor-Britt with the hope Anarumo will continue to get more from him than Golden did.

Speaking of suspensions, there is a chance the league will discipline Allen sometime this year as a result of a late-August arrest on drunken driving charges. It was a shockingly poor start in Indianapolis for Allen, who signed in mid-August after sitting in free agency for five months.

Allen, a longtime Charger and former Bear, had never run afoul of the law during his first 13 years in the league. With that in mind, the Colts are standing behind Allen and vouching for his character. It helps that Allen is close with Steichen and Rivers from their shared time with the Chargers. Steichen was on the Chargers’ offensive staff for seven of Allen’s dozen years with the organization.

Allen, the Chargers’ all-time leader in receptions (985), continued to fill the stat sheet in 2025. While playing his age-33 season, Allen led the team in catches (81), ranked second in yards (777) and finished third in TDs (four). The 6-2, 211-pounder was primarily a slot receiver from 2017-24, though he lined up on the outside for 58.8% of snaps last season. Steichen will have to figure out how to divvy up slot duties between Allen and Downs in his Pierce-fronted receiving corps.

Notable losses:

• Ameer Abdullah, RB
• Mekhi Blackmon, CB (waived)
• Nick Cross, S
• Samson Ebukam, DE
• Blake Freeland, T (waived)
• Neville Gallimore, DT
• Blake Grupe, K (waived)
• Eric Johnson, DT
• Chris Lammons, CB
• Tyquan Lewis, DE
• Cameron Mitchell, CB (waived)
• Kenny Moore, CB (released)
• George Odum, S
• Jacob Phillips, DE
• Kwity Paye, DE
• Danny Pinter, OL
• Germaine Pratt, LB
• Philip Rivers, QB (retired)
• Braden Smith, RT
• Rodney Thomas, CB

Ballard held talks with Cross’ agent, but he acknowledged in late February the safety could price himself out of Indianapolis. That came to fruition when Cross went to Washington on a two-year, $13MM accord. It’s reasonable money for Cross, a 2022 third-rounder who turned into a full-time starter in his third year.

Cross played all 34 games from 2024-25 and averaged 133 tackles, two sacks and two INTs per season during that span. While playing 99% of defensive snaps two years ago and 95% last season, the versatile 6-foot, 212-pounder saw significant action as a box safety, a free safety and a slot corner. As we’ll explore later, the Colts will likely call on a rookie to fill Cross’ role in 2026. That’s a lot to ask.

Once among the game’s preeminent slot corners, Moore enjoyed a terrific nine-year stay with the Colts. He picked off 21 passes in 132 games with the team, but his long-running Indianapolis tenure ended in the offseason.

The Colts and Moore set the wheels in motion on an amicable split when they mutually sought a trade in early April. A taker did not emerge, leading the Colts to release Moore and add $7MM in cap room a month later. They are now poised to replace Moore with the untested Justin Walley, a 2025 third-rounder who missed his rookie year with a torn ACL.

Meanwhile, Moore has expressed interest in continuing his career with a contender. However, he has gone unsigned despite finishing last year as PFF’s 37th-best corner out of 112 qualifiers. In his final season with the Colts, the one-time Pro Bowler made 14 appearances (seven starts) and registered 55 tackles, six pass breakups, 1.5 sacks and an INT.

Pratt began last season with the Raiders, who released him after just four games. That created a path for the ex-Bengal to reunite with Anarumo on a linebacker-needy Indianapolis club. Pratt immediately took on first-team duties and went on to total 101 tackles, eight pass deflections and a pick over 12 starts. Although the 30-year-old was PFF’s 42nd-ranked LB (45 spots ahead of Franklin), he has joined Moore in going unsigned in free agency.

Smith, 30, is now a member of the division-rival Texans, who handed him a two-year, $20MM contract. Health issues besieged the veteran RT during his eight-season run in Indianapolis. Smith was a full-time starter with the Colts, who temporarily made him the league’s highest-paid right tackle in 2021, but he combined for 23 absences over his last five seasons with the team.

The former second-round pick — Quenton Nelson is now all that remains from Ballard’s impact 2018 draft class — went on IR with a neck injury in mid-December, ending his season. Smith is now on IR with the Texans because of a foot injury. The Colts replaced him with Jalen Travis, a 2025 fourth-rounder who made four starts in Smith’s place during a 17-game rookie season.

Reuniting with Steichen in an emergency circumstance, Rivers made one of the most unique comebacks in American sports history. The 44-year-old rejoined the Colts after nearly five years in retirement. He was on the list of Hall of Fame semifinalists before coming back. He will not be considered for Canton again until 2031.

Rivers’ three-game starter stint proved eventful, as he nearly led the Colts to a road upset over the eventual champion Seahawks in his first start and threw for 277 yards and two touchdowns during a Monday-night appearance against the playoff-bound 49ers the following week.

The QB at the controls when Indy last made the playoffs (2020), Rivers added 544 yards and three touchdown passes to his career ledger through his shocking return. After giving way to Riley Leonard in Week 18 — once the Colts were eliminated from playoff contention — Rivers hung up his cleats again and is back coaching high school football in Alabama.

Draft:

• Round 2, No. 53 (from Steelers): C.J. Allen (LB, Georgia) (signed)
• Round 3, No. 78: A.J. Haulcy (S, LSU) (signed)
• Round 4, No. 113: Jalen Farmer (G, Kentucky) (signed)
• Round 4, No. 135 (from Steelers): Bryce Boettcher (LB, Oregon) (signed)
• Round 5, No. 156: George Gumbs (EDGE, Florida) (signed)
• Round 6, No. 214 (from Steelers): Caden Curry (EDGE, Ohio State) (signed)
• Round 7, No. 237 (from Steelers): Seth McGowan (RB, Kentucky) (signed)
• Round 7, No. 254: Deion Burks (WR, Oklahoma) (signed)

The Colts lost what turned out to be the 16th overall pick in this year’s draft in the Gardner trade, leaving them to wait until late in Round 2 to make their first selection. After parting with their starting linebacker duo of Franklin and Pratt, the Colts tabbed Allen to headline a remade LB corps. The 6-1, 235-pound Allen started for two-plus years at Georgia, where he was a consensus All-American and a first-team All-SEC performer in 2025.

Recovering from minor knee surgery at the time, Allen did not participate in drills during the Combine or at Georgia’s pro day. He was back at full strength before the draft, though, and impressed scouts when he ran a 4.46-second 40-yard dash in mid-April.

A couple weeks after his successful workout, it appeared the Colts reeled in a Day 1 starter and someone to wear the green dot on his helmet when they chose Allen. However, an immediate starting role may not be in the cards after calf and hamstring injuries limited him during the summer. Anarumo admitted the issues “delayed” Allen’s development, though he expects the 21-year-old to be fine in the long run. For now, Allen will vie for playing time in a group that also includes Davis-Gaither, Jaylon Carlies, Austin Ajiake and another rookie in Boettcher.

Safety Camryn Bynum will handle the green-dot responsibilities, and he will also have a new safety partner to take over for Cross. Haulcy is expected to step into that role after a four-year college career divided among New Mexico, Houston and LSU.

With a knack for taking the ball away, Haulcy earned the nickname “Mr. Give Me That” in high school. At the college level, he intercepted 10 passes — including a personal-high five with Houston in 2024 — and forced four fumbles. He was a first-team All-American in his lone year at LSU, where he tallied three picks.

Along with posting terrific production, Haulcy showed off Cross-like versatility in college. The 5-11, 215-pounder spent most of his time at free safety, but he also racked up 1,000-plus snaps as a box safety and just under 300 in the slot. He played 551 snaps as a box safety, 279 at free safety, 150 in the slot and 102 around the line of scrimmage with the Tigers last season. Haulcy’s ability to move around the field in chess piece fashion makes him a logical replacement for Cross, though the latter will be a tough act to follow.

Other:

• Extension talks with LG Quenton Nelson reportedly “stagnant”
• Declined Anthony Richardson’s $22.48MM fifth-year option; QB requested trade
• Claimed S Kapena Gushiken
• Signed 12 UDFAs

A Nelson extension hasn’t come together yet, nor does it look imminent, though that could change by Sunday. If it does, expect Nelson to become the highest-paid guard on an annual basis for the second time in his career.

Since signing his current deal, the four-year, $80MM pact he received on the eve of the Colts’ season opener in 2022, Nelson has fallen to sixth in average salary. That isn’t going to cut it for a potential Hall of Fame left guard who has gone a perfect 8-for-8 in making the Pro Bowl and combined for six first- and second-team All-Pro selections.

The Titans’ Peter Skoronski, now the game’s highest-paid guard ($25MM per annum on a four-year, $100MM agreement), has no Pro Bowls or All-Pro honors on his resume. That gives Nelson and his camp plenty of ammunition to return to the top of the mountain. The bigger question, as PFR’s Sam Robinson wrote in July in a Trade Rumors Front Office piece, is whether Nelson will push to become the top-paid interior lineman in the game. That title belongs to Raiders center Tyler Linderbaum, who is raking in $27MM per on the three-year, $81MM contract he signed in free agency. That is in essence a fully guaranteed arrangement.

Nelson has a couple of obvious disadvantages compared to Linderbaum, meaning he may not do quite as well in negotiations. For one, the 30-year-old Nelson is four years older than Linderbaum. Perhaps more importantly, Linderbaum had a slew of teams bidding on him and driving up his price.

Nelson may be in a Linderbaum-like position if he gets to free agency in 2027. However, it will be a surprise if the Colts don’t at least place the franchise tag on him for around $30MM. In the meantime, though, Ballard and Nelson could shake hands on another multiyear setup. Ballard surely wants to do right by Nelson, whom he took sixth overall in 2018. Nelson has repaid Ballard by turning into one of the greatest players in franchise history.

The Nelson pick has been a feather in Ballard’s cap, whereas the Richardson selection has been a critical mistake. The Colts took the former Florida Gator at No. 4 in 2023, making Richardson the third signal-caller off the board after Bryce Young (No. 1, Panthers) and C.J. Stroud (No. 2, Texans). The Panthers and Texans exercised their fifth-year options for those QBs during the offseason, but the Colts made the easy decision to decline Richardson’s.

Had the Colts picked up Richardson’s option, they would have guaranteed him $22.48MM in 2027. That was out of the question for someone who has made just 15 starts, completed a paltry 50.6% of passes and tossed more INTs (13) than TDs (11).

There have never been questions about the 6-4, 244-pound Richardson’s size or athleticism, but he came out of college as a raw prospect with legitimate accuracy concerns. Richardson’s accuracy has not improved in the pros, and injuries have also weighed him down on a consistent basis.

Even after Jones tore his Achilles, Richardson was unable to step in as a result of a freak injury. He suffered an orbital fracture in mid-October after an exercise band snapped and struck him in the eye. The Colts placed Richardson on IR then and later opened his 21-day practice window ahead of Week 16, but he did not return for any of their final three games.

Realizing he has no chance to start over a healthy Jones, Richardson asked for a change of scenery early in the offseason. Trading Richardson would save the Colts $5.39MM in cap space, but strong interest has not materialized across the league. In no hurry to give Richardson away, the Colts let the 24-year-old compete with Riley Leonard for the No. 2 gig during the summer. Having come out on top, Richardson will be first in line if Jones goes down with another injury.

Top 10 cap charges for 2026:

1. DeForest Buckner, DT: $26.6MM
2. Quenton Nelson, LG: $24.2MM
3. Charvarius Ward, CB: $19.89MM
4. Daniel Jones, QB: $19.18MM
5. Jonathan Taylor, RB: $16.19MM
6. Cam Bynum, S: $15.01MM
7. Grover Stewart, DT: $14.25MM
8. Anthony Richardson, QB: $10.82MM
9. Sauce Gardner, CB: $9.5MM
10. Bernhard Raimann, LT: $9.26MM

At 66-64-1 since 2018, Ballard’s second year, the Colts have been a middle-of-the-pack team for most of his tenure. Andrew Luck’s stunning retirement right before Ballard’s third season was a massive setback for the organization, but that was seven years ago. Ballard has struggled to find an answer at the game’s most important position since then, having turned to a different starter in each season from 2019-25. Jacoby Brissett, Rivers, Carson Wentz, Matt Ryan, Gardner Minshew and Richardson each held the reins for a year apiece, while Jones will become the first Colts QB since Luck (2015-16) to start Week 1 in back-to-back seasons.

The futures of Ballard and Steichen may ride on Jones rebounding from last winter’s injury and revisiting the form he showed in the first two months of 2025. If that happens, maybe the Colts will challenge the Jaguars and Texans for the division or at least earn a wild-card spot. If not, Irsay-Gordon may end up overseeing GM and head coaching interviews next January.