By extending DeForest Buckner, the Colts went from having about $14 million in cap space to $28.4 million. Could this mean that a free agent addition is on the horizon?
Prior to the extension, Buckner had the second-largest cap hit on the team at $22.75 million. That figure has now dropped to only $8.3 million.
In short, the way that the Colts were able to accomplish this was by adding two void years on top of the two extension years. This then allowed the Colts to take a portion of Buckner’s base salary and roster bonus from 2024 and convert it to a signing bonus that can be pro-rated over the life of the contract, thus lowering the current year’s cap hit.
Outside of any potential free agent signings, the Colts – like every other team – have additional cap costs coming down the pipeline. Not yet accounted for in that $28.4 million figure from Over the Cap is the cap space needed to sign the incoming draft class, to assemble a practice squad, and to have reserves left over for any in-season spending.
However, the Colts need nowhere near $28.4 million to take care of those costs, which is why we are here speculating on an additional move that could be coming.
Two of the biggest needs that the Colts still have to address are at cornerback and safety. Many of the top remaining free agents still available, according to PFF, belong to those two position groups. You can click here to read more about who those players are and their fit with the Colts.
Wide receiver is another need for the Colts, who are in search of more playmaking at the position. Odell Beckham, Michael Gallup, and Tyler Boyd are still three players who remain unsigned.
A more consistent pass rush presence at edge rusher should be on Chris Ballard’s radar as well after the Colts finished 2023 ranked 23rd in total pressures. Some of PFF’s top available names at this position are Bud Dupree, Yannick Ngakoue, and Tyus Bowser.
Addressing any one of these positions via free agency will give the Colts added flexibility in the draft. While a free agent addition at this stage of the game may not completely solve the issue at these positions, especially in the long-term, it would help provide some stability in the short-term, freeing up Ballard to address other needs.
If the Colts don’t end up making any free-agent additions, any unused cap space from 2024 will roll over to 2025, giving them a big boost. As ESPN’s Stephen Holder pointed out after inquiring on this topic, this is the most likely outcome.
