INDIANAPOLIS – At this point on the NFL’s calendar, the salary cap is a conversation piece for the masses and a guideline for 32 teams.
It’s not only fluid but written in disappearing ink.
According to overthecap.com, the Indianapolis Colts are roughly $28.2 million under the 2025 cap, which the site projects at $272.5 million. The actual cap ceiling should be set by the league in a few weeks and could rise to $275 million.
The Colts’ cap space resides comfortably between the New England Patriots’ league-high $119.8 million and New Orleans, which has some serious personnel decisions to make. The Saints are one of nine teams over the cap, and easily in the worst shape with a $54 million overage
Good luck, Kellen Moore.
All teams must be cap-compliant by March 12, the start of the new league year.
Between now and then, financial/personnel decisions – some easy, some very difficult – must be made.
Which players with expiring contracts to re-sign? Which free agents on the open market to pursue?
And as part of the NFL’s “it’s just business’’ strategy, which players under contract are no longer cost efficient for whatever reason?
All of that impacts roster building, and while the salary cap is more clay than concrete – teams have gotten expert at manipulating it – there still are guard rails to keep the playing field as level as possible.
With the Colts, general manager Chris Ballard admitted the obvious last month after the team’s 8-9 finish that included missing the playoffs for a fourth consecutive season.
“Right now, we’re not close,’’ he said. “We’re not good enough.
“We’ve got to be able to address and identify the right avenues to acquire the right players that can move the needle and (we) have not done that in the last four years.’’
Upgrading the roster likely means being more active in free agency.
But before wading in to the open market, Ballard and his staff must make some hard decisions that will provide adequate maneuverability under the cap.
That probably includes parting ways with a few players under contract. Simply put, a team’s cap relief consists of calculating a player’s non-guaranteed base salary and any roster bonus due against the remaining dead money (unaccounted-for bonuses paid).
Also, the Colts can create additional space by renegotiating the contracts of a few of their higher-end cornerstone players (DeForest Buckner, Michael Pittman Jr., Grover Stewart, Jonathan Taylor, Quenton Nelson, etc.).
That’s why today’s salary cap space won’t resemble the salary cap space in less than a month. The Colts could free up more than $38 million by taking an extreme approach to trimming a handful of players under contract.
Here’s a look at a few who might not figure into the 2025 season. Included are the potential cap savings and remaining dead money if the player is released.
RT Braden Smith
- 2025 cap hit: $19.75 million
- Cap savings: $16.75 million.
- Dead money: $3 million.
- Comment: Smith has been an offensive line cornerstone since being selected in the second round of the 2018 draft. The 6-6, 312-pounder has started 92 games at right tackle and routinely played at a near-Pro Bowl level. But Smith’s heading into the final year of a four-year, $70 million extension and his status for 2025 is uncertain. He dealt with an unspecified personal issue during the final portion of ’24 and missed the final five games after being placed on the league’s reserve/non-football illness list. Ballard was unable to offer an update of Smith last month. Smith’s well-being is paramount, but a tough decision might be necessary. He missed seven games in 2023 with wrist, hip and knee injuries, and underwent surgery on his left knee prior to last season.
DE Samson Ebukam
- 2025 cap hit: $10.49 million.
- Cap savings: $7.49 million.
- Dead money: $3 million.
- Comment: Ebukam was one of Ballard’s better free-agent acquisitions during the 2023 offseason. After signing a three-year, $24 million contract, he responded with the best season of his seven-year career: a team-high and career-best 9.5 sacks, 17 quarterback hits and 10 tackles for loss. However, Ebukam suffered a season-ending torn Achilles during the ’24 training camp. There’s every likelihood he’ll be ready for a third season in Indy, but the rehab for an Achilles injury can at least initially rob a player of his quick burst, which is essential for an edge pass rusher.
DT Raekwon Davis
- 2025 cap hit: $8.96 million.
- Cap savings: $6.46 million.
- Dead money: $2.5 million.
- Comment: This might be an easy decision. Davis never made much of an impact after signing a two-year, $14 million contract last offseason. He missed the bulk of camp with high blood pressure and then managed just 15 tackles in 17 games as an interior rotational player. He was on the field for a career-low 349 defensive snaps (30%).
DL Tyquan Lewis
- 2025 cap hit: $7.05 million.
- Cap savings: $4.55 million.
- Dead money: $2.5 million.
- Comment: This might be one of those tough decisions. Lewis’ versatility has been invaluable with 20 starts and 75 appearances since being selected in round 2 of the 2018 draft. But he’s dealt with a variety of injuries, including tearing the patellar tendon in each knee (2021, ’22). After appearing in all 17 games in ’23, Lewis was limited to 10 games and four starts last season after undergoing surgery to repair a torn ligament in his right elbow. No player better exemplifies what Ballard values in a player. But Lewis’ cost might be too steep.
S Rodney Thomas
- 2025 cap hit: $3.378 million.
- Cap savings: $3.55 million.
- Dead money: $23,846.
- Comment: Again, moves made at this point of the offseason often are cost-efficient in nature. Thomas started 25 of a possible 34 games after being drafted in the seventh round of 2022, but primarily was relegated to special teams last season. He was on the field for just 98 defensive snaps (9%) while logging 173 (37%) on special teams.
TE Jelani Woods
- 2025 cap hit: $1.709 million.
- Cap savings: $1.4 million.
- Dead money: $271,815.
- Comment: The Colts might have reached the point of no return with their 2022 third-round pick. Woods burst on the scene as a rookie with 25 receptions for 312 yards and three TDs, but missed 2023 with hamstring issues and all of ’24 after undergoing toe surgery. The 6-7, 253-pounder is everything a team desires at tight end, but lacks the most important ability – availability.
TE Drew Ogletree
- 2025 cap hit: $1.144 million.
- Cap savings: $1.1 million.
- Dead money: $44,548.
- Comment: This is one we wouldn’t make. It’s not that the 2022 sixth-round pick has made himself indispensable. Ogletree has just 18 receptions for 256 yards and three TDs in 29 games the last two years after missing his rookie season with a knee injury. But the tight ends room already might face a massive overhaul with veterans Mo Alie-Cox and Kylen Granson eligible for free agency next month. It’s too soon to move on from the 6-5, 260-pound Ogletree. Besides, saving $1.144 million won’t have much of a financial impact when the Colts just have to replace Ogletree with another tight end.
You can follow Mike Chappell on Twitter at @mchappell51.