INDIANAPOLIS – Chris Ballard offered his assessment of the Indianapolis Colts’ latest unsuccessful season a week after it meandered to an 8-9 finish, and wasn’t in position to forecast the steps necessary to return the franchise to prominence.
“We have not formulated a plan,’’ he said when specifically asked about being more active in veteran free agency, “but what I’m going to tell you is that we’re going to be open to making sure we do what is best going forward to build a competitive roster.’’
Two weeks later, it’s fair to assume Ballard and his support staff – including Shane Steichen and his staff and the personnel staff – have a firm grip on how to attack what’s always the first step in roster building.
And that would be determining which of their own players who become unrestricted free agents on March 12 are worth re-signing.
There undoubtedly are issues to be resolved, primarily how much to re-invest in specific players. But most of the hard decisions – We need him back – probably have been resolved, although new defensive coordinator Lou Anarumo might need a bit more time to sort through the players he’s inherited.
One of Ballard’s core principles has been re-signing his own. Sometimes to a fault.
“Look, I’m emotional and I care about our players,’’ he said, “and I think sometimes I’ve let that bleed into how I build the team.’’
That was especially true last offseason.
After the Colts came within a few plays of winning the AFC South on the final weekend of the season, Ballard and others believed they were close enough to run it back in ’25 with the same projected 22 starters.
That involved budgeting more than $150 million in guarantees in extensions or new deals for his own: Michael Pittman Jr., DeForest Buckner, Kenny Moore II, Zaire Franklin, Grover Stewart, Tyquan Lewis and a handful of others.
It blew up in the Colts’ collective face.
One of the unintended consequences of rewarding their own was creating “a complacency within.’’
“There was an entitlement that, ‘You know what? I’m back. I deserve to be back,’’’ Ballard said. “Which, ‘Yes, you did, but there’s also an expectation and a standard that you have to uphold.’
“For much that’s given, more is expected. When you’re on your second, third contract, damn right, there’s more expected of you to lead, to perform.’’
The Colts will have the financial wherewithal to do as much as they deem necessary in the coming months. They have roughly $29 million in cap space, according to Overthecap.com, which ranks 18th, but can create much more by structuring existing contracts or releasing a handful of players.
A look at the pending free agents:
THE TOP 11
C Ryan Kelly
Age: 31.
Career: 2016 1st-round draft pick (No. 18 overall); 121 games/121 starts in nine seasons; four Pro Bowls, 2020 second-team All-Pro.
2024: Started 10 games.
2024 cap hit: $14.625 million.
Comment: Kelly was disappointed he wasn’t included in the flurry of new contracts and extensions offered last offseason. The Colts took a step toward finding his eventual successor in the 2024 draft by selecting Tanor Bortolini in round 4. The Wisconsin product started five games at center when injuries sidelined Kelly.
Return?: Unlikely.
LB E.J. Speed
Age: 29.
Career: 2019 5th-round pick; 92 games/32 starts in six seasons.
2024: Started 15 games and finished third on team and tied-10th in NFL with career-high 143 tackles.
2024 cap hit: $5.46 million.
Comment: The Colts retained Speed in the 2023 offseason with a two-year, $9 million contract, and got their money’s worth. He started 26 games the past two seasons and finished with 243 tackles, including 19 for a loss. But the team needs a weak-side ‘backer with better coverage skills.
Return? Unlikely.
S Julian Blackmon
Age: 26.
Career: 2020 3rd-round pick; 66 games/62 starts in five seasons.
2024: Started 15 games, the final 14 at free safety, despite suffering a torn labrum in the week 2 loss at Green Bay. Blackmon finished with 86 tackles, three interceptions and four passes defended.
2024 cap hit: $3.89 million.
Comment: A breakup might prove beneficial for both sides, although that could change with the arrival of Anarumo. Blackmon tested the free-agent market last offseason and was the victim of the safety market bottoming out. He returned to Indy with a one-year deal worth roughly $4 million. In the past two seasons, Blackmon has seven interceptions.
Return: Unlikely.
DE Dayo Odeyingbo
Age: 25.
Career: 2021 2nd-round pick (No. 54 overall); has started 19 of 61 games with 16.5 sacks, 21 tackles for loss and five forced fumbles.
2024: Started 14 of 17 games and finished with 31 tackles, 3 sacks, 17 QB hits and seven tackles for loss. Odeyingbo was coming off a career-best 8 sacks in 2023, so last season was a tad disappointing.
2024 cap hit: $1.965 million.
Comment: This figures to be Ballard’s most difficult decision. There’s no question Odeyingbo’s production waned last season, but he’s 25 and 6-6, 286-pound pass rushers are tough to find. The Colts are going to have to come with a strong offer to keep Odeyingbo off the open market, if that’s their intention. If he hits the market, somebody’s going to throw solid money at him.
Return: Too close to call.
QB Joe Flacco
Age: 40.
Career: 196 games and 191 starts; 45,697 yards and 257 touchdown passes; Super Bowl champion and Super Bowl MVP.
2024: Started six games and appeared in two others. The Colts were 2-4 in his starts. Passed for 1,761 yards with 12 TDs and seven interceptions.
2024 cap hit: $5 million.
Comment: The Colts invested a one-year insurance policy in Flacco to guard against Anthony Richardson missing time with an injury, and it was worth it. The Colts are committed to adding legitimate competition for Richardson in 2025 and that won’t be Flacco.
Return?: Not happening.
TE Mo Alie-Cox
Age: 31.
Career: Signed as an undrafted free agent in April 2017; appeared in 108 games with 47 starts; has 114 receptions for 1,433 yards and 15 TDs in eight seasons.
2024: Started 13 of 17 games and had 12 receptions for 147 yards and one TD. That was his least productive season since 2019.
2024 cap hit: $5.92 million.
Comment: This is another situation where a player might benefit from a relocation. Alie-Cox understands his strength is as a blocker, but wants to have a stronger role in the pass game. If he’s re-signed, it must be as the best blocker in the tight ends room who’ll only see occasional targets. He’s an excellent locker room presence and his journey from VCU power forward to NFL tight end is inspiring.
Return?: Probably not.
TE Kylen Granson
Age: 26.
Career: 2021 4th-round pick; has started 17 of 62 games with 86 receptions, 958 yards and one TD.
2024: Started six of 17 games and finished with 14 catches for 182 yards. That was a marked decline from the two previous seasons when he totaled 61 receptions for 670 yards.
2024 cap hit: $3.92 million.
Comment: It’s been four years and Granson hasn’t been able to establish himself as the team’s hybrid tight end. Four years is enough.
Return?: Doubt it.
G Will Fries
Age: 26.
Career: 2021 7th-round pick; has started 31 of 40 games and had started 29 straight before suffering a fractured right tibia in the week 5 loss at Jacksonville.
2024: Started the first five games at right guard and earned an 86.9 grade from Pro Football Focus. That would rank tied-No. 2 among the league’s guards. Fries was playing at a Pro Bowl level and offensive line’s effectiveness declined after his injury.
2024 cap hit: $3.137 million.
Comment: The broken leg cost Fries a ton of money, perhaps a multi-year deal averaging $8-9 million. And that’s probably a conservative estimate. Now, he’ll probably get one of those one-year, prove-it contracts valued at $2-3 million.
Return?: This is one I’d target for a new deal.
QB Sam Ehlinger
Age: 26.
Career: 2021 6th-round pick; has started three games and appeared in five others; 0-3 as a starter with a 76.1 passer rating.
2024: Did not step on the field.
2024 cap hit: $1.087 million.
Comment: Ehlinger has been an invaluable presence in an ever-changing quarterbacks room, but it’s probably time for the Colts to find a younger prospect. Maybe that’s Jason Bean.
Return?: Unlikely.
RB Trey Sermon
Age: 26.
Career: Has started five of 42 games in four seasons with the Colts, San Francisco and Philadelphia.
2024: Appeared in all 17 games with three starts. Rushed for 159 yards and two TDs on 56 carries and added 99 yards on 16 receptions.
2024 cap hit: $1.055 million.
Comment: The Colts need an upgrade behind Jonathan Taylor. Even though he finished fourth in the NFL with 1,431 yards and fifth with 303 carries, running backs take a beating and usually miss at least a few games. Taylor missed three starts last season and there was too much of a drop-off when he was out of the lineup.
Return?: Unlikely.
WR Ashton Dulin
Age: 27.
Career: Signed as an undrafted rookie in May 2019; has appeared in 70 games with five starts; has 35 receptions for 517 yards and four TDs, and has established himself as a core special teams player; selected second-team All-Pro in 2021.
2024: Started two of 15 games and finished with two catches for 67 yards, including a 54-yard TD in season opener against Houston. Led team with 10 special teams tackles, including eight solos.
2024 cap hit: $4.04 million.
Comment: Dulin is a nice reinvestment option. He has legitimate value on special teams and can be an option if injuries deplete the receivers’ room.
Return?: Don’t rule it out.
THE OTHERS
G Mark Glowinski, OL Wesley French, C Danny Pinter, DT Taven Bryan, LB Grant Stuard, LB Ronnie Harrison Jr.
You can follow Mike Chappell on Twitter at @mchappell51.