The Indianapolis Colts were officially eliminated from postseason contention following a Week 17 loss to Jacksonville, closing the book on what was a rollercoaster ride of a season. Indy entered 2025 with a 7.5 over/under projection, but stormed out to an 8-1 start by way of a clear match between HC Shane Steichen and QB Daniel Jones. The season turned over onto its head following Jones’ Achilles injury, putting the franchise in an intriguing spot heading toward 2026.

Indy currently holds around $54M of projected cap space against an estimated $304M league threshold for 2026, including 39 contracts on the books, and $2M of dead cap. With 4 cap figures of $20M+, the Colts have the potential to free up enough cap space to be highly aggressive this offseason, assuming a few notable salary conversions.

The Colts currently project to hold 7 draft picks in 2026, including two late round compensatory selections. Indy sent their 1st round pick to the Jets in the Sauce Gardner trade.

Early Offseason Questions

  • As Daniel Jones approaches free agency (and recovers from an Achilles injury), is he still in Indy’s plans going forward? What kind of financial offer makes the most sense for both parties?
  • With significant draft/cash capital now invested in Sauce Gardner, how quickly can Indy get back into contention, ensuring they get the most out of a blockbuster trade?

Notable Free Agents

(Spotrac Market Valuation)

QB Daniel Jones ($44M)
ED Kwity Paye ($18M)
WR Alec Pierce ($17M)
RT Braden Smith ($14M)
S Nick Cross ($6.2M)
ED Samson Ebukam ($3M)
LB Germaine Pratt ($2.8M)

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Option Decision

QB Anthony Richardson

Richardson came into the league extremely raw, showed plenty of flashes of being an elite physical athlete, but couldn’t overcome staying healthy or developing into the position quickly enough to have a real chance to move forward. Indy declining his projected $23.5M 5th-year option for 2027 is a foregone conclusion as of now. The 23-year-old is still guaranteed $5.3M in 2026.

Extension Candidate

G Quenton Nelson

Still as elite as ever (#4 rated guard according to PFF currently speaking), Nelson will be entering a contract year in 2026, set to earn $18M against a $24.2M cap figure. The 29-year-old projects toward a 4 year, $92M ($23M APY) contract extension in our system.

RB Jonathan Taylor

Taylor is in the process of putting together his best overall season since 2021 (his sophomore campaign) and should finish off 2025 as one of the most productive offensive players in all of football. He’s also entering a contract year in 2026, set to earn $13M (non-guaranteed) against a $15.5M cap hit. Fumbles and below average usage in the passing game keeps him mathematically suppressed a bit ($15M valuation), but it’s tough to imagine the 26-year-old coming away from the negotiating table at anything less than $20M per year.

WR Michael Pittman Jr.

While the overall production likely ends up a bit lower than some of his best seasons, Pittman has been a reliable #1 option for Daniel Jones in 2025, as is evident by a career-high 7 TD catches. He enters a contract year in 2026, set to earn $24M against a $29M cap figure. The 28-year-old projects toward a 2 year, $60M extension in our system.

Bubble Candidates

DL Grover Stewart

Release Candidate

He’s one of the more notable “glue-guys” for this Colts D, so a trade or release wouldn’t be overly popular, but a down year production-wise could put the 32-year-old’s contract in question. The Colts can free up $12.25M of cap space by moving on from Stewart, who is non-guaranteed in 2026.

QB Anthony Richardson

Trade Candidate

The Colts will almost certainly decline Richardson’s 5th-year option for 2027 (see above), but the 23-year-old is still owed a fully guaranteed $5.3M in 2026. With Daniel Jones now injured long-term (and without a contract), there may be a world where the former #4 overall pick is competing for a Week 1 role at some point next offseason. There’s also a world where Indy finds a trade partner that offers Richardson a change of scenery and a better chance to play.

DL DeForest Buckner

Monitoring Candidate

It doesn’t even seem right to call Buckner a release candidate yet, because he’s just too talented, and too important to this Colts organization as a whole. However, the neck injury that he’s been dealing with this season (that also required stem-cell treatment) has to at least be mentioned as a red flag for the future. Buckner is owed $23M in 2026, $10M of which (a March 15th roster bonus) is fully guaranteed.

Potential Cap Conversions

LT Bernhard Raimann’s 2026 salary is fully guaranteed. Processing a simple conversion on it (plus one void year) frees up $9.4M.

Most of S Camryn Bynum’s 2026 salary is fully guaranteed (the rest by March 15th). Converting that to a bonus frees up $7.5M.

Converting CB Charvarius Ward’s 2026 salary into a bonus (with three void years) can open up over $9.8M of cap.

RELATED LINKS
2026 Colts Salary Cap Table
Colts 2026 Free Agents
Spotrac Offseason Guides