Ever since Chris Ballard took over as general manager of the Indianapolis Colts, they have been a team not afraid to hand out contract extensions to players they feel have earned it.
This is a big offseason for a Colts organization that is looking to build a playoff contender after narrowly missing out on the postseason. Re-signing some pending free agents to new deals and handing out some contract extensions to players currently under contract will be two ways of doing so.
We’re taking two schools of thought here as it pertains to contract extensions. The first includes pending free agents we believe could earn a multi-year deal before the new league year arrives in March.
The other includes players going into the final year of their current contract. We’ve seen Ballard hand out extensions in the past when players have one year remaining on current deals before that final season arrives. In theory, these deals would likely get done during the summer after free agency and the 2024 NFL draft have already passed.
Admittedly, we’re casting a pretty wide net here. Not all of the players below will receive a new deal this offseason. In fact, the majority of them probably won’t. But if there’s a slight chance they might, we’re going to make the argument as to why it could happen.
Here are eight Colts currently under contract who could receive a contract extension during the 2024 offseason:
1
WR Michael Pittman Jr.
Contract expiration: 2024
Arguably the top priority for the Colts right now is getting a deal done with Pittman. It’s going to be expensive—likely north of $20 million annually. However, it’s necessary. Pittman has been nothing but productive while providing leadership and toughness from an increasingly valuable position. As long as negotiations don’t take the route that Jonathan Taylor’s did, the current expectation is that a deal gets done.
2
DT Grover Stewart
Contract expiration: 2024
Sure, Stewart may be turning 31 this offseason, but that’s still toward the back end of the prime age for defensive tackles, especially run defenders. His value was never more present than during his six-game suspension this season. In those six games without him, the Colts allowed 153 rushing yards per game and 4.7 yards per carry to opposing offenses. In the games with Stewart active, the defense allowed 107.9 rushing yards per game and 3.7 yards per carry. Finding his successor should be on the to-do list this offseason, but it wouldn’t be a surprise if he received a two-year deal.
3
S Julian Blackmon
Contract expiration: 2024
This one is a bit tricky. Blackmon really thrived in a new role as the strong safety in Gus Bradley’s defense. He was a factor both in coverage and in run support. But the injury history is extensive. The fourth-year safety has already dealt with a torn ACL (college) and a torn Achilles. His 2023 season was cut short due to a shoulder injury during the final month, and he’s never played a full season of games. Blackmon’s talent is immense, and the Colts have a major need at the safety position so it wouldn’t be a surprise if he got a two-year deal.
4
CB Kenny Moore II
Contract expiration: 2024
Moore tried to conduct a soft holdout before the 2022 season with two years remaining on his deal at the time. The Colts made it clear they weren’t entertaining that notion. Then, the star slot defender struggled immensely in his first season working under Gus Bradley. However, discussions were had and mentalities were refocused entering 2023. Moore bounced back to his All-Pro caliber production, giving the Colts a much-needed jolt in the secondary. Now, Moore is a high-profile free agent this offseason. The Colts have the cap space to hand out another contract so it’s certainly possible another deal gets done between the two sides.
5
LB Zaire Franklin
Getting to our first player under contract for the upcoming season, the Colts may need to revisit Franklin’s deal. The production simply does not match the value, and it’s likely Franklin’s agents are going to make that known to the front office. Receiving $3.3 million per year on his current deal, that ranks 41st among NFL linebackers. Meanwhile, Franklin ranks second in the NFL in tackles (346) and solo tackles (209) over the last two seasons combined. It wouldn’t be a surprise to see the Colts restructure.
6
DT DeForest Buckner
Contract expiration: 2025
Buckner has been the engine from the three-technique of the Colts defense since they traded the No. 13 overall pick in the 2019 NFL draft to acquire him. He still has one more year left on his deal so there’s certainly a chance the two sides simply wait until next offseason to decide. But it wouldn’t be a total shock if a year or two got tacked on to the end of his current deal even if it’s more unlikely to happen.
7
DE Kwity Paye
Contract expiration: 2025 (2026 if option is exercised)
As a first-round pick in the 2021 NFL draft, Paye’s fifth-year team option is coming up. The Colts must make that decision by May 3, and we should expect them to exercise that option, which would keep him under contract through the 2025 season. He’s eligible for an extension this offseason and even though it would be more likely to happen next offseason, there’s a tiny chance the Colts want to get ahead of a potential new deal before a true breakout comes.
8
DE Dayo Odeyingbo
Contract expiration: 2025
Over his last 21 games, Odeyingbo has recorded 11.5 sacks, 12 tackles for loss and 21 quarterback hits. He’s continuing to improve every season and unlike the aforementioned Paye, Odeyingbo will be a free agent next offseason. If the Colts want to get ahead of this contract before a potential explosion in 2024, it wouldn’t be a surprise if he got a new deal this summer.
