Following the initial free agency waves, the Indianapolis Colts rank 13th in effective salary cap space, according to Over the Cap (OTC).
Currently, OTC has the Colts with $16.91 million in available cap space. That figure ranks as the 14th most across the NFL but also isn’t quite reflective of what the Colts actually have available to spend.
Effective cap space is what OTC projects that the Colts actually are able to spend if GM Chris Ballard plans to continue adding to his roster. OTC has that amount at $12.71 million for the Colts.
The difference between cap space and effective cap space is that effective cap space factors in what it will cost for the Colts to sign their incoming draft class along with constructing their initial 53-man roster. The cap space figure, however, is what the Colts have available to them on paper at this moment.
With that said, there are also other cap costs coming down the pipeline that aren’t included in that effective cap space figure either. These include having in-season salary cap reserves available, whether that ends up going towards an addition to the roster or game-day elevations from the practice squad to the active roster. The Colts will also need cap space to assemble their practice squad as well, among other expenses.
So no, the Colts don’t actually have $16.91 million that they are still able to spend, or even $12.71 million, for that matter. However, overall, they are sitting in relatively good shape from a salary cap perspective. There are still teams out there who will have to extend players, restructure contracts, or even make cuts to create needed cap space. The Colts aren’t in that position.
It’s possible that, for the time being, the Colts could hit pause on making any free-agent additions. Ballard may first see how the draft plays out and then decide whether to make an addition or two afterward to round out a position group with a veteran presence if he didn’t tackle the need the way he wanted to during the draft.
With that said, the biggest positional needs that the Colts still have to address lie in the secondary at cornerback and safety, and there are impact players available at each. If Ballard does at some point want to utilize free agency to add to those rooms, below are the best available options according to PFF, along with their overall ranking:
1. Justin Simmons
2. Stephon Gilmore
3. Steven Nelson
6. Xavien Howard
9. Julian Blackmon
14. Adoree’ Jackson
28. Tashaun Gipson
31. Micah Hyde
34. Ahkello Witherspoon
36. Jayron Kearse
37. Kristian Fulton
At this stage of the game, none of these contracts are likely to break the bank, and with the wiggle room that the Colts do have salary cap-wise, having the space to add any one of these players shouldn’t be much of an issue.
