The Indianapolis Colts re-signed pending free agent linebacker E.J. Speed to a two-year deal Monday night, hours after the legal tampering period commenced.
Quickly moving after fellow pending free agent Bobby Okereke agreed to a four-year deal with the New York Giants, the Colts made sure to secure one of their ascending talents at the linebacker position.
Keep up to date with the latest news, signings and rumors through our free agency tracker for the Colts.
Here’s our instant analysis from the Colts bringing Speed back on a multi-year deal.
How he fits in the depth chart
There’s likely to be a promotion of sorts for Speed, though his role within Gus Bradley’s defense shouldn’t change too much. He played 28% of the snaps during the 2022 season, likely due to the absence of Shaquille Leonard.
While Speed isn’t expected to fill the void that Bobby Okereke will leave, we might see the former fifth-round pick get on the field a bit more, especially considering the growth he’s shown as a defender.
Here’s how the depth chart stacks up following the move:
| WILL | MIKE | SAM |
| E.J. Speed | Shaquille Leonard | Zaire Franklin |
| Grant Stuard | Segun Olubi | Jojo Domann |
| Cameron McGrone | Forrest Rhyne |
How this impacts the draft
There is somewhat of a mystery when it comes to Shaquille Leonard’s health. However, all things seem to point in a positive direction on that front as it currently stands. So with the re-signing of Speed, the linebacker position may not be as big of a need now. The Colts still could add an athletic prospect with upside on Day 3—as they did with Speed in 2019—but the position isn’t near the top of the needs list.
How this impacts free agency
With Speed back and joining the presumed starting duo of Zaire Franklin and Shaquille Leonard, it would be a surprise if the Colts added another notable linebacker to the room. They already have a lot of money tied to the position, so it’s likely they’ll use their resources elsehwere.
Contract details
We don’t have the full breakdown of the contract yet, and we’ll update this post when those details come in. But it appears the contract is a two-year deal worth $8 million with $500,000 in incentives for each season, bringing the max value of the deal to $9 million. It’s unclear what those incentives are at the moment.
Breaking: FA LB E.J. Speed is re-signing with the #Colts on a two-year deal worth $8M, sources tell @theScore. 500k in incentives each year.
Very good player back to Indy.
— Jordan Schultz (@Schultz_Report) March 14, 2023
Instant grade
This is a good deal for both sides. Speed, a Day 3 pick from Division-II Tarleton State, gets a nice pay day while the Colts keep an ascending talent on the roster without breaking the bank. Speed should provide solid depth as the third linebacker while contributing massively on special teams. It’s a good deal all around.
Grade: B+
