Colts retained top free agent priorities, but have they actually improved so far?

Now that the first frenzied waves of NFL free agency have ended, we can now safely see where the Indianapolis Colts stand—with the initial dust having finally settled:

Re-Signings

QB Daniel Jones: 2-years, $88 million

WR Alec Pierce: 4-years, $114 million

WR Laquon Treadwell

TE Mo Alie-Cox

TE Drew Ogletree

Signings

Edge Arden Key: 2-years, $20M

Edge Michael Clemons: 3-years, $17.5M

DT Derrick Nnadi

S Juanyeh Thomas

S Jonathan Owens

Trades

Outgoing:

LB Zaire Franklin

WR Michael Pittman Jr.

Incoming:

DT Colby Wooden

Departed Free Agents

OT Braden Smith: 2-years, $25M (Houston Texans)

DT Neville Gallimore: 2-years, $12M (Chicago Bears)

DE Kwity Paye: 3-years, $48M (Las Vegas Raiders)

S Nick Cross: 2-years, $14M (Washington Commanders)

DE Samson Ebukam (Atlanta Falcons)

S Rodney Thomas II (Seattle Seahawks)

LB Segun Olubi (Las Vegas Raiders)

Initial Offseason Overlook:

While the Colts accomplished what they initially hoped to, re-signing both starting quarterback and lead wideout Alec Pierce, with only one tag at their disposal, the rest of the roster remains arguably unimproved from last year.

If anything, the Colts have even more glaring holes, with current openings at left defensive end, opposite Laiatu Latu, in the spot formerly occupied by Kwity Paye, both starting linebacker spots (where Zaire Franklin was traded to the Packers and fellow veteran Germaine Pratt remains a free agent), and starting outside wide receiver #2 to replace Michael Pittman Jr.’s departure—and arguably at safety for Nick Cross, although Indy is high on returning 2nd-year safety Hunter Wohler, who missed all of his rookie season with a preseason Lisfranc injury.

One could make a compelling argument that it was time to move on defensively from both starters Zaire Franklin and Kwity Paye. The former who wasn’t as natural a fit in Lou Anarumo’s defensive scheme at linebacker and had his play fall off in 2025, and the latter, with the Colts needing more pass rushing prowess and speed opposite Latu. However, the loss of Pittman Jr. figures to be felt one way or another, as a true pro who did a lot of little things to help the Colts compete—including being a physical and willing run blocker along the perimeter.

The Colts had to pay Pierce, but it clearly came at the expense of Pittman Jr.’s continued spot on their roster.

The Colts also lost longtime starting right tackle Braden Smith, but given his injury history, and with rising 2nd-year offensive tackle Jalen Travis having filled in well during relief of Smith last year, this may be less of a hole.

Had the Colts been able to also sign former Cincinnati Bengals NFL All-Pro free agent defensive end Trey Hendrickson, who was signed by the Baltimore Ravens during their Maxx Crosby trade fall-out with the Raiders, this early offseason may have felt very different because Indianapolis would’ve clearly improved with the addition of another defensive star—and an elite pass rusher at that, just months after landing former New York Jets NFL All-Pro cornerback Sauce Gardner ahead of last year’s league trade deadline.

Instead, after re-signing Jones and Pierce, it’s largely been depth signings for Indianapolis.

Key projects to be a rotational edge, more so, than Paye’s starting replacement, filling Ebukam’s backup role from last year. Wooden is a cheaper and younger alternative to departed veteran Neville Gallimore at defensive tackle. Clemons and Thomas are opportunistic signings hoping to find more untapped potential in Indianapolis, while Nnadi and Owens (and Thomas too) offer depth and special teams contributions.

Yes, there’s still plenty of offseason left, and the Colts still have opportunities to plug some of these remaining holes, but the franchise is also without its first round pick, meaning the NFL Draft can’t be relied upon as much.