The Indianapolis Colts ripped the band-aid off this past week, trading much-maligned starting QB Carson Wentz to the Washington Commanders for a trade package that included two third-round picks. But the most important acquisition in the Wentz trade was wiping his salary off the books and creating a boatload of cap space ahead of free agency.
Indianapolis Colts are expected to have nearly $70 million in cap space following Carson Wentz trade
With Wentz and his $28.3 million salary heading to Landover, Maryland, the Colts have seen a massive influx of cap space ahead of the new league year. Wednesday’s start to free agency should be hot and heavy, and the Colts’ $69.9 million in cap space, as projected by Spotrac, puts them in prime position to outbid the rest of the market for the players they want.
With so much cap space, the Colts can make a handful of big moves that improve their team after last year’s nightmare of missing out on the playoffs with back-to-back season-ending losses.
1) Make a worthwhile trade for a QB
After four years of constant QB changes, it’s time for the Colts to finally nail down a long-term solution at quarterback. Las Vegas Raiders QB Derek Carr is entering a contract year with new management and a new head coach in charge.
While the Colts don’t have a first-round pick this offseason to offer the Raiders, they do offer the ability to absorb the entirety of QB’s contract, clearing out cap space for Las Vegas, similarly to how Indianapolis did with Wentz.
In theory, the Colts could offer up their second-round pick — the 42nd overall pick (acquired from Washington) — and one of their two third-round picks for this year. They then could offer their 2023 second-round pick as well. This offer would give the Raiders long-term value for their departing QB and allow the Colts to nab a long-term answer without surrendering another first-round pick.
With Carr in a contract year, the Colts will need to extend his deal against the leverage of a trade package. That’s why the Raiders can’t expect a huge return from teams looking to acquire their lame-duck QB. Either way, the Colts have the cap space to make a deal work for Carr and also pay him with a long-term extension.
Carr would be an upgrade over Wentz.
2) Sign a starting-caliber wideout
With T.Y. Hilton and Zach Pascal set to hit free agency, the Colts have room to upgrade the wide receiver room. Last season, former second-round pick Michael Pittman Jr. proved to be the only consistent receiving presence at the position. Hilton is aging and consistently sidelined. Pascal, meanwhile, will probably look for a fresh start elsewhere.
So, with the Colts likely to bring in a new QB, they need to help him by surrounding him with notable talent. Christian Kirk of the Arizona Cardinals, Allen Robinson of the Chicago Bears, and JuJu Smith-Schuster of the Pittsburgh Steelers could be excellent complements to Pittman in the Colts’ offseason. All three wideouts are reliable possession receivers capable of commanding notable contracts on the open market. The Colts can handle that type of salary at the position.
3) Figure out left tackle
Without a first-round pick, the Colts will need to be aggressive in free agency to get immediate returns at important positions. With Eric Fisher reportedly set to bolt in free agency, the Colts need to find a long-term answer at left tackle, especially if they plan to target a veteran QB on the trade market.
The top left tackle set to hit the market is Terron Armstead of the New Orleans Saints. At 31, Armstead still has plenty of gas left in the tank, and there will be a big bidding war on the open market for him.
If the Colts miss out on Armstead, they should look to trade for a left tackle. While the Philadelphia Eagles obviously bested them in the Wentz deal, there’s no reason why they shouldn’t work with Philly again on another swap.
Former first-round pick Andre Dillard hasn’t lived up to his Day 1 hype, but he’s proven to be a quality player when given the opportunity to start. Dillard might be a cost-effective solution in a trade, especially because the Eagles will probably request a third- or fourth-round pick for his contract.
4) Get younger at cornerback
With 32-year-old Xavier Rhodes set to hit free agency again, the Colts would probably like to get younger at cornerback. Their options, even if they don’t want to spend a lot on the positions, are plentiful. Levi Wallace of the Buffalo Bills, Charvarius Ward of the Kansas City Chiefs, and Rasul Douglas of the Green Bay Packers are all in their mid-20s and coming off strong seasons with their respective squads.
If the Colts decided to take a big swing with their cap space, Pro Bowl cornerback J.C. Jackson of the New England Patriots could be a blockbuster signing for the franchise.
