6 pending free agents the Colts should re-sign
The Indianapolis Colts will soon be entering the new league year in roughly a month and a half but before that, they can begin re-signing some of their pending free agents who are set to hit the market.
While there isn’t a massive list of players set to hit free agency for the Colts in 2023, there are some big names among the group. Unlike previous seasons, the Colts are a bit strapped for cash, sitting with just over $5.7 million in effective cap space, per Over The Cap.
There are a few ways the Colts can free up some cap space by trading and/or cutting certain players in 2023, including the contract of quarterback Matt Ryan.
We took a look at some of the pending free agents the Colts shouldn’t re-sign earlier in the offseason.
Now, it’s time to take a look at six pending free agents the Colts should re-sign:
LB E.J. Speed
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It will be interesting to see how this offseason goes at the linebacker position. With Shaquille Leonard ($19.8 million) and Zaire Franklin ($3 million) under contract for 2023, the Colts will have to make a decision as Bobby Okereke also is set to be a free agent. It’s unlikely the Colts can afford two massive contracts at the linebacker position without some major changes so there’s a chance Okereke is gone.
If the Colts wanted to go the cheaper route to ensure some depth is kept in the linebacker room, Speed is an option. He has spent most of his career as a special teamer, but he’s been a solid depth piece in the middle of the defense, and his role grew massively on special teams in 2022.
In 17 games (five starts), Speed posted career-highs in tackles (63), solo tackles (37), tackles for loss (seven) and passes defended (two). He also led the Colts with an 85% snap share on special teams and was tied for second on the team with eight special teams tackles.
K Chase McLaughlin
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Having a kicker be among the top priority players to be re-signed sort of shows what kind of free agency crop the Colts are dealing with. However, McLaughlin has earned a new contract. After the release of Rodrigo Blankenship, McLaughlin arrived as a knight in shining armor. In 16 games, McLaughlin converted 30-of-36 field-goal attempts (83.3%) and all 21 of his extra-point attempts (100%). He converted 9-of-12 attempts from 50 yards or more, which set a new single-season franchise record. Unless Justin Tucker is the kicker, the position is extremely volatile, so the Colts should stick with what they have.
WR Parris Campbell
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Once the Colts add some salary-cap space, this deal will be a bit easier to make. But Campbell finds himself as one of the top priority free agents for the Colts this offseason after finally putting together a full healthy season.
With Michael Pittman Jr. and Alec Pierce returning as the leaders of the wide receiver room, Campbell showed he can be a solid complementary piece in the offense. He posted career-highs in targets (91), receptions (63), receiving yards (623) and receiving touchdowns (three). Of course, that’s easy to do when he played a total of 15 games during his first three seasons combined, but if we’re going to acknowledge the constant injuries, we also need to acknowledge his production when healthy.
The Colts shouldn’t go crazy signing Campbell to an extension, but something around the ballpark of $8-10 million per year should be feasible once some money is moved around.
CB Tony Brown
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This wouldn’t be a flashy signing at all, but the Colts should bring Brown back for depth purposes in the cornerback room. Though he sparingly played on the defensive side of the ball, Brown was a mainstay on special teams, playing 72% of the snaps in that phase of the game. Given the uncertainty surrounding the contracts of Stephon Gilmore and Kenny Moore II, Brown should be brought back as a special teams player with depth upside in the cornerback room.
WR Ashton Dulin
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Some of the points that applied to Campbell also apply to Dulin. The former undrafted free agent out of Malone is an unrestricted free agent for the first time in his career so it would make sense if he wants to test the market. However, the Colts should consider bringing him back to be their WR4 again in 2023.
Dulin’s prowess and value come on special teams where he played 58% of the snaps in 12 games this season. Despite only playing 12 games, Dulin posted 15 receptions for 207 yards, both of which were career-highs. His role isn’t flashy and mostly goes unnoticed, but Dulin is the type of WR4 option teams love to have on the roster.
S Rodney McLeod
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This is one that seems unlikely to happen, especially with the veteran considering retirement this offseason. Regardless, McLeod would be a fine addition to the safety room if he wants to continue playing. Whether he would want to do so with the Colts is another question entirely.
The veteran safety was one of the most valuable assets the Colts had on the entire roster. He had arguably the best season of his career, posting career-highs in tackles (96), tackles for loss (eight) and passes defended (eight). He also added two interceptions.
McLeod offered veteran leadership to an extremely young safety room during a disappointing season, which can be valuable for those young players. The odds say McLeod probably won’t return, but that doesn’t mean the Colts can’t try to make it work if he wants to return.
