Free agency officially opened in the NFL March 13. With the beginning of free agency, the vision for the 2024 NFL season is coming into view as teams across the league start making minor and major changes to rosters.
During the free agency period, players with expiring contracts can openly negotiate contracts and sign with new teams or re-sign with their current team under a new contract. Additionally, teams can officially trade players or draft picks to different teams for draft compensation, new players or to open team cap space, according to CBS Sports.
Offensive signings:
The Colts have only made a few moves on offense by re-signing running back Trey Sermon and adding two more key pieces:
Michael Pittman Jr (wide receiver): Shortly after the free agency period started, the Colts re-signed their top wide receiver to a new three-year contract worth $70 million. The contract breaks down to $41 million at signing, with $5 million more guaranteed and a $15 million signing bonus. This deal currently keeps the receiver on the Colts through the 2025 season, with a team option for the Colts in 2026.
“Obviously, it’s great, being signed by the team that drafted you. I think that every player’s dream is to stay with the same team that drafted you their whole time playing,” Pittman said during his free agency press conference. “I still got a long time left playing in my head, so hopefully I can do it again in three years.”
Joe Flacco (quarterback): After last year’s backup, Gardner Minshew, signed with the Raiders, there was a spot to fill in the quarterback room. The Colts chose 16-year vet and Superbowl-winning quarterback Joe Flacco. Flacco won last year’s AP Comeback Player of the Year award after leading the Cleveland Browns to the playoffs last season.
The one-year contract is worth up to $8.7 million, and Flacco appeared on The Pat McAfee Show to discuss the deal March 14.
“I am really excited about going to Indy and working with their young guy, [Anthony Richardson]. They obviously had a really good team last year that was ready to compete,” Flacco said on the show.
Defensive signings:
The Colts have made seven defensive and special teams signings so far, with only one for a player not already on the roster.
They re-signed defensive tackle Grover Stewart and added free-agent defensive tackle Raekwon Davis from the Miami Dolphins.
They also re-signed punter Rigoberto Sanchez and defensive ends Genard Avery and Tyquan Lewis while keeping the central core of the Colts’ defense intact with a few key re-signings:
Zaire Franklin (linebacker): The Colts signed Franklin to a three-year extension worth $31.26 million, with a year left on his current contract, which keeps him on the team until 2027.
The star linebacker has broken the Colts’ single-season tackle record in the past two seasons and has grown into a vocal leader and highly productive player since being drafted by the Colts in 2018 as a seventh-round pick.
Kenny Moore II (cornerback): Moore has been an important part of the Colts’ defense since joining the team in 2017. Pro Football Focus graded his season last year as the best of his career.
The three-year $30 million contract keeps Moore in the Hoosier state through the 2026 season.
The Colts still have a lot of time to make moves, but after re-signing many current players, there is a strong possibility the Colts will start looking outside of the team to add a few pieces.
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