Yes, by paying him what he wants for 3 years. Which has a lot of risks attached to it for the Colts.
In my opinion he is the best pure running back in the league, but he is not as versatile in the passing game as others, so shouldn't be paid the sums of money that the likes of McCaffrey or Kamara have been paid.
The biggest quandary I can see for the Colts, is that with Richardson at QB and the growing pains he is likely to go through, Taylor is far more valuable to the Colts than he is to most other franchises.
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