$224.800m = 2023 NFL Salary Cap
$006.654m = 2022 Colts Cap Rollover
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$231.454m = 2023 Colts Cap
$216.321m = Top 51 2023 Colts Contracts
$004.181m = 2023 Dead Money
$001.500m = Spots 52 & 53 on in-season roster
$002.160m = Practice Squad 2023 salary
$003.000m = In-Season “Churn” space
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$227.162m = 2023 Colts Obligations
$004.292m = 2023 Colts Free Cap Space
The projected cap hit for the 2023 Colts rookie class, if we stay in the same draft spots, is expected to be just north of $10m assuming our draft picks beat out the lower tier contracts of our 2023 roster. This means that the Colts are “in the hole” by about $6m when all obligations are factored which will not happen until the actual start of the season.
Top Colts Cap Savings if Cut:
$019.750m = DeForest Buckner
$017.205m = Matt Ryan
$010.920m = Stephen Gilmore
$009.625m = Grover Stewart
$007.875m = Ryan Kelly
$007.671m = Kenny Moore
$004.303m = Jonathan Taylor
No one else delivers more than $3.0m cap relief if cut/traded so I will stop there.
The cutting of Matt Ryan is a no brainer and will allow the Colts to have about $11m for signing new or existing free agents.
DeForest Buckner could be a target for a contract restructure to lower his cap hit for the 2023 season.
Currently, the Colts have just over $100m projected available in 2024 and a staggering $275m projected in 2025. Sure, a lot of that will be eaten up by deals made this year and next but while I am not typically a fan of pushing money forward, for a talent like Buckner’s it probably makes sense.
The same could be said to a lesser extent for Stewart. He is in the last year of his current 4 year deal and could be extended with signing bonus taking up much of his salary this season to lower the cap.
My hope is that we find a veteran RG in free agency, draft a rookie OC in the 2nd or 3rd round and let Ryan Kelly walk. Of our veteran O-Linemen, I believe he has been the weakest link, has the least upside remaining and is the oldest.
Between those moves (cutting Ryan, restructuring DeFo, cutting Kelly and potentially restructuring Stewart), the Colts could conceivably free up an additional $25-35m in 2023 cap space depending on how aggressive the restructures are. Plenty of space to sign and re-sign whom they want.
Colts 2023 Unrestricted Free Agents of Note:
DE Yannick Ngakoue
LB Bobby Okereke
WR Parris Campbell
LB E.J. Speed
PK Chase McLaughlin
P Matt Haack
FS Rodney McLeod
DE Tyquan Lewis
I put a space between the top three and bottom five because I think the top three can demand starter level money (low level starter for Campbell but still more than Just Another Guy pay) and the bottom five cannot (or are in a low paid position like kicker/punter).
I think the big decision point is linebacker. Both Okereke and Franklin have shown that they can make the defense run well. Are they as good as Leonard? Nope. But are they nearly as good at a lower price tag? That is the big question. I think we have three linebackers whom have shown the ability to play at starter level ability….and receive starter level money….but only play two of them on most downs. Franklin comes up for contract next season.
I could see Leonard being traded as part of a trade package if the Colts want to trade up to #1 for the QB of their choice. Eberflus loves him and Chicago has a tradition of great LB play. I could see Leonard being dangled out there as trade bait for more picks. And…I could see the Colts allowing either Okereke or Franklin (next season) to sign somewhere else and retaining Leonard. But I will be surprised if the Colts end up paying all three of them.
Bottom line, the Colts have the freedom to pretty much re-sign and sign whom they want, within reason, for the 2023 season. They have tons of free cap space going forward and will be playing with a rookie QB for the next five seasons, hopefully. Ballard has freedom, let’s see what he does with it.
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