Article from Stampede Blue (located
here) makes the case that with normal 2021 cap needs (rookie class, practice squad, etc) AND reserving money for Nelson's 5th year option and extensions of Leonard and Smith in 2022, the Colts have about $18m in 2021 cap space that they can carry over into 2022 to devote to new LONG TERM veteran free agent signings.
I could quibble a bit with the numbers (I think that number is closer to $22-$23m) but this gives you an idea of how much the Colts can spend on new LONG TERM deals for veteran free agents.
If we are talking just one year contracts, then we can devote a lot more cap space to veterans in 2021 knowing they will fall off the books for 2022 and we then sign extensions for Smith and Leonard at the end of this season.
But if we are looking at locking up a valuable piece moving forward, then we can sign one super stud ($15m plus per year) or two studs (around $10m per year) and a couple of tier 3 guys.
Just puts it in perspective. Unless Ballard starts backloading contracts which would be WAY out of character, then while I hope we can hit on a few veteran free agents, I don't know that I think we will see a big splurg in veteran free agent signing this off season (unless the price is really depressed due to lack of money and way too many guys chasing it).