The Indianapolis Colts will be looking to build off their hot start to the 2025 campaign while addressing areas of concern that led to a seven-game skid to end the season. The team’s first offseason priority is to assess and address the roster’s weak points. With the NFL free-agency period beginning in March, the team has been linked to several notable unrestricted targets.
Colts general manager Chris Ballard, known for his “build through the draft” approach, shocked many Colts fans with his more aggressive free-agency approach last offseason. Ballard added several external key pieces, including cornerback Charvarius Ward, safety Camryn Bynum, and quarterback Daniel Jones.
Colts owner Carly-Irsay Gordon marked Ballard’s change in approach as one of the reasons she provided him another opportunity for the upcoming season.
“As far as how he works on the roster and assembles the roster, we believe that he is capable of replicating that,” Irsay-Gordon said to reporters at the Colts’ end-of-year media session.
With Ballard expected to continue his more proactive approach, there have been several intriguing external free agents rumored to be targets for Indy.
Pro Football Focus listed the linebacker position as the team’s biggest need and Jacksonville Jaguars linebacker Devin Lloyd as a perfect pairing for the Colts.
Signing Devin Lloyd Would Strengthen Indy while Weakening Jacksonville
GettyDevin Lloyd recorded 13 total tackles, 2 passes defensed and an interception in two games against the Colts in 2025.
Ryan Smith of PFF released an article on “How each NFL team should address their previous need”. Regarding the Colts, Smith wrote, “The team’s linebacker unit struggled this season, particularly Zaire Franklin, who finished the year with a career-low 38.4 PFF overall grade (87th among 88 qualifying linebackers). Lloyd is coming off a great year in which he earned second-team All-Pro honors. He is a complete player at the position, ranking in the top 12 in PFF run-defense grade (85.2), PFF pass-rush grade (81.8), and PFF coverage grade (78.9).”
On the season, Lloyd allowed only a 56.4 passer rating in coverage while collecting 81 total tackles, 1.5 sacks, and five interceptions. Lloyd’s nose for the football would pair perfectly with a Colts defense that tied for the eighth most turnovers last season.
Lloyd is only 27 years old and could anchor the Colts defense for multiple seasons while robbing Jacksonville of their top-graded linebacker from last year.
Spotrac currently has Lloyd’s market value at $20.1M annually, with him projected to garner a three-year $60.4M deal. The Colts have the 12th most cap space in the league for 2026, while Jacksonville currently has the sixth-fewest. If the team wants to sell Lloyd with a better offer, they will have to address their internal free agents first.
The Colts are “All-In” on Quarterback Daniel Jones
When looking at current Colts’ free-agents, three stand-out on offense, quarterback Daniel Jones, wide receiver Alec Pierce, and right tackle Braden Smith.
The Colts had the second best offensive line in 2025 according to Pro Football Focus.
CBS Sports Zachary Pereles has Braden Smith projected to remain with the team to ensure successful continutuy within that unit.
However Pereles also has wide receiver Alec Pierce landing with the Washington Commanders. Pierce is a hot commodity following his first 1,000-yard campaign and is expected to earn a lot of attention from outside teams. Spotrac has Pierce projected a $20.2M average salary and signing a four-year deal with $81 Million. The Colts will need to assess how much they value Pierce as his price tag may only rise with more competition.
But the biggest piece the team needs to handle is Daniel Jones. Stephen Holder believes that the team has already made their decision writing, “The Colts are all-in on re-signing Jones after his one-year experiment with Indy in 2025 got off to a sizzling start before injuries ended it early”, in an article for ESPN.
Jones’ Achilles injury and subsequent rehab make an extension projection tough, but Spotrac currently has him projected $174 Million over four years. The Colts will need to determine how much they want to invest into Jones and if they choose to bet on him or potentially force him into another year-long prove it deal with the franchise tag.
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