The Indianapolis Colts were flying high in 2025-until everything came crashing down. At 7-1, they looked like a legitimate Super Bowl contender.
Then came the injury to quarterback Daniel Jones, and with it, a collapse that saw them miss the playoffs entirely. That kind of fall-from title hopeful to postseason spectator-isn’t just rare, it’s gut-wrenching.
And now, heading into the 2026 offseason, the Colts find themselves at a crossroads in an AFC South that’s no longer a pushover.
The division has transformed into one of the league’s most competitive. The Jaguars and Texans have taken major steps forward, and with Robert Saleh and Brian Daboll now guiding the Titans, even Tennessee could be back in the mix soon. That leaves Indianapolis needing more than just a healthy quarterback-they need depth, flexibility, and some tough decisions to get back in the race.
Let’s be clear: this isn’t a teardown. The Colts aren’t looking to rebuild; they’re looking to reload.
But that means general manager Chris Ballard is going to have to make some calculated moves. With around $35 million in cap space-11th most in the NFL-there’s room to maneuver.
Still, that figure could grow significantly if the team decides to part ways with a few key veterans.
The Tough Calls: Who Could Be Cut?
The Colts’ roster has a solid core locked in through 2026 and beyond. But not every contract is built to last, and not every veteran is guaranteed to stick around. Players like defensive lineman Grover Stewart and cornerback Kenny Moore might be mentioned in cut candidate conversations, but replacing their production would be no easy task-especially for a team looking to compete right away.
That said, there are a few names that stand out as potential cap casualties this offseason.
Zaire Franklin: Productive, But Pricey
Zaire Franklin has been a tackling machine since entering the league in 2018. And in 2024, he took things to another level-posting 173 tackles, 3.5 sacks, five forced fumbles, and two interceptions.
That breakout season earned him a three-year extension through 2027. But here’s the rub: that level of production is tough to repeat, especially as Franklin turns 30 in August.
He’s set to make roughly $18 million over the next two seasons, and that’s a hefty price tag for a linebacker whose best days might be behind him. From a pure football standpoint, Franklin’s leadership and consistency are valuable.
But from a cap management perspective? The Colts could save a significant chunk of change by moving on-and find a cheaper replacement in free agency, where there’s no shortage of 100-tackle linebackers available.
If Indianapolis wants to stay competitive without overextending financially, this is a move they’ll have to seriously consider.
Michael Pittman Jr.: A Star with Uncertain Future
This one’s tricky. Michael Pittman Jr. isn’t just a key piece of the Colts’ offense-he’s a rising star. But he’s also entering the final year of his deal, and with Jonathan Taylor, DeForest Buckner, and Quenton Nelson all set to hit free agency after next season, the front office has some major decisions to make.
If the Colts don’t believe they can lock Pittman in long-term, cutting him now would free up $29 million in cap space. That’s a massive number.
But it would also mean a full-scale revamp of the wide receiver room. Alec Pierce is set to hit free agency, and Ashton Dulin’s future is uncertain.
That could leave Josh Downs as the only returning receiver from last year’s group.
Indy doesn’t have a first-round pick in the upcoming draft, but they do hold multiple second- and third-round selections. That gives them some ammunition to find new targets in the draft.
Still, letting go of Pittman would be a seismic shift. More likely, the Colts keep him around and explore trade options if extension talks stall-but his cap hit makes this a situation worth monitoring closely.
Ashton Dulin: A Minor Move That Adds Up
This one won’t grab headlines, but it’s the kind of move that helps create flexibility on the margins. Ashton Dulin has one year left on his deal, worth about $3.5 million. Cutting him won’t dramatically change the cap picture, but it does free up a little space-money that could go toward re-signing a key free agent or adding depth elsewhere.
Dulin had just five catches for 106 yards last season. He’s a capable special teamer and depth piece, but if the Colts are serious about revamping the receiver room, he could be the odd man out. Whether or not Pittman stays, it’s clear the team is looking to refresh the group around Downs.
What’s Next for the Colts?
This offseason is shaping up to be one of the most pivotal in recent Colts history. They’ve got a talented core, a quarterback coming back from injury, and a division that’s no longer forgiving. The decisions Chris Ballard and the front office make over the next few months will determine whether Indy returns to the playoff picture-or continues to watch from the sidelines.
Cutting veterans like Franklin or Pittman would be bold, but the Colts may need to make bold moves to keep pace in a rapidly improving AFC South. The good news?
They have options. The challenge now is figuring out which ones will get them back to where they were before everything unraveled.