The Indianapolis Colts enter the 2026 offseason with momentum to build on-and some serious decisions to make. After an 8-2 start had fans dreaming big, the season took a sharp turn when quarterback Daniel Jones went down with a season-ending Achilles injury.
That single moment shifted everything. Without their leader under center, the Colts stumbled down the stretch and missed the playoffs.
Still, that early-season success wasn’t a fluke. Jones played a major role in the Colts’ rise, and there’s mutual interest in keeping him in Indianapolis long term.
But with only $35 million in cap space to work with, the front office is going to have to get creative. Extending Jones is a priority, but it won’t leave a lot of room to maneuver in free agency.
That said, the Colts don’t need to swing for the fences to improve. With smart, targeted signings, they can fill key holes without blowing up the budget. Let’s take a closer look at three under-the-radar free agents who could bring real value to Indy this offseason.
Quay Walker: A Needed Boost at Linebacker
Let’s be honest-Zaire Franklin can’t do it all by himself. The Colts’ linebacker room is thin, and that’s putting it kindly.
They need reinforcements, and they need them fast. Enter Quay Walker.
Walker, a former first-round pick by the Packers, has been a steady presence in Green Bay’s defense since 2022. He’s not perfect-his emotional control has been questioned at times-but when he’s locked in, he’s a difference-maker. He’s never dipped below 58 tackles in a season and brings the kind of sideline-to-sideline athleticism that fits today’s NFL.
What makes Walker especially intriguing for Indy is his age and upside. He’s still young, and his skill set suggests he hasn’t hit his ceiling yet. He’s the type of player who can contribute right away while also being part of the long-term plan.
Spotrac pegs his market value at $8.3 million per season. That’s not cheap, but it’s manageable-especially if the Colts structure a multi-year deal to spread out the cap hit. Linebacker is a position worth investing in, and Walker could be the ideal running mate for Franklin.
Greg Gaines: A Budget-Friendly Replacement on the Interior
One of the tougher calls Indy faces this offseason involves veteran defensive tackle Grover Stewart. At 32, Stewart is entering the final year of his deal, and the Colts could free up $12 million in cap space by releasing him. That’s a big number for a team trying to stretch every dollar.
If Stewart is let go, the Colts will need to find a replacement who can hold down the middle without breaking the bank. Greg Gaines fits that mold.
Gaines is set to turn 29 in May and comes with a much more affordable price tag-around $2 million per season. He made his name as a run-stuffer with the Rams and held his own in Tampa Bay, though his 2025 campaign was a bit of a step back.
This would be a classic “tier down” move, but it’s one that makes sense given the Colts’ cap situation. Gaines isn’t Stewart, but he can fill a similar role on early downs and allow Indy to reallocate money elsewhere. Plus, the $10 million in savings would go a long way toward making other moves possible.
Derek Barnett: A Veteran Edge Presence
The edge rusher room in Indy could look very different in 2026. Kwity Paye, Samson Ebukam, and Tyquan Lewis are all free agents, and Paye in particular is expected to command a big payday on the open market. That leaves the Colts with a potential depth crisis at a premium position.
Even if they manage to bring back one of Ebukam or Lewis, they’ll still need to add at least one more edge rusher. Derek Barnett could be the perfect fit.
Barnett has quietly rejuvenated his career over the past two seasons in Houston, posting back-to-back years with 13+ tackles and five sacks. He’s not the explosive pass-rusher he once was, but he’s found a groove as a rotational player who can still win one-on-one matchups and bring steady pressure.
At 30 years old, he’s not a long-term solution-but he doesn’t need to be. His projected market value of $4.4 million per year is reasonable for a one-year rental, especially for a team that just needs a bridge player while younger talent develops.
One added bonus? Barnett could serve as a mentor to third-year pass rusher Laiatu Latu. That kind of veteran leadership matters, especially in a room that could be losing a lot of experience.
Final Thoughts
The Colts don’t have the luxury of a blank check this offseason, but that doesn’t mean they’re stuck. With smart, calculated moves-like signing Quay Walker to shore up the linebacker corps, adding Greg Gaines as a cost-effective interior defender, and bringing in Derek Barnett to stabilize the edge-they can patch key holes and stay competitive.
The window is still open in Indianapolis. But the front office will need to nail these mid-tier decisions if they want to make another playoff push in 2026.