The Indianapolis Colts are heading into a pivotal offseason-one that could define the trajectory of the franchise for years to come. After a 2025 campaign that saw the front office swing big with trades and even lure a future Hall of Famer out of retirement, the results still fell short of expectations. Now, with new ownership in place and the fan base growing restless, the pressure is squarely on GM Chris Ballard and head coach Shane Steichen to reshape the roster and deliver results.
That task won’t be easy. Indianapolis is staring down a tight salary cap situation and a roster filled with key decisions-especially on the offensive side of the ball.
Several major contributors are set to hit free agency, including Braden Smith, Daniel Jones, and Alec Pierce. The challenge?
Rebuilding and reloading without breaking the bank.
On defense, the Colts need to get younger and faster, particularly in the front seven. The draft is the logical place to find that infusion of athleticism, but don’t rule out a few strategic, budget-friendly signings-especially if it means moving on from veterans whose production no longer matches their price tags.
Let’s take a closer look at five players the Colts may need to part ways with this offseason-and why those decisions, while tough, might be necessary for the team’s long-term success.
Michael Pittman Jr. - Wide Receiver
Michael Pittman Jr. has been a rock for the Colts’ offense through quarterback changes, coaching turnover, and offensive system shifts. He’s proven he can produce in any situation, and there’s no questioning his talent or his impact on the field. But in 2026, that impact comes with a $29 million cap hit-the highest on the team.
That’s a steep price for a franchise trying to fill multiple holes across the roster. The Colts structured Pittman’s deal smartly, with only $5 million in dead cap if they decide to move on.
It’s not about the player-Pittman is still very much a top-tier receiver-but about resource allocation. Can the Colts afford to tie up that much cap space in one position while other areas demand attention?
Unless they find a way to restructure or extend him at a friendlier number, it’s hard to see Pittman sticking around at that price.
Braden Smith - Offensive Tackle
Braden Smith is set to hit free agency, and while the Colts haven’t ruled out bringing him back, the numbers make it a tough sell. His projected market value hovers around $17.5 million per year, with a cap hit of $13.5 million.
That’s a big commitment for a player who ended last season on injured reserve due to a concussion. In his absence, Jalen Smith stepped in and played admirably, showing that the Colts might have a cheaper, younger option already on the roster.
If the Colts can’t negotiate a more team-friendly deal, they may have no choice but to let Smith walk and allocate that money elsewhere-possibly to reinforce the interior offensive line or add depth at receiver.
Grover Stewart - Defensive Lineman
Grover Stewart has been a beloved figure in Indy’s locker room and a key part of the Colts’ defensive front alongside DeForest Buckner. But with a $14.5 million cap hit in 2026 and only 0.5 sacks to show for his efforts last season, the production doesn’t quite match the price.
At 33 years old, Stewart’s best years may be behind him. The Colts could save $12 million by releasing or trading him-money that could be reinvested in younger talent through the draft or used to shore up depth at linebacker or in the secondary.
It’s not an easy call, but it’s one the front office has to consider if they want to stay competitive while managing the cap.
Kwity Paye - Edge Rusher
Kwity Paye is one of the more interesting cases on the roster. The Colts picked up his fifth-year option last offseason, and while he’s shown flashes of the disruptive edge rusher they hoped he’d become, the consistency hasn’t quite been there.
Last season, Paye tallied just four sacks and 39 tackles-a drop-off from his 2021 numbers, when he posted nine sacks and 52 tackles. He’s still young, and his potential is undeniable, but with a market value creeping toward $18 million per year, the Colts have to weigh upside against cost.
If it comes down to choosing between Paye and a veteran like Grover Stewart, Paye’s age and upside probably give him the edge. Still, don’t be surprised if the Colts explore trade options or look to restructure before committing long-term.
Anthony Richardson - Quarterback
This one stings. Anthony Richardson was supposed to be the future-an athletic, dynamic quarterback taken fourth overall with the hopes of becoming the face of the franchise. But after three seasons with little to show in terms of production, the Colts may have to face a harsh reality.
They can release him and absorb a $10 million dead cap hit, or trade him and cut that number in half. Either way, it’s hard to see Richardson still on the roster by the time the 2026 season kicks off.
With Daniel Jones showing signs of stability under center, the Colts may look to shop Richardson and try to recoup some value-though expectations should be tempered. A third-round pick might be the best they can hope for at this point.
The Bottom Line
This offseason is shaping up to be one of the most consequential in recent Colts history. With limited cap space, a roster in flux, and a front office under pressure, every decision matters. Moving on from fan favorites or recent high draft picks is never easy-but sometimes, it’s necessary.
If the Colts want to take the next step, they’ll need to be bold, strategic, and maybe even a little ruthless. The clock is ticking in Indianapolis, and the 2026 season will be here before we know it.