Since 2020, the Indianapolis Colts have taken a notably conservative approach in NFL free agency. According to Jason Fitzgerald of Over the Cap, the Colts rank near the bottom in terms of both spending and the number of free agents signed from 2020 to 2025.
Fitzgerald's analysis focused on signings during March and April, with deals worth at least $2 million. Notably, the data included only new additions, excluding any re-signings.
In this period, the Colts have made 15 qualifying free agent signings, tying them for the sixth-fewest in the league. When it comes to spending, they rank eighth-lowest, averaging $125.98 million per offseason. However, when they do sign players, they make it count, with an average contract value of $8.39 million per player, placing them near the top in terms of spending per player.
Overall, the Colts are positioned 27th in Fitzgerald's rankings. This conservative strategy aligns with GM Chris Ballard’s philosophy, often summed up with his mantra, "We like our guys."
Last offseason marked a shift with more aggressive moves, including the signings of Daniel Jones, Charvarius Ward, and Cam Bynum. Ballard hinted that this proactive approach might continue, especially given the Colts' favorable salary cap situation. This could signal a new chapter for Indianapolis as they look to build on this strategic pivot.