by Paul Bretl
Overall, the Colts are sitting well this offseason, relative to the rest of the NFL, from a salary cap perspective.
At the moment, Over the Cap projects that they have $16.91 million in available cap space–although the re-signing of Julian Blackmon is still not accounted for. In terms of effective cap space, which takes into account the costs of the incoming draft class, the Colts have $12.71 million in available space, which ranks in the top half of the NFL in 15th.
Along with the draft class, assembling a practice squad and leaving enough cap space available for an in-season spending, whether that be on new additions or gameday elevations, will require more cap space as well that isn’t accounted for in that $12.71 million figure. But all teams will have those expenses–not just the Colts.
Of the $234.55 million making up the Colts’ current salary cap hit, $142.09 million is on the offensive side of the ball, $103.68 million is on defense, and $9.85 million is going to special teams. Here is a look at the 10 largest individual cap hits that the Colts will have on the 2024 books this season.
10) QB Anthony Richardson: $7.725 million
Anthony Richardson is entering the second year of his rookie deal. The greatest value in football right now is having a high-impact quarterback on a rookie deal. At his position group, Richardson’s cap hit ranks 25th this season. A shoulder injury would limit his rookie season to just five games. Richardson completed 60 percent of his passes at 6.9 yards per attempt with three touchdowns to one interception.
9) Edge Rusher Samson Ebukam: $7.935 million
Ebukam has two years remaining on his current contract. Of his cap hit, $4.425 million will come as a base salary, with $3 million as part of a pro-rated signing bonus from when he signed his current three-year deal. Ebukam’s cap hit ranks 38th among all edge rushers. He would tally 48 pressures and 10 sacks last season, according to PFF.
8) LB Zaire Franklin: $8.61 million
Franklin received an extension from the Colts this offseason, adding three years to his previous deal that totaled $31.26 million with $17.62 million guaranteed. Franklin’s cap hit for this season is the 10th-highest among linebackers. Franklin was in on a whopping 178 tackles last season; he forced five pass breakups in coverage and ranked ninth in run stops among linebackers.
7) IDL Grover Stewart: $10.32 million
Stewart was one of several free agents that the Colts re-signed this offseason. He earned a three-year deal worth $39 million, including $25.73 million guaranteed. Cap hit-wise, Stewart ranks 23rd among his position group this season, with his cap number jumping to $14.25 million in 2025. Stewart provides a run-stuffing presence in the middle of the Colts’ defense and graded out as one of the better run defenders along the interior by PFF’s metrics.
6) RB Jonathan Taylor: $10.66 million
Taylor signed a three-year, $42 million extension with the Colts last October, which included $19.34 million in guarantees. Taylor’s cap hit ranks fourth among running backs this season and will increase by almost $5 million in 2025. After dealing with an early season injury, Taylor averaged 4.4 yards per rush last season with seven touchdowns. He had 24 targets in the passing game in 2023, but Taylor did average 8.1 yards per catch, and he had 34 targets in 2022.
5) C Ryan Kelly: $14.625 million
Kelly is entering the final year of his current contract and will have the largest cap hit at the center position this season. Kelly is coming off an impressive season where he allowed only one sack, seven pressures, and had the highest run-blocking grade of his career.
4) RT Braden Smith: $16.683 million
Injuries limited Smith to only 10 games last season. At the NFL Combine, GM Chris Ballard mentioned that he underwent successful knee surgery this offseason. As of now, it is unknown whether or not he will be ready for OTAs. Smith allowed no sacks and 14 pressures last season and was one of PFF’s highest-graded run-blocking tackles. He will have the fifth-highest cap hit among right tackles in 2024.
3) WR Michael Pittman Jr: $18 million
The Colts and Pittman agreed to a new three-year deal this offseason worth $68 million, with $46 million of that guaranteed. Pittman’s $18 million cap hit is the 15th-largest this season. Pittman has reached the 1,000-yard receiving mark in two of the last three seasons, including a career-high 1,152 yards in 2023, along with four touchdowns.
2) IDL DeForest Buckner: $22.75 million
Buckner is entering the final year of his current deal and is a prime extension candidate for the Colts, which if done before the season, would lower his current year cap hit. Buckner’s cap hit is set to be the fourth largest at his position group. Buckner continues to play at a high level, totaling 108 pressures and 18 sacks over the last two seasons.
1) LG Quenton Nelson: $25.2 million
The 2022 season will be Year 2 of Nelson’s four-year extension that he signed in 2022. With how the deal is structured, this season will actually be the largest cap hit for the Colts. Next year, Nelson’s cap hit drops to $22.76 million. Nelson’s $25.2 million cap hit is the second largest behind only Joe Thuney. Nelson allowed just one sack and 21 pressures in 2023, along with ranking fourth in pass-blocking efficiency.
Originally posted on stampedeblue.com