NFL Informs Colts of New Salary-Cap Limit for 2023
The NFL announced that it will increase the league salary cap for each team for the 2023 season, per Tom Pelissero.
“The NFL informed teams today that the 2023 salary cap will be a record $224.8 million per club, sources tell me and Ian Rapaport," Pelissero tweeted on Monday.
This could be a welcoming sign for many teams in the NFL, including the Indianapolis Colts, who will have multiple free agents that are up for contracts (LB Bobby Okereke, DE Yannick Yngakoue, and WR Paris Campbell, to name a few). With a record $16.6M increase in cap space being given, will Colts GM Chris Ballard dip into the bank a bit more to re-sign or sign new free agents this offseason?
In history past, the Colts have not overspent in free agency. This has led to harsh criticism that Ballard doesn’t understand how to write the deal for talent if it costs serious money. Heading into 2023, the Colts are sitting at 14th in the NFL in space with $13,071,832, which still allows Ballard to add or retain some talent to help a new quarterback and (potentially new) head coach.
It’s worth mentioning that Ballard did sign cornerback Stephon Gilmore to a two-year deal in 2022 which heavily bolstered the Colts' secondary, so it wouldn’t be shocking to see the GM be the money wizard he is and use this salary-cap increase to the team's benefit, whether it’s through keeping or adding new free agents.
With the head coach interviews, NFL Combine, and the draft all approaching for Indianapolis, it continues to be emphasized that everything needs to line up nicely for the Colts to get 2023 right and on track for the future seasons ahead. Another leg you can add to this offseason is free agency.
Ballard must keep his focus and eyes forward with so much happening during a crucial period in the Colts' history. He’s always been smart with money, will he continue to be with more available? We’ll see if he opens the checkbook.
