Indianapolis Colts' Best and Worst Free-Agent Signings of Last Decade

The Indianapolis Colts under general manager Chris Ballard have generally been extremely cautious in free agency. They rarely bring in outside playmakers, a strategy that hasn't paid off over the past decade.

Still, since 2017, Indianapolis has made several impactful outside additions. Some have paid off handsomely, and others have fallen flat. Let's take a look at Indy's best and worst signings over the past decade.

Best Signings

DE Justin Houston

Houston signed with the Colts as a free agent in March 2019 on a two-year, $24 million contract after eight seasons with the Kansas City Chiefs, where he established himself as one of the league’s premier pass rushers.

Houston is the last Colts pass rusher to record double-digit sacks, doing so in 2019 (11 sacks).

QB Daniel Jones

Daniel Jones played better football than any Colts quarterback since Philip Rivers in 2020. He certainly was worth his $17 million price tag, and it's fair to say he was one of the best Colts free agent signings of the Chris Ballard era.

Jones was transition tagged by the Colts earlier this week, becoming the second quarterback in NFL history to be placed under the transition tag.

QB Philip Rivers

Speaking of Rivers, he deserves a spot on this list. In his 2020 campaign, Rivers threw for 4,169 yards, 24 touchdowns, and 11 interceptions. He led the Colts to their last playoff appearance and nearly upset the Buffalo Bills in the wild-card round of the playoffs.

TE Eric Ebron

Ebron struggled with drops throughout his career, but his one season paired with Andrew Luck was special. In 2018, Ebron hauled in 66 receptions for 750 yards and 13 touchdowns. Each of those numbers was a career high.

In 2019, Ebron's production fell off a cliff. He only caught 31 passes for 375 yards and three touchdowns from Jacoby Brissett and Brian Hoyer. Still, Ebron deserves recognition for his one decent year in Indy.

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Worst Signings

CB Xavien Howard

Howard was brought in weeks before the 2025 season, and after a month in Indy, he abruptly retired. The former All-Pro corner struggled mightily during his brief Colts tenure. According to Pro Football Focus, he allowed a 139.2 passer rating and 16 receptions while earning a 36.1 overall grade.

Once Puka Nacua went for 13 receptions and 170 yards while matched up against Howard, the 10-year veteran knew it was time to hang up the cleats for good.

K Matt Gay

Ballard rarely gives out money, but in 2023, he thought it would be wise to sign Matt Gay to the largest free-agent kicker contract of all time (four years, $22.5 million). Gay stayed for two seasons before the team cut him last spring.

During his time in Indianapolis, Gay converted 82.1% of his field goal attempts (64 of 78). When kicking from 50 yards and beyond, Gay had a 50% success rate (11 of 22).

DT Raekwon Davis

The Colts signed Davis as a cheap depth piece at defensive tackle, but he never truly became anything special. He appeared in 17 games in 2024, recording 15 total tackles.

The Colts gave Davis a two-year, $14 million deal only to cut him before his second season in Indy.

WR Devin Funchess

Ballard signed Funchess to a one-year deal worth up to $13 million back in 2019, months before Luck retired. Funchess missed most of the season with a broken collarbone that he suffered in Week 1 after hauling in three receptions for 32 yards.

Funchess's lack of success in Indy wasn't his fault, but it was another signing down the drain for Ballard's front office.