Colts Could Lose In-Demand Free Agent

The Indianapolis Colts believe in drafting and developing their own players.

While having success in this approach can pay immediate dividends, especially when a team hits in bulk, it also means that it can be quite difficult to retain all of that talent when it comes time for new contracts.

The Colts have done a terrific job identifying and grooming their linebacker group over the last several years, but now one of its best players could be highly coveted and command a steep price tag when free agency begins next week, making it a challenge for the Colts to retain him.

According to Jordan Schultz of The Score, Colts linebacker Bobby Okereke is rumored to be "a trending name" as NFL free agency begins next week.

#Colts FA LB Bobby Okereke was a trending name in Indy. Lots of teams like him and sources say he has a significant market with several suitors - including the #Bears and #Panthers. I’m told Okereke could sign a deal in the $12-14M range, per season. @theScore pic.twitter.com/EkuLMMXiad
— Jordan Schultz (@Schultz_Report) March 6, 2023

This report should come as no surprise, as Okereke excelled under new Colts defensive coordinator Gus Bradley in 2022 as the fourth-year linebacker increased his statistics each season, culminating in a career year.

Last season, Okereke started 16-of-17 games and amassed 151 tackles (6 for loss), 2 forced fumbles, 2 fumbles recovered, and 5 pass breakups.

The NFL has clearly taken notice of Okereke as well as his fellow 2019 Colts draft classmate, E.J. Speed.

"They're both really good players," Colts general manager Chris Ballard said about his pair of linebackers during the NFL Combine. "We've done a pretty good job at that position. They're definitely guys that, you'd love to have everybody back, but unfortunately, the reality is you don't get 'em all back. But we think the world of both of 'em, and we'll meet with their representation and see what we can figure out here going forward."

When considering if the Colts can bring Okereke and/or Speed back, it all essentially boils down to the cost, which the team could be apprehensive to meet.

Currently, star linebacker Shaquille Leonard makes the second-most per year among NFL off-ball linebackers at $19.7 million. Adding another expensive positional contract north of $10 million would put quite a bit of value into a position group that's considered "non-essential" to roster building.

Currently projected at $11.9 million in cap space per Over The Cap, there is more that the Colts can do to create space, such as terminate the contracts of quarterbacks Matt Ryan and Nick Foles, as well as consider the current deals of tight end Mo Alie-Cox or center Ryan Kelly. Restructuring the contracts of Leonard, right tackle Braden Smith, or defensive tackle DeForest Buckner are also a possibility.

As for which teams might want to pay a pretty penny for Okereke or Speed, look no further than the Chicago Bears, whose head coach is former Colts defensive coordinator Matt Eberflus. He coached the pair of Colts from 2019-21 and has needs at the position on his current team.

Likewise, new Carolina Panthers head coach Frank Reich was dismissed from the Colts in midseason last year after being their head coach since 2018. His new defensive coordinator, Ejiro Evero, could probably do plenty with their talents.

Last, new Arizona Cardinals head coach Jonathan Gannon coached the Colts' defensive backs from 2019-20 and got a firsthand look at Okereke and Speed every day for those two years.

As Ballard said, the reality is you don't get them all back.

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