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Colts Free Agency Big Board: Top 5 Targets at Every Position of Need

We're only hours away from free agency.
Sean Ackerman|
Dec 22, 2024; Cincinnati, Ohio, USA; Cincinnati Bengals defensive end Trey Hendrickson (91) runs onto the field before the game against the Cleveland Browns at Paycor Stadium. Mandatory Credit: Katie Stratman-Imagn Images
Dec 22, 2024; Cincinnati, Ohio, USA; Cincinnati Bengals defensive end Trey Hendrickson (91) runs onto the field before the game against the Cleveland Browns at Paycor Stadium. Mandatory Credit: Katie Stratman-Imagn Images | Katie Stratman-Imagn Images

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Indianapolis Colts

NFL free agency is just around the corner, and the Indianapolis Colts have some work to do.

First and foremost, the Colts must monitor Alec Pierce's situation with extreme care. The Colts could've used their franchise tag on Pierce, but they opted to place the lesser-used transition tag on quarterback Daniel Jones instead.

Pierce is expected to draw interest from around the league, especially from receiver-needy teams with cap space to blow. Original projections had Pierce reeling in a deal worth $20 million annually, but most are expecting him to get paid north of $25 million a year.

Aside from their own in-house free agents, the Colts have other areas of need. Let's take a look at the top five free agents at every position that fit Indy's needs.

Linebacker

  1. Devin Lloyd
  2. Devin Bush
  3. Quay Walker
  4. Alex Anzalone
  5. Bobby Wagner

Colts general manager Chris Ballard has emphasized the need to get faster on the defensive front seven, which eliminates the soon-to-be 36-year-old Bobby Wagner as a viable option for Indy.

That leaves four realistic free-agent options for the Colts, with Devin Lloyd topping the list. Lloyd was graded as the third-best linebacker in football in 2025 by Pro Football Focus after racking up 81 total tackles, 1.5 sacks, 5 interceptions, and 7 passes defended.

Lloyd excels in pass coverage, which is exactly what the Colts were missing out of their linebacking corps last season. Unfortunately, Lloyd is expected to demand nearly $20 million annually in free agency. The Colts don't have the cap space to afford that, which means they'll likely address the position in the upcoming NFL draft.

After trading Zaire Franklin to the Green Bay Packers, the Colts have a serious gap in the middle of their defense. The Colts' top linebackers under contract for 2026 are now Jaylon Carlies and Austin Ajiake, and neither of them has been a full-time starter.

Edge Rusher

  1. Trey Hendrickson
  2. Odafe Oweh
  3. Jaelan Phillips
  4. Bradley Chubb
  5. Boye Mafe

The name that has circled the Colts for the last year and a half is Trey Hendrickson, who played under defensive coordinator Lou Anarumo for four years in Cincinnati. Hendrickson dealt with injuries and contract issues in 2025, but in 2024 and 2023, he recorded 17.5 sacks in each season.

The Bengals opted not to use their franchise tag on Hendrickson, so he'll hit the open market next week. Hendrickson is expected to demand a massive contract, but considering the Colts' pass-rush struggles in 2025, it could be worthwhile to pay a proven stud instead of using more draft capital on average players.

Oweh, Phillips, and Mafe are all 27-year-old options who have had glimpses of success. Oweh has 17.5 sacks over the past two seasons, not including a 3-sack performance in this year's playoffs against the New England Patriots.

All five of these guys could command large contracts this spring, so it'll be interesting to see if Chris Ballard is willing to pay up.

Safety

  1. Jaquan Brisker
  2. Nick Cross
  3. Coby Bryant
  4. Bryan Cook
  5. Kevin Byard

Sticking with the defense, the Colts will need some help at safety if they don't re-sign the No. 2 player on this list, Nick Cross. In his first season under Anarumo, Cross recorded 120 total tackles, 5 tackles for loss, an interception, a forced fumble, and 5 passes defended.

Cross played well, but he may be out of the Colts' price range. Most of the names on this list have the same issue: they'd be too expensive to bring to Indy.

If anything, Byard might be willing to sign a cheaper, one-year deal. That being said, it wouldn't fit Ballard's philosophy of getting younger and faster on defense.

Overall Thoughts

If the Colts are going to spend in free agency, their money would best be used on the defensive line, especially on the edge. Ballard still needs to adjust the roster to free up some cap space, but having a guy like Trey Hendrickson would absolutely change the expectations of the Colts' defense.

If I had to guess, the Colts will address linebacker and safety in the draft. Even without a first-round pick, the Colts could find starting-caliber players on Day 2.

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Sean Ackerman
SEAN ACKERMAN

Sean Ackerman is the co-Deputy Editor of Indianapolis Colts on SI. Ackerman, a graduate of Western Kentucky University, majored in broadcasting. He's in his third year covering the NFL.

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