Colts 2024 free agency tracker: Offseason moves, signings

NFL free agency is off and running, and we're keeping track of every major signing, trade and release of the 2024 offseason, with analysis from our NFL Nation reporters and grades from our experts. The new league year begins at 4 p.m. ET Wednesday, which means free agent signings can be made official after that. The first round of the 2024 NFL draft begins April 25 on ESPN.

Here's a breakdown of every 2024 NFL free agent signing by the Indianapolis Colts and how each will impact the upcoming season:

Joe Flacco, QB

Flacco signed a one-year deal with a maximum value of $8.7 million and $4.5 million in guarantees.

What it means: This is as good an indication as any that the Colts continue to value their backup quarterback position. They learned the importance of the role first hand last season when rookie starter Anthony Richardson missed 13 games with injuries, providing backup Gardner Minshew with an opportunity to step in, and he responded by helping lead Indianapolis to the brink of the postseason. Minshew moved on this week, signing a deal with the Las Vegas Raiders. But Flacco, who won Comeback Player of the Year honors after leading the Browns to the postseason last season, gives them great leadership and mentorship capacity plus the ability to perform when called upon.

What's the risk: The idea that adding Flacco might complicate things with Richardson is misguided. The Colts have left no question who their future quarterback is, and they aren't going to be swayed by whatever happens in 2024. On the contrary, there could be some mild concern on the other end of the spectrum. If Flacco is needed for an extended period of time, keep in mind that he's 39, and it's possible his magic runs out at some point. He remains a savvy veteran, but he'd be better in spot duty at this age rather than playing for long stretches.

Michael Pittman Jr., WR

Pittman is finalizing a three-year, $70 million extension.

What it means: Pittman was, by far, the Colts' most accomplished pass-catcher, averaging 99 receptions and 1,053 receiving yards over the past three seasons. Behind him, the Colts have very little in the way of accomplished receivers or tight ends, making the retention of Pittman key to the success of quarterback Anthony Richardson. Richardson is recovering from season-ending shoulder surgery that cut his rookie year short, and providing a strong supporting cast for him has been a priority. The three-year term on the contract means Pittman will next be a free agent at 29, giving him the opportunity to hit the market with, presumably, an even bigger leaguewide salary cap.

What's the risk: The Colts are now heavily invested in Pittman and running back Jonathan Taylor -- he signed a $42 million extension last year -- during the next three seasons. They'll need to get commensurate production from them since it's possible the Colts will be less inclined to make additional major investments at those positions in the short term. Indianapolis has rarely doled out big contracts to non-quarterback skill players in recent years, so this is a departure from the norm. Signing Pittman was unquestionably the right move. But the Colts need it to work out.

Zaire Franklin, LB

Franklin signed a three-year, $31.26 million extension on Monday.

What it means: This was a natural next step for the Colts to take as Franklin's progression from special teams player to team cornerstone feels complete. Franklin is second in combined tackles in the NFL since the start of the 2022 season, and he has become the emotional leader of the Indianapolis defense. The extension is the Colts recognizing that Franklin's previous contract, signed in spring 2022, was below market for his contributions as it was signed before his breakout season later that year. The Colts feel confident their off-the-ball linebacking pair of Franklin and E.J. Speed sets them up for success.

What's the risk: Franklin has been very durable in his career, but there's always the chance of injuries becoming a factor at a physical position like middle linebacker. That's especially true for a player with a physical style like Franklin, who is not one to avoid contact. Injuries to All-Pro linebacker Shaquille Leonard resulted in the Colts coming out on the short end after signing him to a $99 million contract in 2021. But this deal is for significantly less money and likely contains moderate amounts of guarantees, making it much more manageable.

Kenny Moore II

Moore signed a three-year, $30 million extension.

What it means: Keeping Moore onboard means the Colts retain, by far, the most experienced member of their secondary. Indianapolis had an unusually young cornerback room last season, and when the youth was compounded by injuries, the situation devolved. Keeping Moore in the fold gives the Colts the versatility he provides as an elite slot defender and allows the Colts to build on their existing group with additional moves to come. Moore now has a chance to reach the 10-season mark with Indianapolis if he plays out this new deal.

What's the risk: Not much, so long as the Colts continue finding ways to maximize Moore as a defender in coordinator Gus Bradley's scheme. There aren't a lot of teams that would dedicate $10 million a year to a slot corner, but that just further illustrates how unique Moore is. The Colts also have to tighten up their outside cornerback situation or risk wasting some of Moore's contributions to a degree. Injury-wise, there isn't a long history with Moore, so he feels like a good bet from that perspective.

Julian Blackmon, S

Blackmon signed a one-year deal.

What it means: Blackmon's re-signing is a big step toward stabilizing a young secondary that was shaky at times in 2023. Numerous injuries and the decision to go young on the back end sometimes made life tough for Indianapolis in coverage. Blackmon's ability to play free or strong safety gives defensive coordinator Gus Bradley options and allows the Colts to take advantage of his versatility.

What's the risk: Injuries have been a bit of an issue. Blackmon has yet to play a full slate of games in any of his previous four seasons, missing the final two games of 2023. But Blackmon has not shown any dropoff when returning from injuries and has proven to be a quick healer. Beyond that, the question is whether the addition of Blackmon is enough or whether the Colts need to make additional moves in the secondary. They had a few too many coverage failures last season that need to be addressed.

Raekwon Davis, DT

Davis signed a two-year, $14 million deal.

What it means: The Colts added some needed quality depth to the interior of their defensive line, an area that was shown to be a weakness when Grover Stewart was suspended for six games last season. During that absence, the Colts' run defense suffered a noticeable downturn. Adding Davis will allow Stewart to play fewer snaps, which will theoretically keep him fresher.

What's the risk: Adding another veteran on the defensive line will make for some tough roster decisions. That means the Colts could wind up cutting a young player they like, the wisdom of which might be difficult to evaluate for some time.

Grover Stewart, DT

Stewart signed a three-year, $39 million extension to stay with the Colts.

What it means: The Colts retained their top run defender and one half of an elite defensive-tackle tandem alongside DeForest Buckner. Stewart's run stop win rate of 43% was higher than any front-seven player in Indianapolis. Stewart is one of the longest-tenured Colts, having been drafted by the club in the fourth round in 2017. His return keeps the defensive line intact after the earlier re-signing of Tyquan Lewis and the expected return of the other key members of the unit.

What's the risk: What's notable about this deal is that Stewart will be 33 if he plays it out to its completion. With a contract paying roughly $13 million per season, the Colts are giving Stewart a raise over the deal he signed three years ago (about $10 million per year). So, the Colts are heavily invested in Stewart here. But the calculation isn't hard to figure out: The Colts saw their run defense suffer when Stewart wasn't on the field last season, and they weren't willing to play without him moving forward.

Tyquan Lewis, DE

Lewis signed a two-year extension with the Colts.

What it means: Lewis has been a key component of the Colts' defensive line rotation who last season battled back from consecutive season-ending knee injuries to be productive. Lewis, 29, didn't have stellar numbers, but he tallied four sacks and nine tackles for losses despite playing 37% of the Colts' defensive snaps.

What's the risk: Depending on the value of the deal, the Colts will need to protect themselves against another injury in the structure. Lewis proved durable last season, which was a welcome development. But he has sustained two serious knee injuries in back-to-back seasons (2021 and 2022) and has had past issues with injuries as well. To Lewis' credit, he has displayed a tendency to bounce back after his injuries and the Colts are counting on it.