INDIANAPOLIS -- It's not often a team hands out more than $200 million in contracts during the first week of the NFL's free agent signing period, only to have its roster look largely the same as the previous season.
And, yet, that is exactly what played out this week in Indianapolis, where the Colts went on a breakneck spending spree that resulted in only minor changes to the overall structure of the team.
This is what happens when a long list of an organization's top players are scheduled to hit the market at the same time. And it left the Colts with a crucial, franchise-defining decision: go all-in on their homegrown talent or look elsewhere for upgrades as the team aims to take the next step in its development.
Indianapolis chose the former. What happens now will be a sort of referendum on the Colts' organizational philosophy.
"We all know we are in our primes. You just have to take that next step," said defensive lineman Tyquan Lewis, who signed a two-year extension this week. "I just feel like that's demanded of us."
The cumulative totals are staggering. Receiver Michael Pittman Jr. signed a three-year, $70 million extension. Defensive tackle Grover Stewart agreed to a three-year deal for $39 million. Cornerback Kenny Moore II signed his third contract with the team, this one for $30 million over three years. Linebacker Zaire Franklin finally got his payday, getting $31 million over three years.
Throw in extensions for Lewis, punter Rigoberto Sanchez and the Colts' laser focus on their in-house free agents becomes even clearer. The only substantive contracts given to outside free agents by the Colts so far went to defensive tackle Raekwon Davis (two years, $14 million) and backup quarterback Joe Flacco (one year, $8.7 million maximum).
To be fair, the Colts were tempted by a couple of "big fish" from outside the organization, as one source put it. Among those, according to league sources, was defensive end Danielle Hunter, the four-time Pro Bowl selection who joined the Houston Texans after eight seasons in Minnesota. Hunter and the Colts were in talks before he opted for a two-year deal with Indy's division rival.
The 2024 season will ultimately tell us about the wisdom of the Colts' approach. It's always been their preference to concentrate their spending on extending their own players. Previous extensions for core players like running back Jonathan Taylor, guard Quenton Nelson, right tackle Braden Smith and center Ryan Kelly further illustrate the trend.
Of the 10 highest-paid Colts players (ranked by annual salary), nine have been with the team since their rookie seasons. Defensive tackle DeForest Buckner, who was acquired via a trade with San Francisco in 2019, is the outlier.
Still, the results in Indianapolis have been hit-and-miss under general manager Chris Ballard. They've made the playoffs just twice in his seven previous seasons, with many of their struggles tied to their lack of quarterback consistency (the Colts have changed starting quarterbacks in each of the past six seasons).
But as this group comes into its own, and with the return of exciting quarterback Anthony Richardson -- last year's fourth overall pick -- there is a sentiment in the organization that this core can build on last season's 9-8 finish.
But the bar is going to be higher.
"The expectation has to be a division title -- period," Franklin said.
Part of the calculation here is that making wholesale roster changes now, on the heels of a season when the Colts showed tremendous progress, would not be prudent. The Colts improved by five wins after going 4-12-1 in 2022.
Look for the Colts to address their secondary at some point this offseason and perhaps solidify their group of pass-catchers in the draft. But, generally speaking, the philosophy goes as follows: What if the Colts let things play out with Richardson under center, a maturing roster and a savvy young coach in Shane Steichen pushing the buttons?
"I think that we have everything that we need," Pittman said.
Another variable in the team's thinking: If you let good players walk, you are creating new problems that do not currently exist. Accordingly, many of the big signings across the league during the first week of free agency are necessitated by departures.
And the players the Colts extended have all been productive to varying degrees. As one team source stated, there were other suitors in play for them -- in some cases multiple teams. Had Pittman, for instance, hit the open market, he would have been in high demand.
"I understand re-signing your own isn't as sexy as people want it to be," Franklin said. "But if you look at it objectively, you'll see [Moore] is the best nickel in the NFL -- period. [Stewart], if not the best, is one of the top nose tackles in the league. Pittman, [one of the] top receivers in the league. Myself included. So, these are top players, and I think it means a lot for us to maintain it and keep that in house."
Now, they'll need to play up to those reputations.
The Texans are coming off an AFC South division title with Offensive Rookie of the Year C.J. Stroud at quarterback. Meanwhile, the Jacksonville Jaguars are trying to retool and return to the top of the division.
There's work to do in Indianapolis. But say this for the Colts: They are not oblivious to the stakes or the expectations that come from this week's massive investments.
"At this point now, accolades aside, money aside, now it's time for us to put some banners up," Franklin said. "Time for us to accomplish something. We've got to leave here with something other than good memories."