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How much salary cap space do the Colts have in 2023?

We break down the projected available cap space in 2023 for the Indianapolis Colts and notable contract situations.

Jonathan Taylor #28 of the Indianapolis Colts warms up before the game against the Minnesota Vikings at U.S. Bank Stadium on December 17, 2022 in Minneapolis, Minnesota. Photo by Stephen Maturen/Getty Images

The Indianapolis Colts had a season to forget in 2022. While it seemed like they were only a quarterback away from being a playoff lock, that quarterback wasn’t veteran Matt Ryan. Combine that with a bad offensive line, a hurt Jonathan Taylor and a fired head coach, and you get the Colts’ 4-12-1 record.

The search for a quarterback is back on for Indy. They are reportedly interested in investing high-draft capital in a developmental rookie quarterback, so it could be another down year. Indianapolis also has some important pending free agents like S Rodney McLeod, LB Bobby Okereke and WR Parris Cambell. Important depth players like EDGE Yannick Ngakoue, LT Matt Pryor and CB Brandon Facyson are also free agents.

The Colts have the third-best odds at DraftKings Sportsbook to win the AFC South at +450. They are long shots to win the AFC at +6000 and have the third-worst odds to win Super Bowl 58 at +15000.

Looking toward the 2023 NFL Draft, there is excitement for Indianapolis, who currently owns the No. 4 overall pick. They also currently have pick 35 (2nd round), pick 79 (3rd round from Washington), pick 106 (4th round), pick 140 (5th round), pick 164 (5th round), pick 223 (7th round) and pick 238 (7th round from Tampa Bay Buccaneers).

Indianapolis Colts 2023 salary cap space (as of 10:30 a.m., March 19)

Over The Cap: $20,313,924
NFLPA public salary cap report: $25,676,685

The OTC numbers reflect all reported deals even if paperwork is not completely finalized with the league and/or the players’ association. The NFLPA numbers reflect all deals in which paperwork has been finalized and submitted to the players’ association.

Colts notable contracts (2023 cap hit)

ILB Shaquille Leonard — $19,790,000
DT DeForest Buckner — $19,750,000
RT Braden Smith — $19,000,000
C Ryan Kelly — $12,375,000
G Quenton Nelson — $12,200,000

Colts notable moves impacting cap space

  • Cut QB Matt Ryan, which saved $17.2 million against the cap, but costs them a $12 million guarantee in 2023
  • Signed QB Gardner Minshew to one-year, $3.5 million deal
  • Re-signed WR AShton Dulin to two-year, $9.5 million deal
  • Signed EDGE Samson Ebukam to three-year $27 million deal
  • Signed K Matt Gay to four-year, $22.5 million deal