The Indianapolis Colts currently have $28.41 million in available cap space, according to Over the Cap (OTC). So, where does this rank in comparison to the rest of the NFL following the 2024 NFL Draft?
Over $14 million of the Colts’ current cap space was created when the team extended DeForest Buckner, allowing them to push some of his 2024 cap charges to the 2025 and 2026 seasons, thus creating room in the current year. When asked, GM Chris Ballard said that they structured the deal this way to give them added flexibility.
While that $28.41 million figure may be what the Colts have available on paper, what they actually have to spend is a bit less than that because some of that cap space is going to be needed to sign their incoming draft class. OTC projects that once those signings become official, the Colts will have $24.78 million in effective cap space, or in other words, what they actually have available to spend.
Along with the draft class, there will be other cap expenses coming down the road as well, such as putting together the practice squad, along with accounting for the 52nd and 53rd players on the final roster. During the offseason, only the top 51 contracts count toward a team’s salary cap number.
The Colts do have some cap space to work with, and when Ballard was meeting with reporters following the NFL draft, he didn’t shut the door on still exploring free agency, where there are still several good players available, particularly at cornerback and safety, where the Colts could use the most help.
“Between now and the start of the season – there are still some good players out there,” Ballard said after the draft. “There’s some veterans out there that can still play. We’ll dig and investigate all of them and then make a decision if we think they are the right fit for us as we go along.”
With help from OTC, here is where the Colts rank in effective salary cap space as we head into the summer: