Matt Gay‘s time with the Colts has come to an end. The veteran kicker was released on Thursday, per a team announcement. 
After a successful three-year stint with the Rams, Gay joined the Colts in free agency in March 2023. That four-year, $22.5MM pact came with high expectations and seemed to end Indianapolis’ efforts to find a long-term Adam Vinatieri successor. After only two years with the team, however, another change at the position has been made. This release creates $2.5MM in savings while incurring a dead money charge of $4MM.
Gay connected on 33 of 41 field goal attempts during his debut Colts season, good for an accuracy rate of 80.5%. That figure was well short of his success with the Rams, but – after undergoing hernia surgery – a rebound of sorts took place last year. The 31-year-old went 31-for-37 on field goals in 2024, including a 100% success rate on kicks under 50 yards. From long range, though, Gay only made three of nine attempts.
The former fifth-rounder only missed one extra point attempt during his two-year Indianapolis tenure, something which (coupled with his short- and medium-range accuracy) should help him land a new gig in relatively short order. With the draft approaching, however, the Colts could now find themselves in the market for a rookie kicker. As of now, only Spencer Shrader is on the team’s roster.
A 2024 UDFA, Shrader spent time with three different teams last season, making a total of four appearances. The 25-year-old played one game with the Colts and returned to the team in free agency last month. Schrader now finds himself atop the depth chart, but Indianapolis can be expected to bring in competition in the form of a veteran or a rookie in the near future.