T.Y. Hilton remains a free agent, but there is still little clarity on his future. As detailed by Stephen Holder of the Athletic (subscription required), all options remain on the table for the veteran. 
One of those is retirement, something which the 32-year-old was reported to be contemplating in January, after doing the same one year earlier. His decision was set to be closely tied to that made by tight end Jack Doyle, who, in March, did indeed hang up his cleats. Ending his NFL career would be related, of course, to injuries; neck surgery limited him to 10 games last season, leading to his worst statistical performance.
Still, a return to the field for what would be his 11th campaign remains a possibility as well. Not long before Doyle’s retirement announcement, Hilton made it clear he wishes to continue playing. Just like last offseason, though, the question of whether he does so in Indianapolis or elsewhere has become central to the situation. The four-time Pro Bowler almost signed with the Ravens in 2021, ultimately choosing to remain with the Colts on a one-year, $8MM deal.
Likewise, there is “legitimate interest” in Hilton from outside teams once again, Holder reports. More to the point, Hilton has had “fruitful conversations with at least two other teams”, indicating that there is the chance he finishes his career elsewhere. That may be a stronger possibility now than it was one year ago, given the Colts’ decision to use its top draft pick on wideout Alec Pierce. He, along with Michael Pittman Jr. and Parris Campbell would limit the snaps and targets Hilton would receive at this stage of his career.
Team owner Jim Irsay has left the door open to another deal with Hilton throughout the offseason when speaking about potential additions at the position. If the team were to add a veteran to its young WR corps, he would be the most logical candidate, but the team will once again have competition if it chooses to do so.