3 ways the Colts can use their new cap space

Signing/Trading for a veteran player

The most obvious way the Colts could use their new cap space is through free agency. With the 2024 NFL Draft just eight days away at the time of this article, I'd expect any potential signing to come after seeing the results of their draft. After seeing which positions they end up not targeting early in the draft, it could open up the door for them to attack said spot in free agency. The positions that I think are the best fit for them to do that would be free safety and CB. Those positions still have multiple starting-level talents available on the free agency market. 

Free Safety: Justin Simmons, Quandre Diggs, Eddie Jackson, Terrell Edmunds
Cornerback:  Xavien Howard, Stephon Gilmore, Steven Nelson, Adoree' Jackson

So, if the Colts leave the 2024 NFL Draft without a new starter at either of those spots, I'll be watching to see if any of those players join the Colts ahead of training camp. Personally, this is the path I think is the most likely and my personal guess for what they end up doing.  

The other method of adding a veteran player would be via trade; some notable veteran players many people often throw around as potential trade options ahead of the NFL Draft are Brandon Aiyuk, Tee Higgins, Patrick Surtain II, and Greg Newsome II. I think this path is significantly less likely, even though some of those players would be great fits with the Colts. I have a hard time seeing the majority of those players traded for one, and secondly, I think the price to acquire most of those players would be viewed as more than the Colts would likely pay via trade. But it would be pretty ironic if the Colts used an extension with the player (DeForest Buckner) they acquired in arguably the biggest offseason acquisition during GM Chris Ballard's tenure to facilitate another big swing.  

Trading up in the 2024 NFL Draft

Another option that I think would make a lot of sense is the Colts opened up more cap space because they plan on trading up for a higher pick in the 2024 NFL Draft. They currently own pick 15 in the 1st round of the upcoming NFL Draft. There have been rumblings about the Colts potentially being a team that could trade into the top 10, typically for a pass catcher. I shared five players that would make sense for the team if they chose, which you can check out by clicking here. If they did decide to make a move like that, it would involve a larger contract going to their 1st round selection than they initially projected. Unless the Colts can move up into the top 5, a trade-up wouldn't take most of the nearly $13 million they opened up. But if they are seriously considering a trade-up, I think that could have played a significant factor in them choosing to open up this much cap space. 

Roster flexibility with the option to roll it over into 2025

The last option is by far the least appealing option, but still one to discuss. The Colts could have made this move with the main goal of rolling over all/most of the added cap space to next season. While this being the ending outcome makes sense to me, I don't see how it could be the team's main goal or main reason for opening up the cap space in the manner that they did. First of all, they haven't utilized the void year method, to my knowledge, before this move. So, the first time they do not add to their roster would be beyond puzzling to me. Secondly, if the primary focus was to add cap space in 2025, why not just lower the cap hit in 2025, as opposed to 2024? I think the Colts know that if they aren't able to successfully sign/trade a player or move up in the 2024 NFL Draft, they have the option to roll the money over as a backup plan. This, to me, is a great mindset to have, but if rolling it over is their primary goal/focus with this move, I think their logic is flawed.