Colts Go "All-In" on $60M Free Agent Target from AFC South Rival

Indianapolis Colts will look to build off their strong start to the 2025 season while addressing the areas of concern that led to a seven-game skid to end the year. The team’s first priority this offseason is to evaluate and address the weak spots on the roster. With the NFL free agency period beginning in March, the team has been linked to several high-profile unrestricted targets, and one of them comes from their AFC South rival.

Chris Ballard, the general manager of the Colts, known for his “build through the draft” philosophy, surprised many Colts fans with his more aggressive approach to free agency last offseason. Ballard added several key external pieces, including cornerback Charvarius Ward, safety Camryn Bynum, and quarterback Daniel Jones.

Carly-Irsay Gordon, the owner of the Colts, marked Ballard’s shift in approach as one of the reasons she gave him another opportunity for the upcoming season.

“As far as how he works on the roster and assembles the team, we believe he is capable of replicating that,” Irsay-Gordon said to reporters at the Colts’ end-of-year media session.

With Ballard expected to continue his more proactive approach, there has been interest in several external free agents, with one name standing out from their AFC South rival: linebacker Devin Lloyd from the Jacksonville Jaguars.

Signing Devin Lloyd Would Strengthen Indy While Weaken Jacksonville

Devin Lloyd recorded 13 total tackles, 2 passes defensed, and an interception in two games against the Colts in 2025.

Ryan Smith of PFF released an article about “How each NFL team should address their previous needs,” and regarding the Colts, Smith wrote: “The team’s linebacker unit struggled this season, particularly Zaire Franklin, who finished the year with a career-low 38.4 PFF overall grade (87th among 88 qualifying linebackers). Lloyd is coming off a great year in which he earned second-team All-Pro honors. He is a complete player at the position, ranking in the top 12 in PFF run-defense grade (85.2), PFF pass-rush grade (81.8), and PFF coverage grade (78.9).”

On the season, Lloyd allowed only a 56.4 passer rating in coverage while collecting 81 total tackles, 1.5 sacks, and five interceptions. Lloyd’s ability to find the ball would pair perfectly with a Colts defense that ranked eighth in turnovers last season.

At just 27 years old, Lloyd could anchor the Colts defense for multiple seasons while potentially weakening their AFC South rival, Jacksonville, by taking away their top-graded linebacker from last year.

According to Spotrac, Lloyd’s market value is currently at $20.1M annually, with projections for a three-year, $60.4M deal. The Colts rank 12th in cap space for 2026, while Jacksonville currently ranks 6th-lowest. If Indy wants to lure Lloyd with a better offer, they will have to address their own internal free agents first.

Colts “All-In” on Quarterback Daniel Jones

When looking at the current Colts free agents, three players stand out on offense: quarterback Daniel Jones, wide receiver Alec Pierce, and right tackle Braden Smith.

Colts had the second-best offensive line in 2025, according to Pro Football Focus.

CBS Sports predicts that Braden Smith will remain with the team to ensure stability within the unit. However, Alec Pierce is expected to land with the Washington Commanders. Pierce is a hot commodity following his first 1,000-yard campaign and is expected to garner significant interest from outside teams. Spotrac projects Pierce to earn an average salary of $20.2M, signing a four-year deal worth $81 million. The Colts will need to evaluate how much they value Pierce, as his price tag could rise with more competition from other teams.

However, the biggest decision the team needs to make is with Daniel Jones. Stephen Holder of ESPN believes the team has already made their decision, writing: “The Colts are all-in on re-signing Jones after his one-year experiment with Indy in 2025 got off to a sizzling start before injuries cut it short.”

Jones’ Achilles injury and subsequent rehab make an extension projection tough, but Spotrac currently has him projected at $174 million over four years. The Colts will need to determine how much they want to invest in Jones and whether they choose to bet on him or force him into another prove-it deal with the franchise tag.