Colts’ Rookie Outlook: Contracts and Remaining Cap Space

The newest Indianapolis Colts will look to sign their contracts before camp.

UCLA Bruins defensive lineman Laiatu Latu (15) looks on. / Orlando Ramirez-USA TODAY Sports

The future of the Indianapolis Colts is in the hands of their 2024 draft selections, most notably star edge rusher Laiatu Latu and receiver AD Mitchell. The rookies will look to make their impact felt on a team that just barely missed the playoffs the year prior.

After a relatively quiet free agency window for general manager Chris Ballard, the draft was an important opportunity to capitalize on young talent to fill some of the weaker spots on the Colts. Ballard aimed to give quarterback Anthony Richardson a strong offensive line and elite pass catchers to work with.

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— Indianapolis Colts (@Colts) April 28, 2024

While fans can’t wait to see Indy’s talented team take the field in September, there’s still a long stretch of free agency ahead. The Colts’ front office has been financially secure over the past few years, making sure to stay ahead of the books in the team’s continued push for a ring.

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As of April 29th, the Colts have just over $24 million in effective cap space to work with (via OverTheCap). This number doesn’t take into account the rookie contracts that have yet to be signed by Indy’s newest faces. The NFL makes things easier by setting the contracts for rookies, meaning an estimation of the Colts’ remaining cap space can be made.

DE Laiatu Latu: $17 million, four years
WR Adonai Mitchell: $7.3 million, four years
OL Matt Goncalves: $5.8 million, four years
C Tanor Bortolini: $4.8 million, four years
WR Anthony Gould: $4.3 million, four years
LB Jaylon Carlies: $4.3 million, four years
S Jaylin Simpson: $4.3 million, four years
DT Jonah Laulu: $4.1 million, four years

If you divide each contract into a rough estimate as to what each player will make this season, the total amounts to around $14 million. The rookies will be eating up nearly 60% of the remaining cap space in Indianapolis, meaning the team still has about $10 million in effective cap space to work with in free agency.

Some of the biggest remaining needs on the team are in the safety and cornerback rooms after the Colts opted to draft offensive players with four of their first five picks. Big names such as Justin Simmons and Quandre Diggs remain on the market, and it wouldn’t be a shock to see one of the two play in Indianapolis next season. First, the Colts will have time to evaluate their draft choices and cap space situation before making a splash in free agency.

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