The Colts are at a crossroads. They have some tremendous weapons in guys like Jonathan Taylor and Michael Pittman They just need a quarterback that they can trust to run the show. Anthony Richardson was supposed to make the jump this year but suffered a pretty big career setback.

Now Indianapolis has some decisions to make in free agency and the 2025 NFL Draft. As we’ve been doing with this series, we’re going to dig into those narratives as well as the depth chart, the contracts, the cap space, and the pending free agents. 

We’ll make some predictions and, if possible, do our best to capitalize on those in our dynasty leagues and early best ball. So, let’s dig in!

*The salary cap numbers referenced in this article come courtesy of our friends over at Spotrac.com*

 

 

 

Indianapolis Colts Depth Chart 2025 (Fantasy Football Relevant)

QB

Anthony Richardson

Joe Flacco

Sam Ehlinger

RB

Jonathan Taylor

Trey Sermon

Tyler Goodson

WR

Michael Pittman

Ashton Dulin

Juwan Winfree

WR

Josh Downs

Anthony Gould

 

WR

Alec Pierce

Adonai Mitchell

 

TE

Mo Alie-Cox

Andrew Ogletree

 
  • White = unrestricted free agent
  • Green = role is safe
  • Yellow = role in flux
  • Orange = likely a depth piece
  • Red = roster spot not guaranteed

Indianapolis Colts Free Agency 2025

  • PROJECTED 2025 SALARIES: ~$240M
  • ESTIMATED 2025 CAP SPACE: ~$50M

 

 

 

Colts Quarterback Depth Chart

Anthony Richardson: There is no question that the upside is there. Richardson is a tremendous athlete on paper, and he’s shown flashes of brilliance both on the ground and with his arm. But he’s an incredibly raw talent still and injuries have not helped with that. That’s led to speculation that the Colts could be looking at other options, like Jalen Milroe out of Alabama.

I’m personally willing to buy Richardson, especially in single QB leagues where upside is everything. His value based on industry rankings has fallen in Superflex leagues to a 2nd so I think he’s worth that risk as well. Mobile QBs just don’t grow on trees. It’s easy to forget that we spent two years debating whether Josh Allen was ever going to be an NFL caliber quarterback. 

His complete percentage as a rookie was 52.8% and then an unacceptable 58.8% before skyrocketing to 69.2% in year three. Now Allen is reportedly working with the same quarterback coach that Josh Allen worked with in an attempt to get things back on track. The floor is low, but it is with every QB prospect. We have Richardson yellow on the chart out of caution, but the risk is worth it. 

Joe Flacco: Joe Flacco has made it clear that he wants to play in 2025. But we just saw what the Colts looked like with him at quarterback and it wasn’t a Super Bowl caliber team. The Colts at this stage should worry less about competing to win immediately and more about finding their QB of the future. I would let Flacco walk in favor of either someone younger with more upside or who’s skillset better overlaps with Anthony Richardson. 

Sam Ehlinger: Typically you wouldn’t think much about the third quarterback but Ehlinger reportedly has a great bond with Anthony Richardson that goes back beyond the Colts. Ehlinger still does want an increased role for himself though, so that might see him leave to compete elsewhere rather than return as the third or even second quarterback for the Colts. 

COLTS QB FREE AGENCY TAKE: Maybe the Colts do want Joe Flacco back. But I’d at least consider a contingency plan at this stage. At least bring someone in next to Anthony Richardson as a measuring stick - whether that’s a rookie or a young(ish) vet where you can really gauge where Richardson is in his development.

Maybe they go with Richardson, Ehlinger, and a rookie. These are the guys I would consider targeting to push Richardson and possibly step in and play if I’m going with a vet. A guy like Justin Fields would probably be controversial but you can now measure mobile QB vs. mobile QB in camp and truly see what’s what. Maybe the end result is that neither is the guy but that’s valuable information, nonetheless. 

 

 

 

Colts Running Back Depth Chart

Jonathan Taylor: Jonathan Taylor is a star and he’s under contract through 2026 so there’s really not much to be said. In terms of yards from scrimmage per game, he is third among active running backs behind only Christian McCaffrey and Saquon Barkley. He just turned 26 last month and has plenty of high-level football to play. He should be a trade target for any team competing to win now.

Trey Sermon: Trey Sermon operated as the primary backup to Taylor. During Weeks 5, 6, and 7 when Taylor was out, Sermon had 36 carries and 7 targets to 27 carries and 8 targets for Tyler Goodson. But Sermon was not particularly efficient with those carries, averaging only 2.86 yards per rush. He’s an unrestricted free agent and I think, given how important Taylor is, they could use an upgrade in this department. 

Tyler Goodson: The Colts signed Goodson to a one-year extension that will keep him with the team through 2025. And I think that was a smart move. He’s got reliable hands and he was more efficient than Trey Sermon when given a chance. He also returns kicks and plays on four different special teams units. Not super fantasy relevant but a good real-life NFL player. 

COLTS RB FREE AGENCY TAKE: The Colts have a stud starter. And they have a “satellite back” that can also play special teams in Tyler Goodson. What they could use is a backup bruiser that could take some of the load of Jonathan Taylor when need be. 

The draft is always an option but there are some names in free agency that could potentially step in and do better than Sermon if Taylor goes down. The price and the risk will vary on these guys but the idea is the same. 

 

 

 

Colts Wide Receiver Depth Chart

Michael Pittman Jr: I believe in Michael Pittman And he believes in Anthony Richardson, based on recent quotes from him. But that’s where all the risk lies with Michael Pittman. We knew a guy like Terry McLaurin was highly talented. But it took until this year, at age 29, to finally add a 13 TD season on top of his typical 1,000 yards.

This is exactly the kind of guy I look to buy in dynasty. In any league with three WRs and a flex, he’s going to find a spot in your lineup one way or another. And things should break right for him at some point where he puts together a big season. Hopefully it's with Anthony Richardson but NFL teams have a short leash for bad QB play. And so do NFL WRs when it comes to demanding trades.

Josh Downs: This past offseason I wrote an article about buying slot wide receivers with the hope that they transcend from part time players to full time players. That was the path for guys like CeeDee Lamb and Chris Godwin before they blew up. The three players mentioned in the article were Jaxon Smith-Njigba (who broke out this year), Jayden Reed, and Josh Downs.

So that’s the bet you are making. Right now Josh Downs is a guy who primarily plays slot in 3 WR sets but comes out for 2 WR sets. He didn’t play more than 80% of the snaps in a game this year. If you think he can ascend from that at some point, you should target him. If you don’t, you should be out. Simple as that. I’m hopeful but he needs to beat out Alec Pierce and/or Adonai Mitchell for those snaps. 

Alec Pierce: On paper there is a lot to like about Alec Pierce. He’s 4.41 forty yard dash at his size puts him in the 90th percentile for size-adjusted speed score. The issue for him so far in his career is that they’ve primarily used him as a field stretcher which has led to boom-bust production. 

Take this year. He had three games of 122, 125, and 134 yards. Those included multiple 60 yard plays. He also had two different games where he was targeted four times and didn’t catch any of them. He had six games with either one or zero catches. 

If you play in best ball or even standard, these types of players are solid. I’ll be drafting Pierce in early best ball leagues. It’s difficult to trust him in PPR leagues where you set lineups though. He’s a free agent after this year so maybe a change of scenery could land him a new role.

 

 

 

Adonai Mitchell: As a raw rookie prospect, Adonai Mitchell did about what you would expect. His job was to be the “next man up” while he develops into an NFL caliber player. Naturally, the five times he played more than 50% of the snaps came in the games without one of Pittman, Pierce, or Mitchell. 

Barring a trade or injury, he’s probably the next man up once again this year. The best possible scenario for him would be to have a camp so good that the Colts choose to trade Alec Pierce now rather than letting him walk next year. The problem here is that the Alec Pierce role as the field stretcher has not been fantastic for fantasy. So the move actually might be to trade Mitchell if you can in dynasty if there is any sort of hype.

Ashton Dulin: Dulin is the classic depth guy who played a bunch of special teams. He actually contributed on five different units this year - kick return, kick coverage, punt return, punt coverage, and FG/XP block. He’s an unrestricted free agent but I wouldn’t be surprised to see them bring him back despite having only two catches on offense. 

Anthony Gould: Gould didn’t play much despite Josh Downs missing the start of the season. That was probably his chance in the slot but they just used Adonai Mitchell instead. He’s on a fairly cheap rookie deal and they only save ~$784K with ~$265K in dead cap by cutting him so he’ll probably be back. He can return both kicks and punts which is valuable. 

Juwann Winfree: The Colts signed Winfree but was placed on IR before the season with an undisclosed injury that caused him to miss the entire season. He’s a career special teamer that turns 29 this year so there’s not much fantasy football discussion to be had, regardless of whether they bring him back as a free agent or not. 

  • Reserves/Futures: LaQuon Treadwell, DJ Montgomery

COLTS WR FREE AGENCY TAKE: The Colts are pretty set in terms of starting wide receivers. In fact, an argument could be made that, if they like Adonai Mitchell, Alec Pierce could be a trade candidate. Barring that happening, any moves made in free agency would likely be just for special teams purposes. If they just bring back Ashton Dulin then they are pretty much set.

  • POSSIBLE FREE AGENT OPTIONS: N/A

 

 

 

Colts Tight End Depth Chart

Mo Alie-Cox: The Colts for years now have been piecing the tight end position together with multiple players. The converted basketball player Mo Alie-Cox never developed into the next Antonio Gates but he didn’t develop into a pretty solid blocker. He led the team in snaps but spent 30.3% of his pass snaps staying in to block which offers no upside. He’s an unrestricted free agent at age 31 and I think his time in Indianapolis is over.

Kylen Granson: Granson was the leader in terms of pass catching - but that only translated to 14 receptions for 182 yards. He lined up at WR for more than 50% of his snaps, primarily in the slot. He’s also a free agent this year and there’s really no urgency to bring him back. 

Andrew Ogletree: Ogletree was basically the backup to the Mo Alie-Cox role as the blocking tight end. He also blocked on over 30% of his pass plays. He’ll probably hang around in that capacity but he can also be released for $1.1M in savings with only $44K in dead cap so his spot isn’t a lot if they decide to overhaul the entire position. 

Will Mallory: Much like Ogletree behind Mo, Will Mallory was the backup pass-catcher behind Kylen Granson. It’s disappointing that he couldn’t surpass Granson given the lack of production from Granson but he’s also a younger, fifth round pick. I expect him to hang around as depth since he’s on a cheap deal for two more years.

Jelani Woods: This is the complete wildcard. Woods was a third round pick and showed some promise but he just missed his second straight year due to injury. He’s now 26 years old and coming up on the last year of his rookie deal so they could release him for $1.4M in savings with $271K in dead cap. 

Or he could return to compete for the starting job. Of the guys on this list, he actually is the most appealing in fantasy as the mystery box. But we are talking deep taxi squad stash here. 

COLTS TE FREE AGENCY TAKE: The Colts are one of the few teams that have a clear starting job available at tight end. There is target competition from wide receivers. And the QB play is not solidified. But that is a rare occurrence to have that top job open.

There aren’t great options in free agency so we’re hoping they draft an every down tight end in this draft to start for them. The best two way tight ends are guys like Tyler Conklin or Austin Hooper. If they want to keep doing what they do by mixing and matching, they could go for a pass-catcher and a blocker. Not sure why they would do that though because it hasn’t been working.