Indianapolis Colts general manager Chris Ballard has repeated throughout the offseason that he needed to be more aggressive in free agency when it came to closing deals and acquiring talented outside players.
So far, that has come to fruition, as the Colts have brought in three free agents among the tops at their position, and who the Colts had competition to acquire; Charvarius Ward, Camryn Bynum, and Daniel Jones. The Colts have also signed outside free agents Khalil Herbert, Corey Ballentine, and Neville Gallimore.
This shift in philosophy is an indicator that the Colts are no longer satisfied with just building longevity for their roster but that they also want to win right now. Ballard and head coach Shane Steichen's jobs may depend on it.
With that said, it's not out of the realm of possibility that the Colts look for continued improvement through the trade market. With about $21 million in cap space remaining, the Colts do have a little flexibility, although they could create more by revisiting a few contracts.
Here are several trade options for the Colts that still make some sense at this point of the offseason.
DE Trey Hendrickson, Cincinnati Bengals
This one is likely to remain a topic of conversation until there's a resolution to Hendrickson's situation in Cincinnati, as insiders have connected the dots between Hendrickson and the Colts throughout this offseason. The NFL's reigning sack king recently requested a trade from the Bengals as he searches for a new contract. The Bengals were focused on contracts for Ja'Marr Chase and Tee Higgins at the time, but with those now resolved, the attention presumably shifts to Hendrickson.
When it comes to the Colts acquiring Hendrickson through trade, it's still possible but feels incredibly unlikely. Financially, the Colts would have to pony up a contract likely north of $30M per year, which is a lot for a 30-plus-year-old player. And if the Bengals want at least a first-round pick for Hendrickson, forget about it. A trade would still make sense in that Hendrickson is good and productive enough to fit on any team, and he has a connection with Colts coaches Lou Anarumo and Charlie Partridge.
TE Michael Mayer, Las Vegas Raiders
Mayer reportedly hit the trade block recently and would make a ton of sense for the Colts. Their biggest need is tight end, and without having added one yet in free agency, it puts a lot of pressure on them to deliver through the draft. However, Mayer would be a cheap veteran tight end option with upside and would allow the Colts to still make a move for a tight end in the draft when they deem it necessary and without forcing it.
Mayer is still on his rookie contract, accounting for $5.5M against the cap over the next two years ($5.0M in dead cap). The cherry on top is familiarity and comfortability with the Indiana area, as Mayer played his high school football not far from Indianapolis in the Northern Kentucky/Cincinnati area before moving up to South Bend, IN, at Notre Dame for college.
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TE Kyle Pitts, Atlanta Falcons
Like Mayer, Pitts is a high-upside tight end who hasn't yet lived up to expectations, while also still on his rookie contract. Pitts burst onto the scene with over 1,000 yards as a rookie in 2021 after the Falcons made him the fourth-overall pick, but he's yet to even reach 700 yards in a season since then.
Pitts' $10.8M salary in 2025 is fully guaranteed, so there is some financial risk, but this is a Eric Ebron-level opportunity for the Colts, who could utilize Pitts in a different fashion than Atlanta has over the last four years.
LB Germaine Pratt, Cincinnati Bengals
Like Hendrickson, Pratt has requested a trade away from the Bengals and has been connected to the Colts. He also has a strong relationship with Anarumo and would fill a position of need for the Colts at linebacker. The biggest questions remaining would be how well Pratt would fit with a similar player such as Zaire Franklin, and if the Colts would want Pratt's $8.2M salary in 2025 ($2.3M in dead cap) along with him.
LB Quay Walker, Green Bay Packers
There don't appear to be any substantial trade rumors about Walker and the Packers other than many analysts floating his name specifically as a candidate to be traded from Green Bay. He's entering the final year of his rookie contract, with his $4.4M being fully guaranteed. Walker has been a three-year starter for the Packers who could be in line for a big extension. He has great size and athleticism and has been very productive, totaling 341 tackles (21 for loss), 6.5 sacks, 12 QB hits, 3 forced fumbles, 1 fumble recovered, 1 interception, 12 pass breakups, and 1 defensive touchdown. Walker fits very well with what the Colts covet in linebackers, but they'd have to cough up trade compensation and perhaps money for a new deal.
2025 NFL Draft Picks No. 10 (Chicago Bears) or No. 11 (San Francisco 49ers)
The Colts attempted to trade up into the top 10 picks of last year's draft, by my understanding to select an offensive playmer in either of Malik Nabers or Brock Bowers. The Colts struck out and are still searching for that type of impact. This year, Ballard could be determined to not take no for an answer.
The Bears have done an awesome job of building around Caleb Williams. Would they rather sit there with the 10th pick and take the best player for them, or move back a few picks and grab an extra selection? Likewise, the 49ers are all but rebuilding after losing a significant number of their established veterans. They need as many draft picks as they can get.
