The Indianapolis Colts’ key offseason moves will result in a major shakeup for the Horseshoe in the upcoming 2023 NFL season.

Indy’s 4-12-1 record in 2022 was the franchise’s worst since its dreadful 2-14 showing in Peyton Manning’s injury-riddled 2011 NFL season. With the acquisition of 2016 NFL MVP Matt Ryan last year, expectations were sky-high for the Horseshoe.

Unfortunately, the Colts’ putrid offense, shaky quarterback play, leaky offensive line, and injuries to running back Jonathan Taylor and linebacker Shaquille Leonard were some of the reasons why they missed the postseason for the sixth time in the past eight years.

With Taylor and Leonard expected to be back in full harness in 2023, there’s nowhere to go but up for Indianapolis. Their fate will depend largely on how Ballard and his staff play their cards in the months leading up to training camp.

On that note, we will simply grade the Indianapolis Colts’ key off-season moves based on the long-term repercussions they will make on the franchise.

Handing Out the Report Card for the Indianapolis Colts’ Key Offseason Moves So Far

Here are our takes on the Indianapolis Colts’ key offseason moves as of March 22, 2023:

  • Re-signed DE Tyquan Lewis to a one-year, $1.25 million deal: Lewis is coming off two-injury riddled seasons that saw him playing just a combined 15 games in 2021 and 2022. Worse, he recorded just 1.0 sack last season. If he doesn’t deliver the goods in 2023, he’s as good as gone at season’s end. Grade: C
  • Traded CB Stephon Gilmore to the Dallas Cowboys for a fifth-round selection in 2023: Ballard made his first shocking move of the offseason when he traded Gilmore, a five-time Pro Bowl defensive back, to the Cowboys on March 14. Consequently, Indy cleared $9.9 million in cap space and gave itself more flexibility during the offseason. Unfortunately, dealing Gilmore to Dallas left the Colts with a gaping hole at the cornerback spot. Only Isaiah Rodgers, Sr., and Kenny Moore III remain the big-name defensive backs for Indy in 2023. Both of them are also entering contract years with the Colts. Could Gilmore’s departure pave the way for a potential reunion with Rock Ya-Sin? Grade: C+ 
  • Re-signed Ashton Dulin to undisclosed contract: Dulin, who spent his first four seasons in the Circle City, will add depth at special teams and wide receiver for the Colts in the 2023 NFL season. Grade: B
  • Released QB Matt Ryan: Ryan looked every bit like the 37-year-old signal caller he was in 2022. The former NFL MVP mustered a career-worst 42.9 QB rating while playing behind one of the league’s worst offensive lines last season. It was blatantly obvious Ryan wasn’t the answer at quarterback for the Colts. With Lamar Jackson a long shot for Indy, Ballard will most likely take a quarterback (hopefully Ohio State’s C.J. Stroud) with the fourth overall selection in the 2023 NFL Draft. Here’s hoping the Colts’ maddening quarterback carousel since Andrew Luck’s shocking retirement in 2019 will finally end. Grade: A
  • Signed QB Gardner Minshew: With many Colts fans expecting the team to select a quarterback in the first round, Minshew becomes the de facto No. 2 signal caller in 2023. Minshew, who signed with the Colts on March 17, gives Indy a serviceable backup who is familiar with new head coach Shane Steichen’s offense (Minshew and Steichen worked together with the Philadelphia Eagles from 2021 to 2022). He’s an upgrade over Nick Foles, who played terribly as the 2022 NFL season wound down. Grade: A
  • Re-signed LB E.J. Speed to a two-year, $8 million deal: Speed has shown incredible potential on special teams the past three seasons. He blocked a punt in 2020 and scored two touchdowns off of blocked punts in 2021. With the departure of Bobby Okereke to the New York Giants, it isn’t hard to imagine Speed playing a bigger role for defensive coordinator Gus Bradley in 2023.  Grade: B
  • Signed K Matt Gay to a four-year, $22.5 million deal: Signing Gay was completely unexpected, considering Chase McLaughlin’s solid performance in 2023. McLaughlin, who replaced the struggling Rodrigo Blankenship, made a respectable 83.3 percent of his field-goal attempts in 2022. Better yet, he made all of his 21 extra-point attempts last season. However,  Ballard just couldn’t pass up on Gay’s 87.8 percent career field-goal accuracy (including an impressive 93.3 percent in 2022). It seems Indy has locked up its most reliable kicker since the days of the legendary Adam Vinatieri. Grade: A
  • Signed DE Samson Ebukam to a three-year, $27 million deal: DTF’s Noah Ashley predicted Ebukam would be a great fit for Bradley’s defense in 2023 and beyond. True enough, Ballard signed Ebukam to a three-year deal on March 17, 2023. Ebukam, who had a combined 9.5 sacks for a dominant San Francisco 49ers defense the past two seasons, figures to add depth behind Kwity Paye at edge rusher this season. Ebukam’s signing could spell the end of Yannick Ngakoue’s (who had a team-leading 9.5 sacks in 2022) one-year tenure in Indy. Grade: B+
  • Signed WR Isaiah McKenzie: The Colts sorely needed depth at wide receiver after Parris Campbell signed with the New York Giants in free agency on March 17. Indy made up for that by signing former Buffalo Bills wideout Isaiah McKenzie five days later. Although Campbell showed some promise in 2022 following three injury-ravaged seasons, McKenzie is the more durable option for Colts wide receivers coach Reggie Wayne. McKenzie, who had a combined 11 touchdowns with the Bills from 2019 to 2022, missed just four games in the past four seasons.  He and Dulin will play behind Michael Pittman, Jr. and Alec Pierce in 2023. Grade: B+

 

Final Analysis of the Indianapolis Colts’ Key Offseason Moves

Photo from Colts.com

Jim Irsay and Chris Ballard – Colts.com

Ballard and his staff fared well in most of the Colts’ key offseason moves to date. However, they have a long way to go – Indy still has yet to sign its next franchise quarterback, a game-changer at left tackle, and another defensive back, to name a few.

Nevertheless, the Horseshoe is off to a good start. Here’s hoping they can maintain that momentum in the next several weeks.

Overall grade: B+