Updated look at Colts’ salary cap space for 2023 offseason
The Indianapolis Colts now know how much salary-cap space they’ll be working with during the 2023 offseason after the league officially announced the cap limit Monday.
Setting the salary cap at $224.8 million for 2023, the league yet again set a record high as the cap continues to grow. The Colts have a lot of moves yet to come in terms of manipulating the salary cap, and they’ll need to make some big moves in the coming months.
With the salary cap set, the Colts are working with $13,081,832 in cap space, according to Over The Cap. That doesn’t include the contracts for the incoming rookie class, nor does it include the expected rollover from 2022, which is estimated at around $6 million.
There are several moves the Colts can make this offseason to free up cap space, including the trade or release of quarterback Matt Ryan. They would eat $17.2 million in dead cap but save $18 million against the cap, which would probably be worth it.
They also could entertain the idea of trading cornerback Kenny Moore II, who would save $7.5 million against the cap without any dead money. Quarterback Nick Foles also is a cut candidate to save $2.1 million.
The Colts, firstly, need to find a new head coach before diving into roster moves. That is expected to come soon. But until then, there will be a lot of speculation as to the types of moves the Colts will make in order to generate a little breathing room with the cap.
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