2012 NFL Free Agents: Reggie Wayne Reportedly Re-Signs with the Colts

The Indianapolis Colts chose not to welcome back Peyton Manning, but they are welcoming back one of Manning's favorite wide receivers.

According to ESPN's Adam Schefter, the Colts have re-signed veteran wide receiver Reggie Wayne to a three-year deal:

"

Reggie Wayne re-signing a three-year deal with Colts. Agreement reached.

— Adam Schefter (@AdamSchefter) March 14, 2012"

Pro Football Talk provided the details of Wayne's new deal:

"

Per league source, WR Reggie Wayne gets three-year, $17.5 million deal to stay in Indy.$7.5 million guaranteed, not sure if "fully."

— ProFootballTalk (@ProFootballTalk) March 14, 2012"

The news comes as a surprise, given how much housecleaning the Colts have done so far this offseason. They've shaken things up at every level of the organization, including out on the field. In addition to Manning, several notable Colts players who played a big part in the team's success in recent seasons have been jettisoned. 

It's also surprising because it has been reported that Wayne and Manning could have been a package deal in free agency. For example, Peter King of Sports Illustrated had it on good authority in late February that "at least two potential suitor teams" would consider bringing both Manning and Wayne aboard.

But re-signing Wayne does make sense for the Colts.

He showed in 2011 that he still has plenty of gas left in his tank, catching 75 passes for 960 yards despite the fact he had some awful quarterbacks throwing the ball in his direction.

Just as important, Wayne's experience will come in handy if and when the Colts draft Andrew Luck with the No. 1 overall pick. Drafting Luck and having him learn from Manning is now out of the question. Drafting him and having him team up with and learn from Wayne, an 11-year veteran, is the next best thing.