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The Colts' only corners under contract for 2014 are Greg Toler and Darius Butler. Clearly, the Colts need a No. 1 corner to add to the group (as well as additional depth).
The first target is Vontae Davis, whom the Colts have to decide whether or not to re-sign as the best non-specialist Colt who will be a free agent.
Davis has been the Colts' best cover corner by a wide margin and has arguably been one of the best cover corners in the league. Pro Football Focus (subscription required) graded Davis as the second-best cornerback in coverage this season, and his shutdown cover skills allowed the Colts to move their safeties closer to the line of scrimmage all season.
Now, Davis isn't perfect. While his coverage is fairly consistent, his ball skills and ability to turn and track the ball in the air are a weakness. Occasionally he'll allow a big play over the top as a result. He also can struggle with smaller receivers running crossing routes (although, to be fair, asking any corner to cover a receiver man-to-man in crossing routes is a difficult task). Davis likely is more in the 10-15 range than a top-five corner.
Don't be fooled by the few touchdowns allowed, however. Davis is a No. 1 corner, one of several who may be available in free agency this offseason. Other options include Alterraun Verner, Dominique Rodgers-Cromartie, Captain Munnerlyn and Sam Shields.
While the Colts don't need to sign multiple big-money corners, they have to sign at least one. Davis will likely be the first target, but the direction the Colts choose to go here will have a long-term impact on the franchise. Each of those corners is in their prime and will command a long, expensive contract.