ESPN's Adam Schefter reported the terms of the deal:
Last week, it appeared Davis was a lock to be back with the Indianapolis Colts in 2014. However, the plot changed over the weekend when fellow free-agent cornerback Sam Shields inked a four-year, $39 million deal with the Green Bay Packers, thus strengthening Davis' "bargaining position," per the Indy Star's Stephen Holder:
With Davis playing things slow, so far declining whatever offers the Colts have presented, the patience just might pay off. The deals signed by Grimes and Shields do nothing but strengthen the bargaining position of Davis, New England's Aqib Talib and Tennessee's Alterraun Verner – the top remaining cornerbacks set to hit free agency on Tuesday
Whatever price range the Colts were working within before recent developments likely has changed by now. If it hasn't, it's a safe bet Davis will go out and see what the market has to offer. And by the looks of things, the answer is, well, plenty.
At the start of March, Colts head coach Chuck Pagano said the team had "a plan in place" for Davis, per 1070 The Fan via Colts.com's Kevin Bowen:
We’ve got a plan in place for Vontae. I know that we are working that process. We are doing our due diligence with that. Certainly, he’s one of the guys that we are currently having dialogue with and the camps are both talking. Hopefully we get something worked out.
The 25-year-old defensive back was considered to be among the top available players at his position this offseason, catching the eye of several teams while helping the Colts reach the playoffs for the second straight season since being traded from Miami in 2012.
Despite the hefty investment, there's no doubt Davis will provide a boost on defense. When at his absolute best, he's capable of matching up with any receiver in the league and turning the tide with a big play.
At 5'11" and 204 pounds, Davis plays a physical brand of football and has coveted strength for a player at his position. Furthermore, his NFL experience, anticipation and closing speed make him an attractive piece for a defense looking to improve on the back end.
Davis is also young and durable, having played in 70 regular-season games since being drafted out of Illinois five years ago. If put in the right position and surrounded with additional talent, there's no reason to believe the Washington, D.C., native won't blossom in the next chapter of his career.
With Davis on board for the long haul, Indianapolis has taken a significant step toward building a stout defensive unit and, more importantly, competing for a playoff berth in 2014.
Follow Bleacher Report Featured Columnist Patrick Clarke on Twitter.