A must-have free agent in 2012, Anthony Spencer's price tag (and value) has plummeted since undergoing season-ending microscopic surgery on his left knee last September. Spencer could have signed an enormous multi-year contract last season, but the Cowboys tagged him with the franchise tag.
I've been a fan of Spencer for years and actively pined for him last offseason. Spencer's versatility and strength against the run while also being a very good complementary pass-rusher would make him a perfect fit opposite Robert Mathis in the Colts' 3-4 hybrid defense. Sure, he may not be as effective as he was before the surgery, but he also won't cost as much as he would have, either.
Spencer likely will get a one- or two-year "prove-it" deal, and the signing would be similar to the Colts' signing of veteran receiver Hakeem Nicks this offseason or Ahmad Bradshaw last year. The only reason the Colts would avoid the move is because of their faith in Erik Walden and Bjoern Werner, both of whom are projected to split time at strong-side outside linebacker next season.
Walden still can't be cut due to the guaranteed money on his contract, and Werner was last year's first-round pick. The team likely has too much invested in them to bring Spencer in. It's a shame, however, because if healthy, Spencer is one of the best 3-4 outside linebackers in the league.