Pre-Free Agency Salary-Cap Update for Indianapolis Colts

The NFL free-agency period begins on March 10, and when it hits 4 p.m. ET on Tuesday, the Indianapolis Colts are expected to be major contenders for a number of key free agents around the league.

General manager Ryan Grigson hasn't been afraid to attack free agency aggressively since coming to Indianapolis, even if some of the moves haven't always worked out. Players like Ricky Jean Francois and LaRon Landry have already been released, but others like Mike Adams and Cory Redding have proved to be valuable pieces.

If the Colts can sign a couple of big names in free agency and hit on at least a few of their picks in the 2015 NFL draft, this team could have a legitimate shot at making a run at next season's Super Bowl.

Below is a complete breakdown of the Colts' salary-cap situation heading into free agency, along with a look at some potential moves that could happen in the next few weeks.

Salary Cap By The Numbers

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Once again, the Colts have a lot of money to play with in free agency.

According to Over the Cap, the Colts have over $41.3 million in cap space for the 2015 season. Those numbers go up significantly in the coming seasons, as you can see in the table below.

Year	Current Liabilities	Proj. Cap	Cap Room
2015	$110,576,606	$151,861,792	$41,285,186
2016	$61,440,896	$150,000,000	$88,559,104
2017	$41,346,986	$160,000,000	$118,653,014
2018	$10,300,000	$170,000,000	$159,700,000

With that kind of money, the Colts can afford to look at some of the bigger names in free agency while also having money for other names to fill positions of need. Despite being a playoff team for three straight seasons with Andrew Luck under center, the Colts still have a lot of needs, especially on defense, and they'll need to find some new faces to fill those needs.

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At the same time, the Colts are going to be cautious about spending too much money over the next month or so. Players like Andrew Luck, T.Y. Hilton, Coby Fleener and Dwayne Allen all have contracts that expire after the 2015 season, and their star quarterback and wide receiver are likely going to be getting some massive paydays in the near future.

That doesn't mean that the Colts won't be able to bring in big names. Expect Grigson to try to convince incoming players to take heavily front-loaded contracts in order to have smaller cap hits in the coming years, when guys like Luck and Hilton expect to get paid.

Potential In-House Moves

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Just because the Colts have a lot of cap space doesn't mean that they're necessarily done making changes to their current roster.

The releases of Jean Francois and Landry helped clear up cap space, but there are still some other names that haven't lived up to expectations and could be gone soon.

While Greg Toler has shown signs of potential in Indianapolis, he's struggled to stay healthy. He's set to count for over $5.8 million against the cap next season, but cutting him would result in just $333,334 of dead money. Secondary is still a big need for the Colts, but they could focus on the draft and look for other free agents if they decide to part ways with Toler.

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Erik Walden is another defensive player that hasn't lived up to a big deal. He played better in 2014 than he did the previous year, but the Colts would save themselves $3.75 million by letting him go. Jonathan Newsome showed promise at the outside linebacker position, and the Colts are likely going to search for more pass-rushers this offseason.

On offense, Trent Richardson and Donald Thomas are two players that could also be on their way out. While Thomas was a consistent offensive guard with the New England Patriots, he hasn't been able to stay healthy in Indianapolis, playing just 72 snaps the past two seasons, according to Pro Football Focus. Meanwhile, Richardson's guaranteed money has reportedly been voided due to his two-game suspension, according to Stephen Holder of the Indianapolis Star.

Cutting those two would result in clearing more than $6.4 million in cap space.

A lot of these moves depend on how aggressively the Colts plan to attack free agency, but don't be surprised if any of these names aren't on the 53-man roster in 2015.

Possible Free-Agent Targets

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If there was any free-agency period to have the money to bring in a star or two, this is probably the one for the Colts to do it.

One of the bigger needs for the Colts comes on the defensive line, needing one more impact starter to help win the battles in the trenches. Ndamukong Suh is the name among defensive linemen in this free-agency class, and there's a good chance he leaves the Detroit Lions for another team.

The Colts are a logical destination for Suh. They badly need another playmaker on defense, and they have plenty of cap space to afford him. There's at least one player on the Colts who would be interested in bringing in Suh, as punter Pat McAfee tweeted at the defensive lineman with his pitch:

But Suh isn't the only guy the Colts will be looking at. Other names like Nick Fairley, Pernell McPhee and Devin McCourty would be more than welcome in Indianapolis. According to Jason La Confora of CBS Sports, the Colts are expected to be very involved in negotiations to bring in McPee, the Baltimore Ravens pass-rusher.

On offense, the possibilities open up even more.

Even with Hilton, Donte Moncrief and Duron Carter, the Colts could possibly be looking for a veteran receiver if Reggie Wayne doesn't return. According to Bleacher Report's Jason Cole in the video above, the Colts have mutual interest with Houston Texans receiver Andre Johnson, who may be released in the coming weeks.

The Colts are likely going to need help at running back as well, and veterans like Frank Gore, Reggie Bush and Knowshon Moreno will be up for grabs. If the Colts are serious about fixing their running game, they could sign a veteran like Gore and then try to get a player like Tevin Coleman, Duke Johnson or David Cobb early in the draft to give them a one-two punch in the backfield.

Overall, this is set to be another busy offseason for the Colts, and it will be up to Grigson to make the right moves and turn this team into a legitimate contender for 2015 and beyond.

All contract information is provided by Spotrac.

Follow Tyler Brooke on Twitter for more Colts coverage @TylerDBrooke