NFL Free Agency: Latest Joseph Addai Rumors and Speculation

Joseph Addai has been the starting running back for the Colts since he was drafted to replace Edgerrin James in 2006. Yes, he didn't start his rookie year, but he was getting most of the carries, and started over Dominic Rhodes in the Super Bowl run. His presence as a runner, receiver out of the backfield, and pass blocker has made him one of the most important players to the Colts offense (save Peyton Manning, of course).

Now, Addai faces free agency as a restricted free agent. If there is football in 2011, will Addai continue to be the featured back in Indy? Or will he find a new home?

Contract Status

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INDIANAPOLIS - JANUARY 02: Joseph Addai #29 of the Indianapolis Colts runs with the ball during NFL game against the Tennessee Titans at Lucas Oil Stadium on January 2, 2011 in Indianapolis, Indiana. (Photo by Andy Lyons/Getty Images)

As of the former Collective Bargaining Agreement, Addai was a restricted free agent for the Colts. Under that agreement, the Colts had issued him a first round tender, nearly guaranteeing his status as a Colt for at least one more year. Addai hasn't proven himself valuable enough, at least in the eyes of most of the league, to warrant the loss of a first round pick.

However, with all the confusion and discussion of the labor situation, it's more than likely that Addai will come into the free agency period as an unrestricted free agent. This makes his contract situation much more interesting, and makes it much more possible that Addai could sign elsewhere.

Free Agency

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LANDOVER, MD - OCTOBER 17: Running back Joseph Addai #29 of the Indianapolis Colts is helped off the field after being injured against the Washington Redskins at FedEx Field on October 17, 2010 in Landover, Maryland. The Colts won the game 27-24. (Photo

The free agency period could be an interesting one this year, being shortened down due to the lockout. However, Addai's free agency likely would not hold very much activity.

Addai holds great value to the Colts, blocking well in their scheme, running efficiently in low space, and catching well out of the backfield. However, with his injury history and lack of explosiveness, Addai does not likely project as a starting back for other franchises. Addai's best offer would likely be in Indianapolis, even without the unrestricted free agent label.

The other offers he may get will likely not be starting-caliber contracts, and Addai's role would also likely be reduced.

Trade

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INDIANAPOLIS, IN - JANUARY 08: Joseph Addai #29 of the Indianapolis Colts runs the ball against Eric Smith #33 of the New York Jets during their 2011 AFC wild card playoff game at Lucas Oil Stadium on January 8, 2011 in Indianapolis, Indiana. The Jets wo

If Addai is unlikely to be signed by any other team for a larger price, the only other way out of town would be via the trade market. 

However, similarly to the free agent issue, Addai simply would not provide a big enough return to offset the loss of one of the most important offensive players. Addai's running, catching, and blocking skills, as well as the knowledge and familiarity of the Colts' system, have made him a unique fit to the Colts' offense. Other than Peyton Manning, no other player is of the same caliber importance as Addai.

Because of this importance, and its uniqueness to the Colts' system, it's extremely unlikely that other teams would place enough value on Addai for it to be worthwhile for the Colts.

Stay in Indianapolis

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HOUSTON - SEPTEMBER 12: Quarterback Peyton Manning #18 and Joseph Addai #29 of the Indianapolis Colts in the NFL season opener against the Houston Texans at Reliant Stadium on September 12, 2010 in Houston, Texas. (Photo by Ronald Martinez/Getty Images)

This option makes the most sense, for the Colts and for Addai. Addai's skill set fits the Colts' system beautifully, and the Colts are one of the few teams that would value his skills enough to pay him top dollar.

As reported by Phil Wilson of the Indianapolis Star, the Colts and Addai have already agreed upon, or at least discussed, a one year contract. Of course, that report was based on Addai being a restricted free agent, something that nobody knows much about its future.

Addai is comfortable in Indianapolis, and the Colts are glad to have him. For the money, he's a perfect back for the Colts' system, and the Colts would be ecstatic to have him back next year.