NFL free agency has begun, and we're keeping track of every major signing, trade and release of the 2025 offseason, with analysis from our NFL Nation reporters and grades from our experts. The new league year began March 12 at 4 p.m. ET, and free agent signings can now become official. The first round of the 2025 NFL draft begins April 24 on ESPN.
Here's a breakdown of every 2025 NFL free agent signing by the Indianapolis Colts and how each will impact the upcoming season:
Daniel Jones, QB
Jones is leaving the Vikings for a one-year, $14 million deal with the Colts.
What it means: The Colts made good on their commitment to make a quarterback signing of consequence, and there now is expected to be a position battle between Jones and returning starter Anthony Richardson. How that battle takes shape will be one of the key storylines of the offseason. The results at quarterback will go a long way toward determining the success of the entire team and will dictate what the franchise does at QB in 2026.
What's the risk: Even if Jones is good enough to win the starting job -- and that's still to be determined -- whether he's able to actually lift the team is a different question. Jones was rarely able to do that in his five-plus seasons with the New York Giants, who released him last season before he ultimately joined the Vikings for the remainder of the season. Committing $14 million to a player who might not ultimately play is a also a relatively aggressive move. But Jones having at least two suitors in Minnesota and Indianapolis helped drive up the price.
Charvarius Ward, CB
The three-year deal will be worth $60 million.
What it means: The Colts are effectively admitting to the issues in their secondary by further bolstering the unit with the addition of Ward. It's the biggest commitment the team has made at cornerback under GM Chris Ballard, who is notorious for relying on the draft and low-level free agent signings to fill the team's defensive back room. This move is a nod to new defensive coordinator Lou Anarumo, who was hired in January and was expected to have a significant influence over the team's defensive roster moves.
What's the risk: The Colts are giving Ward a $20 million signing bonus, something that is very out of character for a team that often provides guaranteed money in the form of roster bonuses and base-salary guarantees. Here, the Colts are doing a bigger-than-normal cash payout, which means there is more risk if the move doesn't work out. Ward also saw a big drop in his production last season after his All-Pro season in 2023.
Camryn Bynum, S
What it means: The Colts were bound to address the safety unit this offseason in a substantive manner given the need there. Veteran free safety Julian Blackmon has struggled with injuries and becomes a free agent this week. Meanwhile, the Colts allowed a 69.4% completion rate, third-worst in the NFL, last season. Bynum's addition gives the Colts some stability on the back end of their defense. His durability is one of his best traits, with the former fourth-round pick having not missed any games in the past three seasons. Bynum had a career-high three interceptions and 10 passes defensed last season.
What's the risk: The Colts are spending a reported $15 million per year on a position they've rarely dedicated meaningful resources toward. They could have opted to address this position through the draft, but committing significant financial resources to this spot will have a trickle-down effect elsewhere, whether it comes to re-signing their own key free agents or acquiring upgrades from other clubs. Still to be dealt with is the Colts' expected quarterback signing, after GM Chris Ballard promised to add a QB to compete with Anthony Richardson.
Corey Ballentine, CB
The former Packer agreed to a one-year deal.
What it means: The Colts continue to remake their secondary, with Ballentine becoming their third defensive-back signing this week. Ballentine is expected to provide depth behind Ward, Kenny Moore II and Jaylon Jones. The Colts have failed to find quality depth at corner in recent years, and it's cost them at times.
What's the risk: Ballentine doesn't really provide significant upside as he's a six-year veteran who turned 28 this week. But that's a calculated move by the Colts, who were perhaps too young in the secondary the past couple of seasons.
Neville Gallimore, DT
The former Rams lineman is signing a one-year deal.
What it means: The Colts have struggled to find interior defensive line depth for the past couple of seasons, and this represents their latest effort to augment that area. Starting nose tackle Grover Stewart is still effective, but he's now 31 and depth behind is becoming more important.
What's the risk: The Colts have struck out before trying to address this need, and in this instance they are asking a player without much past production to fill an important role. Gallimore is certainly not being signed to rush the passer, having totaled a single sack in the past two seasons. And when it comes to defending the run, he had a lower pass rush win rate in 2024 (23%) than the player he's replacing (Raekwon Davis).
Khalil Herbert, RB
The former Bengals back is signing a one-year deal.
What it means: Indianapolis needed to address the running back depth behind starter Jonathan Taylor after the running game faltered in games when Taylor was unavailable. The Colts did little to upgrade the talent in the unit last offseason but have recognized the need in 2025. Herbert had meager production in 2024, but he has been more impactful in the past. He had 611 rushing yards as recently as 2023 and, in 2022, averaged 5.7 yards per carry while rushing for 731 yards.
What's the risk: One area where Herbert is not accomplished is as a receiver out of the backfield. This is a facet missing in Taylor's game and, one would think, something the Colts would be seeking in those backing him up. The Colts will likely look to continue beefing up this position in the draft, which has plentiful options.