Will probably be released by the Cardinals soon.
Has expressed fondness towards Indianapolis (gloated about the system, but didn't really mention returning)
"That’d be the easiest offense to play for," James said. "Indy’s always a team that makes sense. It’d be like one of those R&B groups when one member leaves and then comes back after a few years, and it’s like he never left."
Also from the article:
However, James said finding an organization committed to winning, and one which features an offense in which he could excel, would be the biggest considerations in his decision.
Without directly saying, I think he would love coming back to Indy. I doubt money would be a huge issue for him, neither would relationships. And maybe he feels like he owes the Colts for the ring (although his play before was enough).
The one issue is playing time and splitting it with Addai and maybe Hart. Edge seems professional, though, and a solution shouldn't be too difficult.
If he does express interest, should the Colts do the same? Can he productive? At what cost? Do the Colts have the money?
For me, it's:
Yes they should try to get him back. Yes, he can be productive, was good in the playoffs and before last year was a 1,000+ yd back. He probably won't expect more than the $5 million he's walking away from, and probably quite a bit less. I doubt there'll be too much interest in him, anyway. He's pretty much like another Fred Taylor, but with more love from the Colts team and fanbase. Colts do have more important things to spend money on, Hayden, Saturday, maybe a punter, etc., but I think they should be able to make room for this guy.