From Colts owner Jim Irsay, via Twitter:

I'm not signing asomugha,we play cover 2 n develop and keep r own thru the draft..its worked well 4 us (and the Steelers) The cap restricts

Well, actually Jimmy, the Colts don't run as much Cover-2 in the secondary anymore. Corners like Jerraud Powers, Kevin Thomas, and Justin Tryon were put on this team specifically because they played better in man-to-man. Unlike when Tony Dungy and Ron Meeks ran the defense, current defensive coordinator Larry Coyer utilizes more coverage packages. The days of running vanilla Cover-2 are long gone in Indy.

Also, as of this moment, there is no salary cap. There wasn't one all season, and there is no guarantee one will return with the next collective bargaining agreement.

From my perspective, any serious talk of the Colts signing likely free agent Nnamdi Asomugha was a pipe dream. Irsay already signed Kelvin Hayden to a five-year, $43 million contract in 2009. Hayden has already pocketed $22.645 million of that contract, and next year he will make $6 million.

Is Hayden worth the money? Of course not. He's not even the second best cover corner on the team.

But, regardless, Irsay has spent a lot of money on Hayden, and he doesn't want to throw more money at another corner who will certainly demand more than what Hayden makes.

Bottom line is Irsay can't afford Asomugha. I just wish he's say that rather than toss out a bunch of silly excuses that are easily refuted.