Well, it appears we're in need of a WR now. So let's discuss who we could get and the likely cost. Given the salary info below on Spotrac, the Colts can take on a base contract of around $3M. Keep in mind when we add someone, we also remove a min salary of $500K (David Reed), so we can take back a contract equal to our current cap space + $500K. But let's call it $3M for now. Also keep in mind any bonus money stays with the original team - so we only need to look at base salaries.
So we have 3 options: Sign a FA for Griff Whalen.
These guys all have issues, which is why they are unsigned. If I had to chose, I'd go with Brandon Lloyd. He had 74 catches for 911 yards last year. He's 32, so should have 1-2 more good years left. I honestly don't know why he didn't get picked up after a productive year in 2012, but I think we should try him out if we can't work out a trade.
Trade options (we have picks in rounds 2, 3, 5, 6, 7):
Gordon I would do in a heartbeat, since he's a young proven player, a future WR1, and has 2 more years left on rookie deal (averaging $900K/year). That's great value for a R2 pick, even if it ruins our mock drafting fun this offseason. Nicks I would not surrender a R2 pick for - due to his expiring contract.
R3 pick: Nicks (maybe), Cecil Shorts, Emmanuel Sanders
I'd probably take Nicks for a R3 pick, even if its an expiring deal. He's a good player and can replace a lot of Reggie's production, and we'd have a leg up on resigning him (or could extend him as part of trade). I'd also love Cecil Shorts, but doubt the Jags bite here.
All have issues, but all could be good for 1 year. I'd take any of them for a R5 pick. Britt is highest risk/reward guy, Moore and Little are solid, and Gonzo is one and done old timer...
Overall, I think best case scenario is we get Josh Gordon for a R2 pick. He solves our WR issue this year, and for the future. He's big, strong, and can make plays downfield - in other words the perfect complement to Hilton. And he's only 22, so he can play with Luck for 10 years along with Hilton, Fleener and Allen.
Worst case is we stick with Griff Whalen and pray for the best. I don't think this will happen, as we are now clearly a super bowl contender and Irsay won't throw away any super bowl chances - he made that abundantly clear last week with his Peyton comments. I just don't think Griff is good enough for a WR1 or WR2 role, and DHB isn't either.
Middle ground would be to get a guy like Lloyd or Little - just a solid possession WR to hold the fort for one year and give us a chance in the playoffs.
We'll see what happens, should be an interesting week for Griggles!