Details coming soon according to Colts.com. I don't know if someone else is typing this as I'm typing this but if there are multiple threads, who cares. I don't think this will change any plans of drafting a WR. What Heyward-Bey brings to the table is different than what the other WR's in the draft would bring.
Wayne, Hilton, Heyward-Bey, Brazill still leaves room for one more spot. If we don't draft a received I'd still be very surprised.
As for what Heyward-Bey brings to the table? I guess a speedy vertical receiver. Hopefully Luck can help him develop into a solid #3. I don't expect too much out of him but overall I'm fine with this signing.
As for what it does to our cap? I guess we'll wait and see the numbers, but either way it addresses a need and adds depth to the wide receiver position. Worst case scenario this is an upgrade over Donnie Avery in my opinion.