You know, if I could somehow look into the future and be assured that Toler would play a full season next year, I'd be fine with keeping him. He's not the best corner in the game and he get's caught on PI too often (PI itself is not a bad thing, getting caught is a bad thing), but he's a solid #2 corner across from Davis, who I can almost guarantee you will be here next year.
But the fact is that Toler struggles consistently with injuries, and spending more money on him is a risky venture.
It's also a very important decision, as what happens to Toler will likely have a major impact on the way the Colts draft come May.
If we keep Toler and Davis, then cornerback ceases to be an immediate position of need, in which case I can definitely see the Colts taking an ILB in the second round. My vote is for Christian Jones.
If we keep Davis and release Toler, or vice versa (which would make zero sense) CB becomes an immediate position of need, and it is quite possible that we could use our second round pick to address that need, with, say, that Stanley Jean Baptiste guy that none of you will shut up about.
By the way, Davis just tweeted "Loyalty Everything!" Does that mean he wants to stay? Does it mean he will continue to eat at his local mom and pop deli despite the fact that a Jimmy John's just opened up down the street? Who knows. The offseason is when potential free agents love to tweet out all sorts of vague, cryptic stuff.