Wiggs played at Purdue from 2008-2011 and is the most accurate kicker in school history, making 53 of 72 career field goals (73.6%). Wiggs was named second-team All Big ten as a senior in 2011 and was originally signed as an undrafted by the Seattle Seahawks in the 2012 offseason but was waived before the season started. Zach Allen was signed to the Colts practice squad in December 2013 and then was signed to a reserve/futures contract in January. He played collegiately at North Carolina State from 2009-2012, where he played in 42 career games, starting 31.
First things first, calm down folks. Adam Vinatieri isn't being replaced - especially not after signing a 2-year extension with the Colts worth $5 million. But he is 41 years old and the Colts want to save his leg for when it matters, which is the same exact thing that they have done for a while. They need a kicker for training camp and preseason so that Vinatieri can rest his leg, and there is a real possibility that Wiggs will be that guy. That doesn't mean that Wiggs isn't a good kicker, it just shows how hard it is to land a spot in the NFL at a position where teams only keep one guy. Essentially, in training camp and preseason Wiggs will be auditioning for other teams and potentially the Colts for after Vinatieri retires or if something happens to him this season.
These are typical offseason-type moves for teams, and this move is just to provide depth for training camp and preseason for the clutch legend Adam Vinatieri.