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Just like that: Colts re-sign Reggie Wayne

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Reggie Wayne re-signs with the Colts.

FOXSports.com has learned that the Colts agreed to terms Wednesday with wide receiver Reggie Wayne on a six-year deal worth nearly $40 million including $13.5 million in bonus money. Wayne was slated to become an unrestricted free agent and his signing now weakens an already extremely weak receiver free agent class.

$40 million, including a $13.5 million dollar signing bonus? Holy schnizel, Batman! That's a lot of bread! But, for Reggie it's well deserved. He hasn't signed the deal yet, but if/when he does it will make him the third highest paid WR in the NFL, behind Marvin Harrison and Randy Moss. Sorry to disappoint our new poster and resident Redskins fan, MrBill, but like I said earlier: Wayne is staying in Colt Land.

The next question is who do the Colts use the franchise tag on? Will they tag Edge again this year? Stay tuned.

Update [2006-2-22 19:0:18 by BigBlueShoe]: Len Pasquerelli at ESPN is saying the Colts have until tomorrow to use their franchise tag, and it is unlikely they will use it on Edge do to cap ramifications.

Update [2006-2-22 22:43:20 by BigBlueShoe]: Mike Chappell at the Indianapolis Star posted an article on their website this evening that suggests the Colts are going to let Edge walk in light of the Wayne signing.

[Colts President Bill] Polian reiterated last week that it would be virtually impossible from a financial standpoint to use the tag once again on James. The cost of a one-year contract for James in 2006 would be nearly $11 million, which is a 20 percent increase over his '05 salary cap number ($9.081 million). Polian described the $11 million franchise number for James as "untenable.'' To retain both James and Wayne, he added, would require significant changes in the current roster. That probably would entail "drawing a line through'' the names of several players, cutting them to make room for Wayne and James under the projected salary cap of roughly $95 million. "And I don't know if you can draw enough lines, even if you wanted to,'' Polian said. "And you may not want to because it would weaken the team so much in other capacities.''

I know Bill Polian-speak. This is a not so subtle way of saying Edge is gone. Perhaps it was wishful thinking on my part to feel he'd get re-signed. Now, I'd be really surprised if he does.