Props to Playoff Pride for beating me to the news. As expected, Dwight Freeney just got the franchise tag slapped on him. Now the Colts will continue to talk with Freeney and his agent in order to iron out a long term deal.
Update [2007-2-19 23:40:35 by BigBlueShoe]: For those worried about the cap, relax. John Clayton reports the Colts have a bit more cap room: