Pro Football Weekly talks Colts and Dom Rhodes [emphasis mine]:
The salary-cap squeeze already has pushed solid LBs Freddy Keiaho and Tyjuan Hagler out the door, and it’s now hampering their ability to re-sign an offensive player they’d really like to retain: RB Dominic Rhodes. The ninth-year veteran completed his second tour of duty in Indianapolis in 2008, and was arguably more effective than starter Joseph Addai. The fact that Rhodes has not landed anywhere yet is compelling evidence that the Colts have a realistic opportunity of eventually inking him to a manageable deal, but don’t expect it to happen until after the draft. The Colts already have worked hard at trimming the roster fat, and there’s not much more they can do without knowing how the events over draft weekend will unfold. One thing we have heard is that Indy would rather re-sign Rhodes to a cap-friendly deal than take a flier on a late-round running back who hasn’t proven anything at the NFL level.
It seems the Colts are going to wait until after the draft before they start thinking about re-signing Dom, and Dom himself probably knows that. In the meantime, Dom and the Colts wait patiently for late April. It's no secret that Polian and company love Dom, and Dom wants to retire from football a Colt. Last season, Dom was probably a more effective RB than Addai was, for various reasons.
One thing seems clear: The Colts are not looking at getting a "known" running back in the draft. They'd rather have Dom, Joseph, Lance, Chad, and Mike than try and draft someone like a Moreno or Greene. Polian is taking a look at Akron's Andrew Johnson, but if PFW's words are to be taken to heart, it seems clear that the Colts like their current RB situation.
You all know my stance on this. I think the RBs for this team are fine... when healthy. Add Dom into the mix and I think they are championship caliber, especially with potential "X-Factors" like Lance Ball and Chad Simpson. The injuries to the o-line killed the running game last year moreso than the running backs did. That's just my take.