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From PFW:
If the season were to open tomorrow, our Colts sources tell us shifty Sam Giguere and second-year CB Jerraud Powers would probably be the starting kickoff and punt returners, respectively, although it's quite possible speedy seventh-round CB Ray Fisher could quickly enter the mix. Word is the Colts believe Giguere has potential to be more than just a decent return man. "They think he can be a Wes Welker-type weapon in the slot down the road," said one team insider. "They really like his athleticism."
I'm not sure who their sources are, but I highly doubt the Colts used a draft pick on Ray Fisher just to have him play #5 corner. Polian, when asked about returners prior to day three of the draft (which was when Fisher was taken) said that if the season started tomorrow, Powers and Giguere would split special teams duties. Polian also said he'd prefer if Powers did not return kicks, and threw a subtle smile in the direction of Jim Caldwell, suggesting there had been previous discussion on this very topic between the two men.
Giguere could develop into a potent punt returner, but right now the Colts only see him as a punt returner and special teams contributor. In Fisher, they are hoping he can return kicks, return punts, block kicks, cover kicks, and play emergency corner.When guys show the can do more, they tend to stick to the active roster. Giguere needs to start making strides as a wide receiver if he wants to stay on the active roster.
Personally, I think he will.