NFL.com has posted on update on the salary cap for all 32 teams. I'm going to assume this update is complete and accurate because A) it's the NFL official website, and B) if it isn't accurate, then WTF is the point of having an official website post this sort of information?
Per NFL.com, the Colts have precisely $11, 781,345 of cap room left.
This is interesting because, with just a little shy of $12 mill of room to work with, the Colts are still able to make a few more deals in free agency. This is why they're still hosting free agent players, like Darrius Heyward-Bey.
Interesting side note: Heyward-Bey left Indianapolis to visit the Detroit Lions yesterday. The Lions only have $7,271,911, which is just enough for Detroit to sign their draft picks, rookie free agents, and any other roster moves that could pop-up during the season. If they need this money for those other signings, how can they ink Heyward-Bey?
Conventional NFL media thinking indicates that a team needs to have roughly $8 million in cap space before the NFL Draft. If that's the case - and it makes sense that it is - I have absolutely no idea how the Dallas Cowboys are able to function with a current cap balance of just $51,005.
If $8 mill in the "cap bank" is what you need prior to the draft, the Colts have roughly $3.5 mill to play with. That's plenty of money to bring in a receiver on par with Heyward-Bey, or a pass rusher like Shaun Phillips.
Looking at all the contracts the Colts have signed with players this offseason, Ryan Grigson has dedicated roughly $32,600,000 of the Colts 2013 salary cap to new or re-signed players. On the low end, we projected the Colts had $41 million in cap space this offseason. The way it looks right now, it seems Indy had closer to $44 million.