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Colts have an estimated $14 million in cap space to work with

Colts G.M. Ryan Grigson has done well addressing key roster needs thus far this offseason. Problem his, he still has several more.

Brian Spurlock-USA TODAY Sports

After Colts general manager locked up free agent wide receiver Hakeem Nicks for a one-year, $3.5 million deal, the next question (outside of whether or not Grigson is serious about pursuing Browns center Alex Mack) was:

How much cap space does Indianapolis have left?

The Colts started the new league year with roughly $40 million under the cap. Prior to the new league year starting on March 11th, they inked inside linebacker D'Qwell Jackson to a four-year, $22 million deal. Now, after signing free agents like Nicks and defensive end Arthur Jones - along with re-signing corner back Vontae Davis to a $36 million deal - the Colts have roughly $14 million left to work with if they want to sign (or re-sign) more players.

I'm excluding $3 million from that cap number because that's usually what teams need to keep in reserve to sign their draft picks and make offers to rookie free agents come May.

The Colts still have massive needs at the center, safety, and nose tackle positions. Depth at corner is also a concern, which is why it's curious that Grigson has not re-signed 26-year-old corner Cassius Vaughn. Vaughn, who is a free agent, has started 15 games in two seasons for the Colts since being traded from Denver. He has 4 INTs, 15 passes defended, and 1 forced fumble in his tenure with Indy.

On the whole, Grigson has done a good job this offseason addressing key needs in free agency with quality players, such as Jones and Nicks. However, his work isn't finished, and he cannot possibly hope to resolve his needs at center, safety, and nose tackle solely through the NFL Draft.