Why haven't the Colts re-signed CB Vontae Davis yet?

Though I'm against the Indianapolis Colts re-signing cornerback Vontae Davis - because, quite simply, he isn't good enough to warrant the gigantic contract he is sure to secure if he hits unrestricted free agency on March 11th - it seems they're going to do it.

Back in August 2012, Colts general manager Ryan Grigson sent a 2013 second round pick to the Dolphins for Davis, and if the sixth-year corner should walk away to another team this offseason, that's going to make Grigson look a tad foolish for giving away a high pick for a two-year loaner.

Still, I think Grigson should bite the bullet and let Davis go. He won't though, and thus we see articles like this one suggesting that both sides will reach an agreement.

The question now is, when?

If the Colts plan to use the exclusive franchise tag on Davis as a tactic in negotiations, insuring that he will be on the Colts' roster in 2014 regardless of whether or not he signs a new contract, then they have until Monday to do it. After then, no player can be slapped with the tag.

Add to this the fact that March 11th is only (counts days on his hands and toes) ten days away. Actually, the key date is even earlier than that. Outside teams can begin negotiating with potential free agents as early as March 8th. I understand and agree that deadlines spur action, but I wonder what the hell is holding up this deal. Is it because a market for corners hasn't really emerged, unlike for wide receivers and offensive linemen? Or, is it because Davis and his agent have all the negotiating power here, outside of the franchise tag, of course.

The tag would prevent Davis from entering free agency, where he is sure to command top dollar. Grigson and the Colts cannot afford to let that happen IF their plan is to re-sign him.

Davis played under a ridiculously cheap NFL veteran salary of $1.8 million last season, the final year of his rookie contract. He'll likely be looking for a 5-year, $35 million deal in free agency.