The Indianapolis Colts officially traded cornerback Stephon Gilmore to the Dallas Cowboys in exchange for a 2023 fifth-round pick (No. 176 overall), the team announced Wednesday.
With the new league year commencing Wednesday at 4:00 p.m. ET, this trade now becomes official, pending a physical. What we didn’t know at the time the trade was reported was the compensation on the Colts’ end. Now, we do know.
The Colts are getting the No. 176 overall pick in the draft, which was the second of two compensatory selections the Cowboys owned in the fifth round. They now have nine selections in the upcoming draft, six of which are on Day 3.
The biggest reason the Colts made this trade was to save some salary-cap space. In completing the trade, the Colts will create $9.9 million against the salary cap this offseason. However, it does leave the cornerback position as a major need moving forward.
We’ll see how the Colts plan to replace Gilmore. They can do so through both free agency and the 2023 NFL draft, and there’s a good chance they do both this offseason considering the high level of need the cornerback position is now.
Keep up to date with the latest news, signings and rumors through our free agency tracker for the Colts.
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