The Indianapolis Colts are expected to select a quarterback in the first round of the 2023 NFL draft, but veteran Matt Ryan remains on the roster with a massive decision looming.
When speaking to reporters at the NFL Scouting Combine this week, general manager Chris Ballard said they are still working through the process with new head coach Shane Steichen.
“We’ll work through it with Shane. We’ll work through it,” Ballard said via Nate Atkins of the Indianapolis Star. “We’re just getting the staff settled. We’ll start working through things next week.”
In the final year of his contract, Ryan accounts for the biggest salary-cap hit on the roster this offseason. If the Colts plan to move on from the 37-year-old, they must do so before March 17, the third day of the new league year.
That is significant because that’s the date that triggers the guaranteed money for the 2023 season. If the Colts release Ryan before that date, they save $17.2 million against the salary cap while taking on $18 million in dead cap.
The Colts are going to be on the hook for the dead cap regardless unless, by some miracle, a team trades for Ryan and also takes on the rest of his contract. Don’t expect that to happen.
Considering the Colts are likely to draft a quarterback with their first-round pick, it’s expected that Ryan will be released because his salary is far too expensive for a one-year backup.
And with free agency arriving in less than two weeks, we should know sooner rather than later when it comes to the decision of Ryan’s future with the team.
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