On Tuesday, the Colts made the re-signing of safety Julian Blackmon official. Over the Cap (OTC) now has those contract details.
According to OTC, Blackmon’s one-year deal is worth up to $3.7 million, with $3.19 million of it guaranteed.
Of that $3.19 million figure, $1.865 million will come in the form of a signing bonus, with $1.325 million of it as Blackmon’s base salary. He has the opportunity to earn up to $510,000 in per-game bonuses, with another $250,000 being classified by OTC as “other bonus.”
For the Colts, Blackmon’s deal for the 2024 season will count as $3.89 million towards the salary cap.
With this move now accounted for, the Colts are now projected to have $14.01 million in available cap space. This currently ranks 17th in the NFL.
In terms of effective salary cap space, which takes into account the Colts needing cap room to sign the incoming draft class, they have $9.81 million available, which also ranks 17th.
In addition to needing available cap space to sign their 2024 draft class, the Colts – and every other NFL team – will need available funds to assemble the practice squad, as well as reserves for in-season spending, so they can make any additions and account for gameday elevations from the practice squad.
With free agency at a standstill, the Colts are likely done making any signings for the time being. If GM Chris Ballard still believes there is a hole on the roster that needs to be addressed following the draft, perhaps at that time he will look to sign a veteran, but no contract at that point is going to break the bank by any means.
The return of Blackmon provides some needed stability at safety, but it still remains a need for the Colts–especially with Blackmon only back on a one-year deal. If the Colts don’t add talent to this position in the draft, they could face a similar situation next offseason, once again trying to tackle this need on the fly.
As the roster is currently constructed, Blackmon will resume his role as the strong safety, with Rodney Thomas II and Nick Cross competing for the starting free safety role–a position that could be upgraded, although this is not a very strong draft class at safety.