The Indianapolis Colts have made a significant roster move by releasing kicker Matt Gay, who had signed a lucrative four-year contract, valued at $22.5 million, making him the highest-paid kicker in NFL history. This decision has freed up $2.75 million in salary cap space for the 2025 season, though it comes with a $4 million dead cap hit for the upcoming year. The Colts, who now have around $24.5 million in cap space, improved their ranking from 19th to 17th in the league.

With Gay's departure, Spencer Shrader remains on the roster as a potential kicker, but the team may look for competition in that position. As the offseason progresses, the Colts have the flexibility to pursue free agent signings while preparing for upcoming expenses, such as the draft class and practice squad assembly. This move reflects the Colts' ongoing strategy to manage their salary cap effectively while maintaining options for future roster improvements.