Colts Lose Bidding War For L'Jarius Sneed to Rival Titans

The L’Jarius Sneed news hit Colts fans like a Derrick Henry stiff arm this Friday. Not only was Sneed being traded to a team other than Indianapolis, but he was going to a bitter rival in the Tennessee Titans. After conflicting reports just last week that Sneed was more than likely heading to Indianapolis, this news bomb exploded in the face of Colts fans everywhere.

However, the guaranteed money Tennessee handed to the star cornerback made it obvious that Chris Ballard and the Colts were never going to make a deal with Kansas City for Sneed. Philosophically, Indy has never been a large player in the guaranteed money market. As the players (rightly) continue to push for more guaranteed money, the Colts are either going to have to adapt or struggle in this new era of contract negotiations.

It has been discussed in some corners of the internet that Colts Owner Jim Irsay is a bit more cash strapped than most NFL owners, and while this may be true, it doesn’t mean the Colts can’t make large deals. Simply put, Indianapolis must be more conscious than other teams who have owners with outside means of gathering cash. Chris Ballard is a frugal team builder, and that is why Jim Irsay hired him and has stuck by him despite the lack of success on the field. Fans are right to question the fact that the Colts are yet to win an AFC South title during Ballard’s tenure. But this is the first time Ballard has been able to operate with a long-term answer at quarterback. Is that his fault? A simple yes or no answer should suffice. Regardless, the reason Chris Ballard is still here and not on the hot seat is that he and Irsay’s team building visions align.

The Colts were not likely to be big spenders this offseason. Instead, Indy’s offseason battles centered around the re-signing of their own start and looking for value in the second and third waves of free agency. Anybody who has been following the Colts for the last seven or eight seasons would agree that it was glaringly apparent that was the route Chris Ballard and the front office were going to take. Yet, some fans were still surprised when players at the top of the market weren’t signed for numbers that greatly exceed their true value. There is a reason that free agency spending doesn’t have a positive correlation with wins. It is often a better process to look for players who have little downside monetarily but have huge upside. Michael Davis was one such player and although he ended up with the Commanders, he fit the process the Colts follow.

This isn’t a staunch defense of Ballard. He tends to leave gaping holes in the roster at positions of obvious need. But his approach to free agency rarely leaves the Colts with bad contracts that they have to offload two years down the road and incur dead money (see the Chargers and Broncos offseasons from two years ago).

So, when Chris Ballard makes a big addition to the roster, he has historically gone the trade route. But when teams must agree to record setting guarantees, don’t expect the Colts to be the team to bite. The Colts' GM has seemingly committed to the young secondary movement, which is why Ballard may target Cleveland’s Greg Newsome II if he does make a move for a corner this offseason. Ballard looks for affordable upside, and Newsome fits that bill. Cleveland’s motive for moving him is that they are already paying Denzel Ward a significant amount and will have to pay Martin Emerson soon, too. Newsome will be a free agent after next season if Cleveland doesn’t pick up his fifth-year option. The Browns may want to get whatever they can rather than let Newsome walk for nothing next offseason.

The Colts may or may not swing a trade for a secondary player soon, but either way, Chris Ballard isn’t going to change up what he believes—that team building should be draft oriented. Indianapolis still needs to plug some holes on the roster, such as safety, before kickoff in September. However, fans shouldn’t be surprised at the lack of (outside) free agent activities so far and shouldn’t expect a sudden change in philosophy in the immediate future.