Stephen Holder

stephen.holder@indystar.com

Update... 3:48 p.m.:

The Colts are busy sifting through draft prospects here at the NFL scouting combine this week, but they're also keeping one eye on the coming start of free agency.

Given the spending bonanza the Colts embarked on last year and their huge pot of salary-cap space to work with, could Indianapolis make another $100 million-plus offseason splash in 2014? Considering the upcoming investments the Colts will need to make in players like Andrew Luck and T.Y. Hilton, don't count on it.

"It's not hard to tighten your belt when you're looking at what we're looking at in '15 and '16," general manager Ryan Grigson said Friday. "In future years, we have some key, key young talent – not to even give you names; you know who they are – that we're going to have to re-sign. So, we have to be very prudent and fiscally sound in how we move forward. We still have a plan in place and if there's a chance for us to get better at any position, we're going to try to get better, if it makes sense from a fiscal standpoint for the club."

The Colts went on a spending spree during last year's free-agent signing period, handing out roughly $140 million in contracts. But it's not likely to happen again even though the Colts are projected to have more salary-cap space than almost any team in the league.

While the Colts will attempt to address their in-house free agents, starting with the likes of cornerback Vontae Davis, safety Antoine Bethea and kicker Adam Vinatieri, their free-agent strategy also relies on their hope of getting more out of last year's signees.

"We're really optimistic about our guys from last year," Grigson said. "I felt like specifically, (LaRon) Landry, before he got hurt, was leading the league in tackles. He was all over the place and came in and made some key plays in key games. He's got to be more comfortable in this defense. He's got to make that commitment this offseason, and he's going to, to be the player we know he can be.

"Ricky Jean (Francois), against Arizona had a few sacks, he had a good game against Denver and then he came back at the end of the year and he was playing on one leg. That's out of our control. Same with (Greg) Toler. But at least those flashes are there. Those guys need to turn those flashes into consistency. That's what we're looking for. We need consistency and we need guys to be out there for 16 games. Find a way."

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Earlier...

With the NFL scouting combine in full swing, you can bet Colts general manager Ryan Grigson has been popular with player agents this week.

They, like you, subscribe to the conventional wisdom regarding the team's plans for player acquisitions during the looming free-agent signing period: The Colts have tons of salary-cap space, thus they'll spend tons of money.

But as the team actually gets down to the business of planning its free-agency strategy, a much different picture is emerging.

One year after a free-agent bonanza that saw Indianapolis hand out more than $100 million in contracts, the Colts' internal discussions reflect plans to be more judicious with their spending during the upcoming signing period. A driving force behind those plans: The club's need to plan for future investment in young players whose contracts will be expiring in the next couple of seasons, a group that will eventually include two-time Pro Bowl quarterback Andrew Luck.

A second straight free-agency splurge that includes long-term, big-money contracts like the ones the Colts agreed to last year could have an adverse effect on those plans. During the thick of the 2013 free-agent signing period, owner Jim Irsay and the Colts inked big deals with players like LaRon Landry (four years, $24 million), Gosder Cherilus (five years, $34.5 million), Ricky Jean Francois (four years, $22 million), Erik Walden (four years $16 million) and Greg Toler (three years, $14.25 million).

But that kind of ambitious spending is less likely this year, despite the Colts having the ability to spend richly if they wish. When the NFL's new league year begins in three weeks, the Colts will have in excess of $30 million in salary-cap space with which to work. And the actual number could grow if reports this week about increased projections for the salary cap prove true.

For the Colts, their hesitation isn't about today but, rather, tomorrow. By committing to too many long-term deals with huge salary-cap numbers on the back ends, Indianapolis runs the risk of hamstringing itself when Luck and others come looking for their paydays. Luck's deal alone is likely to approach or exceed $100 million based on recent deals signed by players like Joe Flacco of the Ravens and Matt Ryan of the Falcons.

The Colts won't be spectators during free agency, for sure. At minimum, they're going to lay out some cash to re-sign some of their own players, likely starting with cornerback Vontae Davis. And there are holes to fill (interior offensive line?) that might best be addressed through acquiring outside free agents.

But if you're looking for a shopping spree reminiscent of last year, you might want to temper expectations at least a little. Despite the temptation, it looks as if the Colts are more likely to play it safe than go for broke.