According to John Michael Vincent of Indianapolis radio 1070 The Fan, the Colts will retain running back Chad Spann on the 53-man roster. They are also seeking a trade to augment their roster. No word yet on who they will trade for.

Been told have Rb C Spann on 53 man but they will make a trade to add to the roster and Spann to PS.

The confirmed cuts for the Colts, per this update, are:

DT Tommie Harris

DT Ricardo Mathews

DE John Chick

RB Javarris James

P Travis Baltz

QB Dan Orlovsky

WR Taj Smith

Unconfirmed cuts are Jacques McClendon and Ollie Ogbu.

The waiving of Orlovsky likely means embattled backup Curtis Painter will remain on the Colts active roster. Regarding the reported interest in a trade, if Harris, Ogbu, and Mathews are cut, this leaves the Colts critically thin at the defensive tackle position.

At 6:00 p.m. Eastern, all NFL teams are required to trim their rosters from an 80-man roster limit to 53.

[UPDATE]: JMV just tweeted that Kyle DeVan was cut. If DeVan was cut, but Mike Pollak was kept... then, yeah, that would be pretty damn terrible.

[UPDATE 2]: From Kerry Neal:

@K_Neal56 Kerry Neal

I got cut today by the colts. But my head is still high. Just got to grind harder and hope for the best. #blessed

Also, JMV reporting that Darren Evans will remain on 53-man roster.