PHOENIX – If you under the impression the Indianapolis Colts have been oddly quiet thus far in free agency, particularly considering the sizable stack of salary cap space still at their disposal, Chris Ballard has something to say about that.

“The first two days of free agency is not the only time you can make your team better,” the Colts’ general manager stressed this week from the league owner meetings in Arizona. “I think history has shown that. All you have to do is look at history, and it tells you that during those two days there is no guarantee you’re going to be the Super Bowl winner the next year if you just go spend umpteen amount of money on the best players in the market.”

If you can’t tell, he feels strongly about this.

“Chris was adamant: We’re going to re-sign our own,” offered coach Frank Reich on the topic. “I think that’s the plan: Draft, build our own, supplement a little here and there. Chris has a real clear vision on that, and I couldn’t agree more.”

Ballard and the Colts have spent, just not, perhaps, as substantially as some might have expected – or hoped. What the Colts did was keep their core intact, re-signing five of their own who were either set to hit the open market or actually tested it. Kicker Adam Vinatieri, guard Mark Glowinski, defensive lineman Margus Hunt, cornerback Pierre Desir and safety Clayton Geathers were all awarded contract extensions.

From the outside, the Colts have inked just two players thus far: former Panthers receiver Devin Funchess and former Kansas City Chief pass rush extraordinaire Justin Houston.

“All those guys coming back, and playing another year together – continuity means something in this league, it does. And team means something in this league,” Ballard said. “And they’re all good players. They’re really good players ... you add on Devin, you add on Justin, we still go time between the draft, we have the draft, we have the (undrafted free agents), we have in the camp veterans.”

As always, Ballard’s roster building process will continue well into the season. Just last fall, he made two pivotal signings in October, wide receiver Dontrelle Inman and safety Mike Mitchell. Each played a pivotal role in the Colts’ midseason turnaround and playoff push. (The Colts are currently still in talks with Inman, a free agent, about returning, though a resolution doesn’t appear imminent. Mitchell is not expected to return.)

Internally, Ballard has weighed the temptation of free agency – and all that cap space the Colts have – with the hazards that come with it. There have been moments in which his boss, owner Jim Irsay, has offered counsel, essentially giving his stamp of approval on a splashy move, only to have Ballard think better of it.

“Hey, you go get him,” Irsay remembers telling Ballard about a particular player. “I want to give him unfettered approval, saying, ‘You be aggressive and I got no problem with that. Let’s get this guy with a horseshoe on his helmet and get him in our camp.’"

But, at least in this instance, Ballard wasn’t ready. The contract was too big, the risk too severe. He watched the player sign elsewhere.

“And he still backed down and said, ‘You know, they went to this number and I just couldn’t, Jim, I just couldn’t,’” Irsay remembers Ballard telling him. “Chris has done a great job in just patiently evaluating talent. You know when free agency hit, we had the lines in the water on several other guys and we didn’t get them. We could’ve got them, but Chris is very disciplined in his belief on how you build a team and it was great to see him stick by his discipline.”

While the Colts aren’t done building for 2019 – that process will continue for several months – Irsay did indicate the team has begun to weigh the possible contract extensions that sit on the horizon. He didn’t mention any player specifically, but the Colts are looking at an offseason next spring that could see left tackle Anthony Castonzo, center Ryan Kelly and tight ends Jack Doyle and Eric Ebron become unrestricted free agents. (Though there’s a very high likelihood the Colts exercise the fifth-year option on Kelly, their 2016 first-round pick.) Without an extension, cornerback Kenny Moore will become a restricted free agent.

“We like to keep our gunpowder dry, because we know that all of a sudden, you might have several All-Pros up, you wanna make sure you wanna keep your own,” Irsay said.

“We had some really important signings and we feel that we have some cap room left,” the owner continued. “There’s still the ability to do some work, and we’re going to look at our roster for possible player extensions, a few maybe even a little earlier than normal, but always keep our minds open to a free agent that might come up unexpectedly.”

Citing that the moves “would have to make sense for both sides,” Ballard indicated those extensions could begin to take shape in the months following April’s NFL Draft.

Ballard, Irsay and coach Frank Reich hit on a number of other topics at the league meetings, including:

» Ballard called the upcoming draft “a really good defensive draft,” noting talent at all three levels.

“I think there’s some certain positions where the high-level talent drops off sooner, but there’s some good depth at every position on defense,” he said. “And I think offensively, even looking at o-line, I think there’s some pretty good o-linemen in this draft.

“Wouldn’t that freak everybody out?” he joked.

Don’t be surprised if the Colts are active once again. Ballard has nine picks at his disposal, including three in the top 59, thanks to an additional second-round pick he snared in the trade with the Jets last season.

“We can, and we will (explore trades),” he said. “We will. Even last year when we traded up to get Tyquan (Lewis) in the second (round), you know the percentages said most likely he’s going to get to you, I just looked at everyone in the room and said, ‘What if he doesn’t?’ I said, ‘Everyone in this room would be pissed. Let’s go get him and make sure he’s ours.’

“We’ll remain flexible (and we’re) definitely willing to move back and acquire more picks if the opportunity presents itself. If we wanna go up and get a guy, we’ll do it.”

» On the topic of Lewis, the second-year defensive lineman, the arrival of Houston – who’ll line up at right defensive end – will allow the Colts to shift the Ohio State product inside. Lewis played both the defensive tackle and defensive end spots as a rookie, but the team feels he’s better inside. There, he’ll compete for snaps with returning starter Denico Autry.

It’s the very sort of competition Ballard craves on his roster.

“When we drafted him, our first initial thought was we wanted to put him at the three (inside),” Ballard said. “We’d like to have him and Denico at the three and let them get after it and compete. There’s nothing like guys battling for snaps, guys battling to play. And battling for snaps, to get those third-down rushes. Everyone wants to get on the field on third down.”

» As for the offensive line, Reich and Ballard echoed a similar sentiment: raised expectations for a group that led the league in fewest sacks allowed in 2018, particularly in the run game. Another season to gel together – all five starters are back – and under the guidance of a new position coach, Chris Strausser, with the input of legendary assistant Howard Mudd, Reich made it clear this week that’s become an offseason priority of his.

“Now we just need to take the next big step in the running game,” Reich said. “And we, physically, have the right guys to do that ... our goal is to be a top-five, top-seven rushing team.”

The Colts were 20th in rushing yards in 2018.

Ballard noted that he likes the three running backs on the Colts’ roster – starter Marlon Mack, to go along with second-year players Nyheim Hines and Jordan Wilkins – but that doesn’t mean the team won’t make a move at the position via free agency or the draft. The Colts hosted veteran Jay Ajayi earlier this month for a workout but didn’t immediately come to a deal.

“We likes the back we have, but it doesn’t mean we won’t look to acquire (more),” Ballard said. “We brought Jay Ajayi in. If we think we can better a spot on the roster within our parameters, absolutely we’re going to do it.”

Call Star reporter Zak Keefer at (317) 444-6134 and follow him on Twitter: @zkeefer.