A breakdown of the initial wave of free agency for the Indianapolis Colts:

Overall grade: D. The Colts have been more viewers than participants during free agency so far despite the numerous holes on their roster. They've signed only four free agents (as of March 27) who were on other teams last season. This approach was by design, though. The plan all along was to be smart spenders instead of free spenders. GM Chris Ballard, without mentioning specific names, said they tried to land some of the marquee free agents but there was a certain price range they would not go above to sign a player.

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Most significant signing: The re-signing of kicker Adam Vinatieri. The 45-year-old Vinatieri has been one of the Colts' most consistent players year after year. Field goals were a premium for the Colts last season, as they struggled to score inside the red zone. Vinatieri has made at least 85 percent of his field goal attempts in each of the past five seasons. He is only 58 points shy of moving into first place on the NFL's all-time scoring list.

Most significant loss: Ballard gave an indication that it was going to be tough to re-sign Rashaan Melvin when he said last month the Colts planned to let the cornerback market play out before deciding to try to bring him back. The market ended up being too rich for the Colts' liking, as Melvin, who was the team's No. 1 cornerback last season, signed a one-year, $6.5 million deal with the Oakland Raiders.

Players they should have signed: Offensive lineman Ryan Jensen and receiver Allen Robinson. The offensive line problems since Andrew Luck entered the NFL in 2012 are well-documented. Poor offensive play is part of the reason Luck has missed 26 games over the past three seasons. The Colts gave up an NFL-high 56 sacks last season. Jensen, despite starting at center for Baltimore last season, has a history at guard and could have easily slid into that spot on the left or right side, especially with the uncertainty surrounding Jack Mewhort's status (knee). The Colts lack depth at receiver after the expected departure of Donte Moncrief. Robinson, despite playing only one game last season (torn ACL), had a 1,400-yard receiving season in 2015.

What's next: The focus, which has been consistent throughout, has been on the draft. The Colts proved that when they traded the No. 3 pick to the New York Jets for the No. 6 pick and two second-round picks in next month's draft. Ballard says he still believes they will be able to land a premier player at No. 6. Who that player is -- Saquon Barkley, Bradley Chubb or Quenton Nelson -- will depend on how many of the teams picking before them select a quarterback. That might be the only positive out of having a roster filled with so many holes.

Additions: Denico Autry, DE.; Eric Ebron, TE; Ryan Grant, WR; Matt Slauson, OL; Pierre Desir, CB; Jack Mewhort, OL; Adam Vinatieri, K; Christine Michael, RB.

Losses: Donte Moncrief, WR.; Barkevious Mingo, LB; Rashaan Melvin, CB; Frank Gore, RB; Jon Bostic, LB.