Keep 'em or cut 'em? Keefer weighs in on Colts offseason

The window is closing – closing very quickly – but in the meantime the Indianapolis Colts find themselves in a quandary no NFL team will complain about: They've got a franchise quarterback playing for cheap.

To be fair, seven million bucks a season isn't bad work if you can get it. But Andrew Luck's market value entering his fourth season is undeniably higher, much higher, and his meager salary cap hit is pennies on the dollar compared with the likes of Dallas' Tony Romo ($27.7. million), New Orleans' Drew Brees ($26.4 million), even Kansas City's Alex Smith ($15.6 million).

The Colts, of course, can thank the adjusted rookie wage scale for that. It's why they'll pay Luck half what Sam Bradford, the 2010 No. 1 overall, made in his fourth season.

Which is all to say the Colts need to take advantage – as in now, right now – of the salary cap flexibility afforded to them by Luck's rookie deal; his services will never again come so cheaply. We know Luck will get paid soon enough. We know his deal will exceed $100 million and he'll make north of $20 million a season. And we know Jim Irsay will be happy to pay it.

But this is still an uncommon opportunity the Colts must seize. Consider what Seattle has done in a similar situation – with a young quarterback, Russell Wilson, toiling on a low-cost rookie deal, they've built one of the best defenses in recent memory and will try Sunday for a second straight world championship.

The Colts will have the cash to spend this spring. They also happen to be among the rare conference finalists that will enter an offseason with a swath of needs to address: How to solidify that ragtag offensive line? How to beef up the defensive front seven? What in the world are they doing to do at running back?

A guide to how the Colts should tackle the coming months:

PLAYERS THE COLTS MUST BRING BACK

Mike Adams: His was a last-ditch signing amidst the team's three-day minicamp in late June, but it nonetheless turned out to be one of general Ryan Grigson's shrewdest moves. Adams, playing for the veteran minimum ($635,000), proved one of the NFL's great bargains in 2014: He tied for the league lead in takeaways and earned his first Pro Bowl nod. Where would the Colts have been at safety without him, especially after LaRon Landry was suspended for a month midseason for using performance-enhancing drugs? The Colts didn't want to find out last year. And they don't want to this year. It's an easy call: Adams should return.

"Mike Adams defies everything," Grigson said last week. "You love that he's a fighter. You love that he (got) to play in the Pro Bowl. I couldn't be happier for anyone because he's kind of that example of a poster child for the underdog."

Jerrell Freeman: Speaking of underdogs, Jerrell Freeman is a restricted free agent come March. The linebacker, after leading the team in tackles in 2012 and '13, finished second on the team this season despite playing in just 12 games due to injury. But he was at his best in a Wild Card win over Cincinnati: 15 tackles, 1.5 sacks and a forced fumble as the Colts' breezed past the Bengals. Freeman, a CFL gem unearthed by Grigson three years ago, has been playing on a meager rookie deal and deserves a nice payday. "There's no question this is where I want to be," Freeman said earlier this month. "This is home. I love the organization, the ownership, the general manager, the team, everybody. I'm just hoping I stay." Don't expect the Colts to let him leave town.

Hakeem Nicks: The statistics don't do his production justice, but Nicks routinely came up big in the big moments. And if Reggie Wayne does indeed retire, the Colts will need a veteran presence in the wide receivers' room. Nicks, with six seasons under his belt and a Super Bowl title, fills that void. And based on what we saw late in the year, Donte Moncrief might not be ready to step into the No. 2 receiver role just yet. Nicks can continue to help bridge that gap.

PLAYERS THE COLTS SHOULD REALLY, REALLY TRY TO BRING BACK

Darius Butler: He wasn't the Colts' splashiest player in the secondary but Butler was dependable as a slot cornerback – something that can't be said for the guy every opposing quarterback loved to throw at, Josh Gordy. In 758 snaps this season, Butler yielded just three touchdowns. He's not Vontae Davis or Greg Toler, but if either gets injured, he's a nice commodity to fall back on.

Joe Reitz: Teammate Khaled Holmes calls him 'Plug and play' – an ode to his versatility. Along with Anthony Castonzo, Reitz was often the glue that held a depleted and disjointed offensive line together. He started at three different positions this season, most recently finding himself at right tackle after Gosder Cherilus was lost for the year a week before the postseason began. In three playoff games, Reitz didn't allow a single sack. He'll be an unrestricted free agent come March. As he's proved throughout his tenure, he's worth keeping around.

Sergio Brown: He's more than just a special teams star: Brown proved a suitable stand-in for Landry early in the season at safety. He must improve against the run, but he's already ahead of Landry in pass coverage: In 541 snaps this season, Brown knocked down four passes (Landry had just one) and yielded no touchdowns (Landry allowed two). Plus, his Ric Flair impersonations only got better as the season wore on.

Others the Colts should try to bring back: Boom Herron, A.Q. Shipley.

PLAYERS THE COLTS SHOULD SAY GOODBYE TO

LaRon Landry: Easy call. Though his play improved down the stretch – he had 46 tackles for the season, compared to 33 for Brown – Landry has never appeared all-in since arriving in Indianapolis with a four-year, $24 million deal in 2013. He was popped for PEDs early in September and missed four games. He was routinely burned downfield in pass coverage in big games. He's due for a $500,000 roster bonus in March and would be a $5.7 million cap hit next season. Grigson would be wise to cut ties with Landry and move on.

Ricky Jean-Francois: With just four sacks and 22 tackles this season, it's hard to justify Jean-Francois' fat contract – last year he made more ($5.1 million) than every Colt on defense besides Vontae Davis and Art Jones. And his spot – defensive end – is precisely where this team needs to get better. Cutting Jean-Francois (due $5.5 million next season) would clear space for the splashy signing this team desperately needs. The formula up front hasn't worked against New England yet. It's time to do something about it.

Donald Thomas: It appears that perpetually torn quad will cost Thomas his shot with the Colts. In two seasons he's played in just two games, and he never saw the field in 2014 after being placed on injured reserve in training camp. It's clear the Colts now have cheaper options at guard (Hugh Thornton, Jack Mewhort, Lance Louis, Reitz) than Thomas and his $3.7 million-a-year contract.

Trent Richardson: The good news for the Colts is that they may be off the hook for the $3 million they owe Richardson this coming season. His two-game playoff suspension voids that guaranteed money, as has been reported, which would allow the Colts a clean break if they choose to cut the much-maligned running back. And they should. It's time to move on. It's time for Grigson to call the 2013 trade that brought Richardson to Indianapolis what it's become – a bold gamble that never came close to paying off.

Others the Colts should say goodbye to: Shaun Phillips, Josh Cribbs, Fili Moala, Josh Gordy.

Coming Wednesday: Colts Insider Zak Keefer breaks down who the Colts should pursue in free agency.

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