With more than $100 million in cap space, the Indianapolis Colts have the luxury of being able to do both. With nothing but a few loose pennies in their pocket, the Tampa Bay Buccaneers might not be able to do either.

But for the Detroit Lions and most of the rest of the NFL’s 32 teams, when the free-agent negotiating period opens Monday, they’ll have to decide between splurging on a big-ticket item or two or filling multiple needs with mid-level signings.

“That’s something that we talk about really throughout the year, (what approach we’re going to take to free agency),” Lions general manager Bob Quinn said at the NFL combine last week. “I think it’s a really — you’ve got to blend it. Just like we talk about draft and free agency. Draft, best player available or need? So sign seven guys at X amount of dollars or sign three guys at that? It’s a question that comes up every year.”

The Lions have taken both approaches during Quinn’s tenure as GM, though they’d hardly be considered frivolous spenders in free agency.

In 2016, the Lions signed the priciest wide receiver on the market, Marvin Jones for $8 million a year, but otherwise added a slew of low-priced depth guys, Johnson Bademosi, Tavon Wilson, Rafael Bush and Stefan Charles.

In 2017, the Lions signed two top-of-the-market offensive linemen, T.J. Lang and Rick Wagner, and did little else. Lang made a Pro Bowl in his first season, but was released Friday after two injury-riddled years. Wagner remains the team’s starting right tackle, but he’s yet to live up to his big contract.

And last year, the Lions found themselves back in the free-agent bargain bin. They signed linebackers Devon Kennard and Christian Jones to reasonable contracts on Day 1 of free agency, but otherwise left fans wanting more and the team in the same rut it’s been in for years.

“It really comes down to what guys are available to you, what guys you think are a system fit and what guys do you know, you might have some personal experience with, that you feel better about giving a big contract to,” Quinn said. “So it’s something that we talk about internally with myself, with the coaches, with our cap guy, so it’s an ongoing conversation that’s really, there’s not one right answer to it.”

Because so few true difference makers reach free agency, teams flush with cap space often can’t help but to overspend.

This year, no player who had at least nine sacks in 2018 or more than four interceptions is an unrestricted free agent, and the only player who topped 1,000 yards rushing or receiving that’s on the market is soon-to-be 34-year-old running back Adrian Peterson.

Still, dozens of players will sign deals worth eight figures annually beginning Wednesday.

The Lions have about $40 million heading into the 2019 league year, the 11th most cap space in the NFL, according to Spotrac, and maybe most importantly are flush with cash again a year after giving Matthew Stafford a big extension.

Lions president Rod Wood hinted that the team could be in the mix for a high-priced signing or two at the team’s fan forum last month, saying the Lions have “as much salary cap space as I think we’ve ever had in the history of the franchise.”

Quinn, though, was much more cautious when asked after the season if that extra cap room would allow him to take bigger swings in free agency.

“Will we have a splash signing in free agency? I don’t know,” Quinn said. “We might, we might not. We do have more cap room than we did last year. We do have a higher draft pick, so we’ll see how that all goes. But I’m not into splash signings, I’m into good football players. And if you guys categorize them as flashy, then that’s great. If you don’t, we’ll judge how they play come the season.”

The Lions’ biggest needs entering free agency are spread across both sides of the ball.

They need two tight ends, though one likely will come through the draft. They don’t have a proven slot receiver on their roster. They could use a right end to help their inconsistent pass rush. They’ve released two starters this offseason, Lang and safety Glover Quin, who need replacing. And they’re light right now at the backup running back and cornerback spots.

Not all of those needs have to be filled in free agency, or with high-priced players, but that’s part of the conundrum the Lions face.

Is it better to throw big money at the best defensive end in free agency, the New England Patriots’ Trey Flowers — a player who checks the familiarity box Quinn mentioned — or to spread that money around?

Spotrac estimates Flowers will sign a deal worth about $15.7 million annually. For about the same price, the Lions could sign arguably the best safety (Landon Collins) and best tight end (Jesse James) on the market and still have $1 million left over to spend elsewhere. Spotrac projects Collins to sign a deal worth $8.6 million annually, and James to land a contract worth $5.9 million.

Free-agent decisions aren’t just about dollars and cents.

Players have to want to come and the fit has to be right for the team, but those are the decision the Lions will face in the coming days, when free agency leads them down a path that’s not always easy to plot.

“There’s more (options available when you have more cap room),” Quinn said in January. But it’s a situation where sometimes you go after someone and you don’t get them. Now, is that the player’s fault? Is that my fault? Is that the other team’s fault? I don’t know. You guys can assess blame as you choose, but we’re aggressive in the way that we go about evaluating players and we’re aggressive in the way we go after players, but there’s a ceiling of what we think the value is. So sometimes it works out, sometimes it doesn’t.”

Contact Dave Birkett at dbirkett@freepress.com. Follow him on Twitter @davebirkett.Read more on the Detroit Lions and sign up for our Lions newsletter.

Detroit Lions free agency breakdown:

The big need for a slot receiver

10 players who make sense for Matt Patricia

Landon Collins looms large for Lions