Mar 1, 2017; Indianapolis, IN, USA; Indianapolis Colts general manager Chris Ballard speaks to the media during the 2017 NFL Combine at the Indiana Convention Center. Mandatory Credit: Brian Spurlock-USA TODAY Sports

According to ESPN NFL Reporter Field Yates, the Indianapolis Colts still have the 5th most remaining cap space of all NFL teams.

Specifically, the Colts still have $30.7 million in cap space despite having signed the likes of Jabaal Sheard, John Simon, and 8 other outside free agents:

Most cap space remaining, per official NFL cap records:

49ers: $69.8M

Browns: $61.1M

Jaguars: $45.1M

Titans: $37.1M

Colts: $30.7M — Field Yates (@FieldYates) April 7, 2017

That being said, just because the Colts have the cap space to burn, doesn’t mean new general manager Chris Ballard should actually use all of it.

It’s worth noting that the Colts still have a draft class to sign and long-term contracts to think about for young building blocks such as offensive guard Jack Mewhort and wide receiver Donte Moncrief next offseason respectively.

Not to mention, Andrew Luck and even T.Y. Hilton‘s mega-deals don’t get any cheaper over the next few seasons–featuring increased cap hits each year.

Nevertheless, the Colts still have some cap space to ‘play around with’, should they so choose.

While the ‘Tier 1’ free agents are all gone, and the ‘Tier 2’ about to close, there are still some notable free agents available such as the New York Giants Johnathan Hankins, Jacksonville Jaguars Jared Odrick, and the New York Jets Nick Mangold among other ‘buy low’ candidates.

For instance, former Buffalo Bills inside linebacker Zach Brown just signed for 1-year, $4.65 million, who was an impact starter in 2016–meaning that we’re beginning to enter a ‘cold market’ for remaining free agents.

It doesn’t mean that the Colts are going to continue to load up on their shopping cart and bypass the ’10 items or less’ free agent aisle, but at the same time, it doesn’t look like Indianapolis is necessarily done in free agency either.

Ballard could continue to hawk the market in the hopes that prices continue to drop, and an attractive ‘buy low’ candidate presents itself.