Stephen Holder

stephen.holder@indystar.com

For a guy who wasn't selected, Josh Ferguson certainly prompted a great deal of conversation in the Indianapolis Colts’ war room during the NFL draft.

The former Illinois running back, according to a team source, became a serious consideration as early as the fourth round. But round after round, higher priorities took precedent, preventing the Colts from pulling the trigger.

Surely, team officials figured, someone else would pluck the dual-threat back with a late-round pick, leaving the Colts to ponder the potential consequences of the one that got away.

Except, no one did.

That’s when the Colts, despite limited resources allocated to acquiring undrafted free agents, made sure Ferguson would indeed wind up in blue and white. They called Drew Rosenhaus, Ferguson’s agent, and asked him to name a price.

Done.

Ferguson signed with the Colts and the team never had to live with the possible regret of passing on him in the draft.

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So far, the Colts feel great about the decision. Ferguson made a distinct impression on coaches in offseason workouts, showing his quickness and speed, two traits the Colts have lacked in their backfield – one that is headlined by 33-year old Frank Gore.

“He’s a mismatch out in space,” coach Chuck Pagano said after last week’s minicamp. “He’s got juice. He can go.”

How much did the Colts covet that juice?

Enough that they went far beyond what they’d normally offer an undrafted free agent. Ferguson, according to an NFL source, received a $10,000 signing bonus with a total of $35,000 in guarantees. That might not sound like much in a multi-billion-dollar business like the NFL, but it’s all relative. Undrafted free agents routinely receive signing bonuses in the $5,000 range because teams have limited funds remaining in the rookie salary pool after accounting for their draft picks.

Ferguson’s package was one of the most lucrative of any 2016 undrafted player in the league (if he makes the roster, he’ll make the league rookie minimum base salary of $450,000).

Maybe that’s why Grigson joked after signing the team’s crop of college free agents, “The money is bone dry right now. Twenty-one dollars, that’s what we’ve got left. If someone wants to come for $21, you can come.”

But the Colts saw it as worthwhile. After all, they got their man.

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And he’s already settling in nicely. Ferguson said upon arriving at Colts headquarters that he immediately began to benefit from the coaching he’s receiving from running backs coach Jemal Singleton. That was lacking at Illinois, where Ferguson never enjoyed coaching stability.

“I think the biggest thing is that I have a great running backs coach,” Ferguson said. “Back at Illinois, it seemed like every year we were changing coaches and changing position coaches. I had five different position coaches. To have someone who is going to be there and comes from a great program like Arkansas, and has been teaching me so much from how to study to what to do on the field, that’s just been a big help.”

Interestingly, while much of the NFL viewed Ferguson as mostly a third-down back during draft evaluations, the Colts already are seeing the potential for more.

Ferguson is “not just a third-down back,” Pagano said. “He’s a good runner. He’s explosive and twitchy and he’s got a jump cut that’s really, really good. The rubber will meet the road when we get to (training camp) and we put the pads on and see if that play speed is the same.”

There’s little question that Ferguson’s greatest qualities – his speed and elusiveness – are best exhibited when he’s in the open field. That’s why much of his production came in the passing game, a prerequisite for a third-down back (Ferguson had 37 receptions in 2015). But he is quick to point out that seeing him only in that light ignores some of the other abilities he displayed at Illinois.

“I think in the draft I was looked at as a third-down guy, which is understandable for a guy my size and a guy with as many receptions as I had,” he said. “But I did a little bit of everything at Illinois and that’s something I definitely wanted to show here.”

The Colts believe Gore has more left to offer, even at his age. But even so, the backfield is a source of concern because the depth consists largely of journeymen Robert Turbin and Jordan Todman and second-year player Tyler Varga, who has just one NFL carry.

Can Ferguson crack that lineup and make an impact?

Everything the Colts have said – and, more importantly, done – since the draft indicates they certainly think he can.

Follow IndyStar reporter Stephen Holder on Twitter: @HolderStephen