INDIANAPOLIS – It’s the day every NFL player on the roster bubble dreads.

NFL teams, including the Indianapolis Colts, are required to make their final roster cuts today, reducing rosters from 90 to 53 men. The Colts’ moves are underway. Here’s the latest…

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3:42 p.m.: Preseason darling JoJo Natson, the NFL's leader in all-purpose yards in the exhibition season, has been waived, according to an NFL source.

Natson seemed to be making headway in his effort to make the final roster before he fumbled three times in Thursday night's preseason finale. Those fumbled undermined what was an otherwise impressive preseason for the smallest prospect on the roster. Natson, at 5-7 and 153 pounds, had shown to be something more than a return man with his receiving skills in the preseason.

Now, the Colts will wait to see if he clears waivers on Sunday and, perhaps, consider him for their practice squad.

2:44 p.m.: Veteran outside linebacker Akeem Ayers has been released, according to an NFL source. Ayers seemed a strong candidate to make the final roster, but his extensive playing time in the preseason finale raised questions about the team's plans for him.

This move would seem to bode well for fellow linebacker Lavar Edwards and others.

2:01 p.m.: Here's a stunner: The Colts have traded 2015 first-round pick Phillip Dorsett to the New England Patriots for backup quarterback Jacoby Brissett, Dorsett's agent confirmed to IndyStar.

The Colts receive an intriguing backup quarterback who could, perhaps, step in and play in place of Andrew Luck if he misses the start of the season, as expected. It throws into question the status of current quarterbacks Scott Tolzien and Stephen Morris.

Dorsett's agent, Ron Butler, said the Colts told him they had been receiving significant interest in a trade for Dorsett in recent weeks. But the team resisted the urge to accept any of those deals until today's opportunity presented itself.

"A lot of teams were reaching out, but it had to be the right situation," Butler said. "This deal, with the uncertainty at quarterback, was a deal that felt right."

Dorsett gets a chance to play with the defending Super Bowl champs, who have been known to turn disappointing players into successful ones — especially with future Hall of Fame quarterback Tom Brady under center.

"Phillip is just looking for an opportunity," Butler said. "He got drafted into a situation where they already had a No. 1 and No. 2 receiver (T.Y. Hilton and Donte Moncrief). I think in New England, he goes there with an opportunity to really help them and play with a great quarterback.

"It's a fresh start."

What's less clear is the Colts' end of this trade. Are they acquiring Brissett as a short-term solution to their quarterback questions? Or are the Colts thinking about a possible long-term backup behind Luck? Brissett has three seasons remaining on his contract and the Colts will assume his current contract.

Some of this might be clarified later today when the Colts will have to decide whether to activate Luck from the physically unable to perform list. If Luck is not activated by this afternoon, he must miss at least the first six weeks of the season.

>> 11:54 a.m.: Here's another one: Rookie receiver Bug Howard, who had a strong training camp, has been waived, per an NFL source. Howard, an undrafted free agent from North Carolina, was competing for one of the Colts' final spots at receiver, a position that was quite competitive.

>> 11:10 a.m.: Rookie quarterback Phillip Walker, who at one point in the preseason was ahead of Stephen Morris on the depth chart, has been waived, an NFL source said.

Walker is a strong candidate for the Colts' practice squad if he clears waivers.

>> 10:44 a.m.: The Colts have released inside linebacker Sean Spence, a source confirmed to IndyStar. The news was first reported by profootballtalk.com. Spence, signed to a free-agent contract in March to compete at the position, never got on track during training camp or the preseason because of missed practice time.

The Colts have generally used Jon Bostic and Antonio Morrison as starters at inside linebacker during the preseason, with rookie Anthony Walker and Edwin Jackson getting most of the second-team snaps.

The Colts have also waived offensive lineman Andrew Wylie, a rookie from Western Michigan, according to an NFL source.

Wylie, the source said, seems likely to be added to the Colts’ practice squad once he clears waivers.

>> Friday: The Colts waived-injured running back Josh Fergsuon, who had a difficult training camp and preseason because of missed practice time.

If Ferguson clears waivers, he will revert to the Colts' injured reserve list and would likely later negotiate an injury settlement with the team. If so, he would be released from injured reserve and become a free agent.