However, he's more than three years removed from his Defensive Player of the Year award and has played in just nine games over the last three seasons.
What can he bring to San Diego? To find out, we talk to the pros at ColtPower.com.
Here is what publisher Eric Hartz has to say:
"I think the Colts finally decided the risk-reward factor with Sanders was too high to continue paying him to play a fraction of a season each year. He was slated to make around $5 million in 2011 and with a capable -- and more reliable -- safety available in Melvin Bullitt, that's money that could be used elsewhere to improve the defense and offensive line.Senior writer Brad Keller offered the following:
"The Colts were excited about Sanders returning in 2010 before a bicep injury in the opener sidelined him once again. If he can stay healthy and if he hasn't lost any speed -- something that's not been tested in a couple of years in a game situation -- he could be worth a flyer for another team."
"You also have to keep in mind the risk factor is much lower for San Diego since his salary is much lower. The Chargers already have a good idea of who their starters will be, so it's basically a no-lose situation for them. If Sanders gets hurt, they still have their guys. If he stays healthy and hasn't lost a step, then they get a veteran leader and playmaking safety that plays with passion and enthusiasm.
"Sanders doesn't have a degenerative injury that keeps getting worse. He's missed time due to knee, shoulder and arm injuries, among other ailments and will often skip practice to 'rest old injuries.'
"Prior to 2010, he didn't get hurt because he was fragile, he got hurt because he is a small guy playing against larger players and he has two speeds: berserk and stop. The injury in 2010 was different because it seemed like he tore his biceps just reaching for an errant pass. That means he might have crossed over to being fragile. Fragile plus berserk usually equals injured reserve."