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Get the latest news on the Colts free agency situation, including the release of two players that will free up some needed cap space.

John Clayton at noted that Reggie Wayne's new deal was "around" $39 million and included a $12.5 million signing bonus. He says Wayne will receive $22.64 million over the first three years.

The Colts released two players, defensive tackle Josh Williams and quarterback Travis Brown, to save some cap money. Williams, who made $2 million in base salary last year, only played in 4 games following sports hernia surgery that landed him on the injured reserve list. He was scheduled to earn base salaries of $2.5 million per year through 2009. Brown signed on with the Colts last year but was placed on injured reserve following an injury in the final game of the preseason. He was scheduled to make $545,000 in 2006, the final year of his 2-year contract.

Well, the league deadline passed for designating franchise players on Thursday, and as we expected the Colts didn't use the tag on running back Edgerrin James. If you're thinking that James won't get a lot of play in this year's market, don't fool yourself. Last year James' value was decreased by the fact that he did have the franchise tag and teams were not only going to have to surrender a big contract, but also a second-round draft pick. Arizona quarterback Kurt Warner has already been lobbying for the Cardinals -- who have the cap room -- to bring James in to complement the Cardinals' talented receiving corps.

With James' unrestricted free agent status now confirmed, he joins kicker Mike Vanderjagt, defensive end Raheem Brock, linebacker David Thornton, defensive tackle Larry Tripplett, linebacker Rocky Calmus, placekicker Jose Cortez, safety Joseph Jefferson, linebacker Rob Morris, running back James Mungro, offensive tackle Kurt Vollers, and wide receiver Troy Walters as Colts who could land with the highest bidder.


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