According to OverTheCap, after applying the $21.8M franchise tag to lead wideout Michael Pittman Jr. earlier this week, the Indianapolis Colts have a projected roughly $49.2M of available team salary cap space this early offseason.
That available salary cap space number could actually go higher though, if the Colts and Pittman Jr. are able to successfully reach a long-term contract extension before the July 15th deadline, which would reduce his ‘Year 1 cap hit’ from the $21.8M that would’ve otherwise come from the wide receiver franchise tag as is.