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Matt Verderame

NFL Combine Buzz 2025: Record Salary Cap, Lackluster Draft and Free Agency Classes

The NFL draft and free agency have dominated the hot topics in Indianapolis this week. | Kirby Lee-Imagn Images

Every year, the NFL leaves the combine in Indianapolis in a different spot from which it entered.

This offseason, the story lines are of potential quarterback movement, defense dominating the upcoming draft and a free-agent class that could get overpaid due to a lackluster rookie crop combined with an unexpected bulge in the NFL salary cap.

While we’ve detailed much of what happened this week with our Tuesday and Wednesday notebooks, here are a few other items that deserve a conversation. 

Colts having open competition with Anthony Richardson at QB?

On Tuesday, Indianapolis Colts general manager Chris Ballard made waves announcing the quarterback job would be open for business in Indy this summer. 

While Richardson still has the upper hand, he no longer has a firm hold. And he shouldn’t. Richardson has either been hurt or ineffective through his first two seasons, starting just 15 games and completing 50.6% of his attempts with 11 touchdowns and 13 interceptions. Although some top picks have struggled early in their careers and then gotten going, it’s rare. 

To that end, Ballard will need to find legitimate competition. Last year, Joe Flacco backed up Richardson, starting six games, but played poorly. This offseason, there are a host of veteran quarterbacks on the market, but none that are going to move the proverbial needle. 

For Ballard, does that mean a mid-round pick on a quarterback? Does it mean trying to lure someone in free agency such as Justin Fields, who has youth and athleticism on his side?

If there’s good news for the Colts out of all this, it’s the background of coach Shane Steichen, who helped develop Justin Herbert into a star and Jalen Hurts into an All-Pro while serving as an assistant with the Los Angeles Chargers and Philadelphia Eagles before taking the head job in Indianapolis. 

Maybe Steichen still believes he can fix Richardson. Or, maybe Steichen knows it’s time to move forward, and bringing in another young talent to mold is what the Colts need to get right. 


Kansas City Chiefs guard Trey Smith
The Chiefs plan to tag guard Trey Smith, taking him off the market when free agency officially begins March 12. | Mark J. Rebilas-Imagn Images

Salary cap rising to $279.2 million could portend market bubble

On Thursday, the league officially announced the salary cap for the 2025 season at a record $279.2 million.

For most executives, this was a higher number than originally expected, giving them more latitude to make moves underneath the threshold. However, that newfound freedom also creates a potential problem. 

Talking to people around the league, there’s a general feeling that the upcoming draft is more meat and potatoes than filet mignon. In other words, solid players, but a lack of top-end talent. Free agency is more of the same. If Tee Higgins and Trey Smith don’t make it to the open market (and Ian Rapoport reported Thursday that Kansas City will tag Smith), there are very few legitimate stars to be had. 

Ultimately, this leaves many teams with a surplus of cap space, a bunch of cash to spend and a dearth of difference-makers to spend it on. The result? We’re likely to see good players paid like they’re great in some instances, bloating the market in years to come when true stars are up for a new payday. 


Kansas City Chiefs tight end Travis Kelce
Kelce will be back for a 13th NFL season. | Mark J. Rebilas-Imagn Images

Travis Kelce returns for Chiefs in 2025, but what does that mean?

After speculation about whether Kelce would return for another season, the 35-year-old has let his intentions be known. 

On Thursday, Kelce texted The Pat McAfee Show and declared he will return for his 13th NFL season, and potentially his last. Kelce is signed for one more year at a cap hit of $19.8 million. 

Last season, Kelce managed a career-low 823 yards on 8.5 yards per reception, the first time he managed less than double digits. Kelce was also forced into a leading role once again, with Xavier Worthy breaking in as a rookie, and with the injuries to Marquise “Hollywood” Brown and Rashee Rice. 

This year, expect Kelce to become more of a role player in Kansas City’s offense. That was the plan in 2024, but the aforementioned injuries changed things. Now, with Rice expected to be healthy this summer after his Week 4 knee injury, and the maturation of Worthy which saw him lead all receivers in postseason catches, yards and touchdowns, Kelce won’t be asked to pace the team in targets for the 10th time in 11 seasons.

The real question is what does that look like? Kelce has long been a close friend and top option for quarterback Patrick Mahomes. In 2024, that could arguably have been part of Kansas City’s offensive problems, as Mahomes ranked 41st of 43 qualifying quarterbacks in average depth of target.

On Tuesday, general manager Brett Veach talked about the Chiefs’ need to stretch the field with their young, talented receivers. If Kelce can fit into his new role as a third option, he’s dangerous. If the adjustment proves difficult or awkward, the story line could be one that follows Kansas City’s offense around. 


Dolphins don’t plan on Terron Armstead being back … for now

During his media availability Tuesday, Miami Dolphins coach Mike McDaniel stated he doesn’t expect to see Armstead on the team in 2025. Armstead, 33, is signed for two more seasons at cap hits of $22.6 million annually.

However, the next day, Ian Rapoport of NFL Media reported Armstead is willing to take the veteran minimum in order for Miami to maintain roster and financial flexibility while he decides whether to play another season. 

Still, the reality is that if Armstead walks away, the Dolphins have to rely on second-year man Patrick Paul to replace him. That’s a tall order, as Paul only started three games as a rookie after being drafted in the second round out of Houston. 

Suddenly, on a team full of high-profile stars such as Jalen Ramsey, Tyreek Hill and Jaylen Waddle, Paul becomes one of the most important players on the roster. If he can do a reasonable imitation of Armstead, the Dolphins will be in the mix for the playoffs. If he can’t, Miami has serious issues, especially considering he’s protecting the oft-injured quarterback Tua Tagovailoa.


This article was originally published on www.si.com as NFL Combine Buzz 2025: Record Salary Cap, Lackluster Draft and Free Agency Classes.

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