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Indianapolis Colts 2026 Season Preview — The Market Is Pricing a Tendon
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Show notes & transcript▾
This is the Indianapolis Colts 2026 season preview, and it starts with a shape every model recognizes: a 7-and-1 start, an 8-and-9 finish. The collapse wasn't mysterious — the injuries arrived in waves, Gardner's calf, Ward's concussions, Buckner's neck, and finally Daniel Jones's Achilles on December 7th — and the aftermath wasn't either: the owner kept the coach and the general manager, the front office kept the quarterback on the most expensive two-year deal in league history, 88 million, and the betting market kept lowering the number anyway, from eight and a half toward seven and a half. That's the whole episode in one sentence: the profile screams bounce, the price screams doubt, and the difference between them is one surgically repaired tendon that's currently cleared for seven-on-seven work. Let's do the parts the market can actually measure.
What was real: the division's best offense — and it isn't close. Ninth in the league in overall efficiency, against fourteenth for Jacksonville, 21st for Houston, thirtieth for Tennessee. Third in rush efficiency per attempt. Eighth on third down, seventh in red-zone touchdown rate. Jonathan Taylor was the engine: 1,585 rushing yards, third in football, with 18 rushing touchdowns — the most in the league — and 20 total touchdowns, also the most in the league, worth second among all running backs in points per game. And Jones' thirteen games were not a hot streak dressed up as a season — the underlying quality was real: sixth in adjusted net yards per attempt, sixth in completion percentage over expected. The charting goes further: third-best efficiency under pressure of any qualifying quarterback, seventh-best in volatile situations overall, and one of the smallest gaps in football between his stable and unstable performance. That last stat is the one that matters — it's the profile of a quarterback whose production doesn't depend on perfect circumstances. The protection helped: sacks on just 4.8 percent of dropbacks, eighth-fewest in football. The broken half was the defense: sixteenth in expected points allowed, respectable, but the pass rush sat mid-pack and the secondary spent the year decimated — Sauce Gardner, acquired in the November blockbuster for two first-round picks, played four games with a calf injury; Charvarius Ward missed ten with concussions; DeForest Buckner's neck ended his season. The 8-and-9 record contains all of that.
What was luck? This is the cleanest bounce profile in the AFC South, and one of the cleanest in football. Indianapolis underperformed its point differential by 1.7 wins — under the pythagorean line, teams gained back about two wins the next year and 68 percent improved. The one-score record was 3-and-7 — under the 35 percent line, where teams historically added about two and a half wins and 69 percent improved. Turnover margin: dead even, nothing owed in either direction. Both flags point the same way, and neither is subtle. The same rules that tax Jacksonville and Houston in this division pay Indianapolis. A team that played like a ten-win roster and banked eight, with its quarterback healthy, projects forward as exactly what the November version looked like. Every word of that sentence except "healthy" is a measurement. "Healthy" is the bet.
The identity — charting data via nflverse — is continuity on both sides, which in this division is suddenly a scarce asset. Shane Steichen calls the plays, Jim Bob Cooter stayed after the Eagles came knocking, and the offense's fingerprint — balanced pass rate over expected, a heavier-than-average dose of two-tight-end sets, and the league's third-most-efficient ground game — returns intact around Taylor. Lou Anarumo's defense has the sharper signature: man coverage at the eighth-highest rate in football and a top-ten blitz rate — an aggressive, matchup-hunting scheme that was engineered for the exact secondary it never got to field. That's the quiet variable in the 2026 projection: the defensive efficiency rank of sixteenth was posted almost entirely without Gardner, Ward, and Buckner, the three most expensive pieces of Anarumo's blueprint. All three are on track for training camp, per the club's June reporting. Nothing about that is luck in the statistical sense — but it functions the same way: 2025 measured a defense that mostly didn't exist.
What changed is a roster consolidating around its bet. In: Jones on the two-year deal, Alec Pierce re-signed on four years and 114 million, Anarumo's old Bengals corner Cam Taylor-Britt, and nose tackle Derrick Nnadi. Out: the entire alternate future — Michael Pittman traded to Pittsburgh in March for late-round pick value, edge Kwity Paye to the Raiders, safeties Nick Cross and Rodney Thomas gone. The draft had no first-rounder — the second half of the Gardner bill — so it opened with Georgia linebacker CJ Allen at 53 and LSU safety A.J. Haulcy at 78, defense with the top picks. And the quarterback room resolved itself in public: Anthony Richardson's fifth-year option was declined, his February trade request produced calls but no trade, and he enters camp competing with Riley Leonard — for the backup job. Jonathan Taylor is the other contract file: entering the final year of his deal, seeking an extension, coming off the best touchdown season of his career. Off-field scan: clean — the only drama on this roster is contractual.
So the 2026 question isn't whether the bounce math is real — it is — but what the offense looks like while carrying its own insurance premium. Pittman's departure removes 111 targets, the second-most on the team, and the plan for them is already visible in the 2025 data: Tyler Warren, whose 112 targets led the team as a rookie tight end, 76 catches for 817; Pierce, who turned 47 catches into 1,003 yards — 21.3 a catch, the highest in football among receivers with at least 40 receptions, four full yards clear of second place, and his second straight season averaging over twenty a catch; and Josh Downs underneath. That's a real, weird, top-heavy target tree: the league's most extreme deep threat, a tight end who eats the middle, and a running back who scored twenty times. It works — ninth in efficiency says it already worked — if the man throwing it is the December 6th version of Daniel Jones. The honest counterweight: Achilles recoveries in a quarterback's thirtieth year are a real distribution, not a coin flip with good vibes, and the fallback is a quarterback room the franchise itself just publicly repriced at zero. The gap between this team's 90th-percentile season and its 10th is as wide as any in the division.
Fantasy names to know — scored half-P-P-R. Taylor at RB4, pick 7, is the anchor pick with receipts — most touchdowns in football, second in points per game at the position — and the only argument against him is the contract-year noise. Warren at TE4, pick 51, is the one price we'd argue with: the volume is elite, but he finished eleventh among tight ends in points per game — you're paying for the year-two leap, not the baseline. Pierce at WR35, pick 84, is the boom-bust deep threat priced honestly for once. Downs at WR47 is the target-vacuum beneficiary nobody's drafting. And Jones at QB25, pick 148, is the entire thesis of this episode compressed into one pick: a top-six efficiency season, priced at the Achilles discount.
The verdict. Both regression flags point up, the division's best offense returns its scheme and its engine, the defense gets three starters back from the infirmary, and the market keeps walking the number down toward seven and a half. Our range is eight to ten wins if Jones starts fifteen-plus games — which would make Indianapolis the value of the division — and six or fewer if the tendon or the fallback plan gets tested. The market is pricing a tendon, not a team. It might even be right. But everything in this data says the team underneath the tendon is the second-best in the South, and nobody is charging you for it.
Follow the Indianapolis Colts feed for the weekly show — every game, every number, all season. This was the Muffed 2026 Colts preview. Every number verified.
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Season ReviewMay 11, 2026Colts 2025 Season in Review
8-9 regular season
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Colts 2025 Season in Review
8-9 regular season
Show notes & transcript
Jonathan Taylor led the entire NFL in rushing touchdowns with eighteen. Eighteen — on a team that missed the playoffs. Here's how the Colts built one of the best rushing attacks in football, why Daniel Jones quietly had the best year of his career before going down, and the defensive number that explains how a seven-and-one start turned into eight and nine. Second among AFC teams on the outside looking in. They started seven and one, all but one of those wins by double digits, and the wheels came off — but the offense was real, and the data tells you exactly where it broke.
Start with the team-level picture. The Colts finished plus seventy-two point nine in total offensive expected points added — ninth in the league, seventy-fifth percentile. The defense? Plus four point seven expected points added allowed, and remember, on defense you want that number deeply negative — so plus four point seven is middle of the pack, sixteenth. Third down was a real strength: forty-three percent conversion rate, eighth in the NFL. The schedule tells the variance story by itself — seven wins in the first eight games, then seven losses in the final nine, including a forty-eight to twenty-seven home blowout to the Niners in Week 16. This was not a steady team. This was a team that smashed the front half and got muffed the back half.
Now let's talk about the passing offense. Daniel Jones threw for thirty-one hundred and one yards, nineteen touchdowns, and only eight interceptions in thirteen games before injury took him out around Week 15. His completion percentage was sixty-eight against an expected of sixty-four point six — plus three point four over expectation, sixth-best among qualified starters. His adjusted net yards per attempt of seven point three also ranked sixth. Genuinely the best stretch of Jones's career. As a unit, the passing game finished plus thirty-two point nine in passing expected points added on five hundred and eighty-two attempts, twelfth in the league — but boom-or-bust, with a clear cliff at the quarterback position once Jones went down. The unit had a top-ten ceiling with Jones healthy. Without him, it fell off a cliff.
Now let's dig into the rushing offense, because this is where the Colts genuinely smashed. Plus thirty-four expected points added on the ground — third in the entire NFL, ninety-fourth percentile. Two thousand and nine rushing yards, a hundred and eighteen point two per game, four point five a carry, twenty-seven rushing scores as a team. Jonathan Taylor was the engine: three hundred and twenty-three carries, fifteen hundred and eighty-five yards, four point nine a pop, and the league-leading eighteen rushing touchdowns. Unlike the passing game, this was the steady floor — even after Jones went down, Taylor kept eating, including an eighty-three-yard touchdown up the middle against the Falcons in Week 10 to flip a 16-17 fourth-quarter deficit. That one run was worth plus six point four expected points by itself. When the rest of the season fell apart, Taylor's production did not. That's the identity of this offense.
Next up, the pass defense — where the math gets uncomfortable. The Colts allowed plus twenty-six expected points added through the air, and on defense you want that number deeply negative, so a positive number means opposing passing games were moving the ball on you. Two hundred and sixty-two and a half passing yards allowed per game. Thirty-nine sacks, sixteenth in the league, fifty-third percentile — middle of the pack pressure. The one thing this unit did well was take the ball away: twenty-two total takeaways including fourteen interceptions, tenth in the NFL, seventy-second percentile. But the back half of the year exposed the coverage — forty-eight points hung on them by the Niners, thirty-eight by the Texans in the finale. Boom-or-bust, and the busts came when it mattered most.
And the run defense was actually the better side of the ball. The Colts allowed minus twenty-one point seven expected points added on the ground — and on defense, that big negative number is exactly what you want. Seventy-eighth percentile in the league. A hundred and two rushing yards a game allowed, sixteen rushing touchdowns surrendered. A quietly good run-stopping unit, steady week after week. Not the loudest stat on the sheet, but the most consistent thing the Colts defense did all year — when teams tried to run on Indy, they generally got nothing.
Draft RecapMay 11, 2026Colts — 2026 Draft Recap
8 picks in the 2026 NFL Draft
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Colts — 2026 Draft Recap
8 picks in the 2026 NFL Draft
Show notes & transcript
Welcome into Muffed, your Colts 2026 draft recap. Indianapolis showed up to this draft without a first-rounder — already spent — so the haul starts on Day 2 and runs eight picks deep. The headliner is Georgia linebacker CJ Allen at 53, and the through-line is exactly what Chris Ballard said at the podium: get younger and faster on defense. Six of eight picks landed on that side of the ball, the SEC and Big Ten are stamped all over the board, and the late rounds lean hard into special-teams utility. Defense-first reset. Clear identity.
The run defense got the loudest investment. Indy's 2025 ground unit was actually fine in raw expected points added — minus 21.74 allowed, a positive mark — but it surrendered 16 rushing touchdowns and 102 yards a game, and the front seven needed a younger spine. Enter Allen: 88 tackles, 8 tackles for loss, 3.5 sacks, 4 pass breakups, the every-down line you expect from a multi-year starter at the most demanding linebacker factory in college football. Ballard says he's trending toward Mike and the green-dot signal-caller role; Shane Steichen leaned on the leadership and the edge as the culture fit. The Round 4 follow-up is Oregon's Bryce Boettcher — 132 tackles, a 7.14 Relative Athletic Score (the 0-to-10 benchmark grading combine and pro-day testing against every player at the position since 1987, so solidly above average). Ballard called him a blue-card guy, a former Astros draft pick who walked on and earned it, and sees him competing at both Mike and Will. Two linebackers, two résumés of real college snaps — nobody has to project them as plug-ins.
The pass defense is where the speed-and-youth mandate really shows up. Indy generated just 39 sacks in 2025 and watched the AFC South alone hang 24 passing touchdowns on this group. Round 3 brought LSU safety A.J. Haulcy at 78 — 88 tackles, 4 pass breakups, the physical SEC profile Ballard targets, and a name he said climbed the board as they vetted the tape. Round 5 was Florida edge George Gumbs Jr. and a 9.19 Relative Athletic Score — roughly the top 8 percent of edge defenders ever tested. The production is light (31 tackles, 6.5 tackles for loss, 2 sacks), and Ballard was transparent: walk-on at Northern Illinois, played wideout and tight end before Florida moved him to defensive end, now the Colts will drop him to outside-backer rusher, lean on him on teams, and let the traits cook. The actual pass-rush production came in Round 6 — Ohio State's Caden Curry, a local kid from a Westfield-area state title game Ballard watched in person. Curry posted 16.5 tackles for loss and 11 sacks as a senior, 2nd in the Big Ten and 9th nationally in sacks, 3rd in the conference in tackles for loss. Ballard relayed that Larry Johnson texted him calling Curry one of the better football players he's been around. The arm-length conversation is real and Ballard owned it — but top-10 national sack production in the sixth round is a swing you take.
The offensive line investment is a single shot, and it's loud. Indy's 2025 offense allowed only 29 sacks, so Round 4, pick 113 wasn't a panic move — it was a value strike. Kentucky guard Jalen Farmer arrives with a 9.83 Relative Athletic Score, top 2 percent of every offensive guard ever measured. Ballard compared the value to the Bernhard Raimann pick, called Farmer a big, powerful man with swing at tackle, and laid out the plan: start him inside through OTAs and summer camp, then mix and match in training camp.
The offense gets two more swings in Round 7, both with intent. Kentucky's Seth McGowan brings 165 carries for 725 yards and 12 rushing touchdowns — tied for 4th in the SEC — plus a 9.47 Relative Athletic Score, top 4 percent at the position. Ballard openly addressed the off-field history from McGowan's Oklahoma days, said the team vetted it hard through his Kentucky and New Mexico State connections, and called him a real physical element. Then at pick 254 — the last pick of the draft — Indy grabbed Oklahoma wideout Deion Burks, a player Ballard flat-out said they didn't think would be there. The line: 57 catches, 620 yards, 4 touchdowns, plus 0.26 predicted points added per play, and a 9.11 Relative Athletic Score. Steichen called him a 4.2 speed guy who beats press despite his size, with a quick release and real separation at the top of routes. Ballard wants him in the return game too. For the final pick of the draft, that's a smashed value swing.
Pick of the draft is CJ Allen. You could argue Curry on pure college production or Farmer on pure athletic profile — those are real cases. Allen wins because of what he changes about this team. The linebacker room needed a long-term identity, Steichen explicitly framed him as a future leader, and Ballard's already penciling him in at green dot. Day-2 linebackers from Georgia with three-down tape are the rarest commodity in this entire haul. Production, position, role intent — all aligned.
The biggest thing to watch in 2026 is whether the front seven actually plays faster. Six defensive picks, two new linebackers, two developmental edge rushers, a starting-caliber safety — Ballard said the goal was younger and faster, and now the tape has to confirm it against an AFC South that lit this defense up through the air. The offense got value swings but no top-100 investment, so the bet is that Steichen's existing pieces hold while the defense gets its teeth back.
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