Indianapolis Colts sign WR E.J. Horton

E.J. Horton's three-year, $3.1M signing earns a C+ Contract Value Index (CVI) — a deal that reflects appropriate caution from Indianapolis given the receiver's depth-piece profile and modest financial commitment. At $1.03M AAV, this is a low-cost flyer with minimal cap drag, which is the correct pricing tier for a signing that carries real upside but zero guaranteed leverage. The value proposition hinges entirely on Horton proving he can stick on an NFL roster in a meaningful capacity; the Colts are essentially paying replacement-level wages for a shot at finding a contributor, which is sound roster economics during the offseason. The risk is genuine — three years of nonguaranteed money provides the team with clean exit routes if Horton doesn't develop or fails to secure playing time — but the floor is equally safe, making this the kind of low-risk developmental gamble that championship teams execute constantly. In the context of preseason roster construction with the regular season 96 days away, this signing represents efficient use of cap space and a pragmatic approach to depth building, even if Horton ultimately becomes a practice-squad contributor or gets claimed off waivers. The C+ grade acknowledges that the deal is fairly struck for both sides: the team gets optionality without financial burden, and the player gets a pathway to an NFL roster without eating into the organization's limited cap real estate.