Here's a list of all of the moves the Colts have made so far during the NFL's free agency period.
Signed OLB Jabaal Sheard (3 years, $25.5M, $12.75M guaranteed): This is Chris Ballard's biggest free agent signing to date. The former Patriot has 13 sacks in the last two seasons in New England, and should be one of Indy's immediate starters at outside linebacker.
Signed OLB John Simon (3 years, $13.5 M, $5.5M guaranteed): Houston's loss is the Colts' gain. Simon was mostly a rotational player, but a definite contributor to the Texans' top defense, recording 8 1/2 sacks in 12 starts over the last two seasons. He was the Big Ten's Defensive Player of the Year at Ohio State in 2012.
Signed OLB Barkevious Mingo (1 year, $2.5M): Ballard decided to take a flier on the former 6th overall pick, who has yet to live up to the promise he showed at LSU. Mingo is already on his third team in his short, four-year NFL career.
Signed P Jeff Locke (2 years, $3.75M, $1.25M guaranteed): Locke was a starter in Minnesota, and although he has never made a Pro Bowl, the veteran should come in and fill Pat McAfee's spot adequately.
Signed C/G Brian Schwenke (undisclosed): Colts needed more depth on the interior and Schwenke, who has made 28 starts at center and guard over the past four seasons in Tennessee, should provide that.
Signed DE Magnus Hunt (2 years, undisclosed): He'll turn 30 this summer, and he's coming off four underwhelming seasons in Cincinnati. He'll have a chance to make the team in camp, but don't expect anything big from him.
Traded TE Dwayne Allen to New England: The Colts swapped their sixth-rounder for the Patriots' fourth-rounder, and got out from under the remaining three years on Allen's contract.
Cut CB Patrick Robinson: He battled injuries for most of last season, and even when he was on the field, he wasn't any good.
Allowed OLB Erik Walden and S Mike Adams to walk in free agency: I'm not sure the Colts would've been able to match the price for Walden, who led them in sacks last season. Adams was an effective player, but the soon-to-be 36-year old obviously wasn't part of the Colts' future plans.
Didn't tender restricted free agents Zach Kerr, Josh McNary, or Jonotthan Harrison: Not tendering Kerr was a surprise, given the Colts' interior DL woes. He at least had shown himself to be an effective rotational player. Harrison's backup spot was like replaced by Schwenke, and McNary won't be missed.
Robert Mathis, Pat McAfee, and Joe Reitz retired: All three of those guys were well-liked and respected in the locker room, and that probably leaves an even bigger void than what they left on the field.