The Indianapolis Colts had an active Tuesday as the legal tampering period in NFL free agency really heats up. In the biggest news, Indianapolis traded away Pro Bowl cornerback Stephon Gilmore to the Dallas Cowboys.

Such a move will free up needed cap space for the Colts to make other moves. Additionally, the Colts completed another transaction that will provide even more flexibility this offseason.

Indianapolis has made the expected move to release quarterback Matt Ryan. There was a ton of speculation that this was coming, but it was officially reported on Tuesday.

The move to cut Ryan comes after trading for the veteran quarterback last offseason. Indianapolis sent a third-round draft pick to the Atlanta Falcons in exchange for Ryan in hopes of him leading them to the playoffs.

Unfortunately, things did not go as planned. Head coach Frank Reich was fired midseason, Ryan was benched, and the Colts struggled mightily en route to earning the No. 4 overall selection in the upcoming 2023 NFL Draft.

Ryan had his fair share of his good and bad during his play. He threw for 3,057 yards and 14 touchdowns in 12 starts last season. However, he also accounted for 13 interceptions during a forgettable stretch that has resulted in big changes in Indianapolis.

With Ryan out of the door, the Colts are shifting their focus to the future. Sitting inside the top-5, Indianapolis will almost surely come away with a top quarterback prospect this April.

The Colts met with Anthony Richardson during the NFL Combine. Additionally, Bryce Young, CJ Stroud, and Will Levis are all legitimate targets for Indianapolis on draft weekend.

By releasing Ryan, the Colts will take a hit of $18 million in dead money, but they do save $17 million in cap space. Maybe even more importantly though, the Colts are officially able to turn the page on the quarterback position.