Earlier this offseason, the Colts elected to pick up Kwity Paye‘s fifth-year option. The ascending edge rusher is therefore on the books through 2025, and neither team nor player appears to be interested in working out an extension in the near future. 
A report in May indicated the Colts have not engaged in extension talks with Paye, who has seen incremental improvement in production during each of his three seasons in the NFL. The former No. 21 pick is part of an edge contingent which also features the likes of Dayo Odeyingbo, Samson Ebukam and first-round rookie Laiatu Latu. His performance working alongside them will go a long way in determining his value on a second Colts contract.
“I’m excited that [general manager] Chris Ballard picked up my fifth year,” Paye said in an interview with Justin Melo of the Draft Network. “I see it as a prove-it thing now more than anything. I want to prove that I’m what this team needs in a pass rusher moving forward. I’m going to get out there and get the sacks, get the production.
“After I do that, we’ll have those contract discussions next offseason. For the most part, I’m not really worried about that [in 2024]. I’m worried about having my best season yet. We’ll discuss all that other stuff next offseason.”
Paye, 25, has started all 43 of his games and logged a steady defensive snap share during that span. Further progress both against the run and in the pass-rush department would help the Colts’ defense (a unit which was already strong up front last year) as well as his bargaining power. Paye could make a case for a deal near the top of the edge market if he takes a notable step forward in 2024, especially if the salary cap continues to rise and Indianapolis remains committed to quarterback Anthony Richardson on his rookie deal.
The Colts are currently on track to sit mid-pack with respect to cap space next offseason, although plenty of things will change in that respect between now and then. Part of the team’s plan will be centered on whether or not a lucrative Paye commitment will be worthwhile, and he appears to be content letting his 2024 performance dictate his value.
The Colts would be wise to extend him to a team friendly deal before he potentially breaks out further, imo. If Ballard could get Paye to sign a 3yr, $45 mill contact today, that would be a great move for the team. And he would be wise to wait until he really breaks out to sign an extension. He wouldn’t get a big deal now but could legit be one of the highest paid edges if he has elite seasons in 24 and even 25 on the 5th year option. But the price could go up to 3yr $75 mill if Paye plays like a top 10 edge next year.
Yeah, even a baby step forward gets him to 10 sacks in the season when he turns 26, and that will up his price a good notch. And having Latu for offenses to worry about will only help his cause.
Completely agree. I’m surprised Ballard, according to this article, isn’t trying to sign him early.