Colts Release Kicker Matt Gay, Save $2.75 Million

The Indianapolis Colts have released kicker Matt Gay, a surprising decision given his four-year, $22.5 million contract signed in 2023. Despite a solid performance with a 98.6% success rate on extra points, Gay struggled with field goals over 50 yards, missing six of nine attempts during the last season. This move leaves Spencer Shrader as the lone kicker for the Colts, who had been signed earlier this year. The release of Gay, who had two years left on his contract, will incur $4 million in dead money while freeing up $2.75 million in cap space. Gay's career includes a Super Bowl victory with the Los Angeles Rams and a career field goal success rate of 85.5%. His performance decline in Indianapolis may have influenced the team's decision to proceed with a less experienced kicker.