NFL free agency is off and running, and we’re keeping track of every major signing, trade and release of the 2024 offseason, with analysis from our NFL Nation reporters and grades from our experts. The new league year begins at 4 p.m. ET Wednesday, which means free agent signings can be made official after that. The first round of the 2024 NFL draft begins April 25 on ESPN.

Here’s a breakdown of every 2024 NFL free agent signing by the Indianapolis Colts and how each will impact the upcoming season:

Flacco signed a one-year deal with a maximum value of $8.7 million and $4.5 million in guarantees.

What it means: This is as good an indication as any that the Colts continue to value their backup quarterback position. They learned the importance of the role first hand last season when rookie starter Anthony Richardson missed 13 games with injuries, providing backup Gardner Minshew with an opportunity to step in, and he responded by helping lead Indianapolis to the brink of the postseason. Minshew moved on this week, signing a deal with the Las Vegas Raiders. But Flacco, who won Comeback Player of the Year honors after leading the Browns to the postseason last season, gives them great leadership and mentorship capacity plus the ability to perform when called upon.

What’s the risk: The idea that adding Flacco might complicate things with Richardson is misguided. The Colts have left no question who their future quarterback is, and they aren’t going to be swayed by whatever happens in 2024. On the contrary, there could be some mild concern on the other end of the spectrum. If Flacco is needed for an extended period of time, keep in mind that he’s 39, and it’s possible his magic runs out at some point. He remains a savvy veteran, but he’d be better in spot duty at this age rather than playing for long stretches.