Franchise Freeney - Which they already said they will. They probably won't be able to sign him for less than 7 million. If they franchise him it will cost about 9 million. essentially most of the salary cap increase is going to go to Freeney. Hopefully some of it will be left to address some of these other issues. If they can't get Freeney to sign low, they will have to cut some of the OL next year which will probably happen anyway.
Cut Simon - They have DTs that are working and Regor will be back next year, they will have a solid rotation. I am 90% sure that will happen anyway.
Cut Mungro - They have Klecko who doubles as a FB and DT.
Cut Stokley - The lineup is so much better with two tight-ends because of the versatility of Clark and Fletcher. They just need a backup and Stokley make about a million per year.
Trade Harrison - I know this will never happen; however, he does nothing in the post season and refues to make contact. The Colts would be better off with less expensive free-agents or rookies. The Colts need more physical young talent at WR. What they need most in Harrisons absence are two young receivers. One to come in and start and one to be a backup.
Take a hard stance with June - To be exact, don't let him break the bank. Only resign him for reasonable money. I would not resign him for more than 2.5 million period. He really didn't play that well last year and missed a lot of tackles. The only good thing about him is that he makes a lot of tackles behind the line of scrimmage. The Colts aren't a great team at linebacker. Essentially, the guys that are starting aren't much better than the guys on the bench so while June might be a better linebacker than everybody else on the team, I don't think that he is that much better. I know he made the pro-bowl, but he can be replaced by a number 1 pick, or sign him for one more year with the intention of letting him go next year to be replaced by a number 1 pick.
Resign Rhodes for a reasonable deal - Since he plays a lot now he deserves 1 - 2 million. If he wants more than that, I would take my chances in the draft or the low-end free agent market. They could also backload his contract. I think that Harper becomes a free agent next year. I would let him go to give Rhodes a better contract. The Colts are pretty deep in the secondary. Sanders is the only franchise player in the secondary.
Round 1 - A large and quick LB t or DE. I know. why would I draft a DE? If they find a better pass rusher than Mathis, I would move Mathis to LB because he would be a hell of a linebacker. However, the Colts aren't much for developing players at new positions so that may never happen. However, Polian said that it was considered this season.
Round 2 - Oops I forgot that the colts traded their second round pick for McFarland.
Round 3 - Back-up WR or a RB to replace Rhodes. (you know that the Colts won't get rid of Harrison so to get a back-up to replace Stokley, they have draft or get a low-end free-agent). Moorehead is the first back-up, but they need one more.
On ESPN.com they mentioned that they Colts might try to find some larger backups to deal with power-running teams. That may work espespcially at linebacker. I doubt that much will happen at DT though. Granted they are still light in the DT department, but, I think that with a 4 man rotation, and 3 of the guys being pretty solid, that they will be okay at this position. However, a supergiant DT on Freeney's side to stop the double teams would be nice. If they could find somebody past their prime, on the scrap heap, or in the draft who wouldn't cost a lot.