Colts Announce They Cut K Matt Gay

The team signed him to a major free agent contract (for a kicker) just two years ago. However, the veteran has battled some injuries and inconsistency since then. 

Indianapolis has K Spencer Shrader still on the roster, who filled in for Gay last year and now looks like he’s the starter, though it wouldn’t be surprising at all to see the Colts add competition. 

Cutting Gay saves the Colts $2.75 million in cap space with $4 million in dead money, per Over The Cap.

Gay, 31, was drafted by the Buccaneers in the fifth round out of Utah in 2019. He was entering the second year of his four-year, $2.8 million deal when Tampa Bay waived him coming out of camp.

Gay signed on to the Colts practice squad, but the Rams signed him off of Indianapolis’ practice squad back in November of 2020. He returned to the team on a restricted free agent deal in 2022.

He was testing the market as an unrestricted free agent when he returned to the Colts on a four-year, $22.5 million deal, the highest free agent deal for a kicker at the time. 

Gay was due base salaries of $4.75 million in each of the final two years of his deal. 

In 2024, Gay appeared in 16 games for the Colts and made 31 of 37 field goal attempts (83.8 percent) and 33 of 33 extra points.