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Shrader is the only remaining kicker on Indianapolis' roster following the release of Matt Gay on Thursday.

Analysis: Shrader inked a two-year deal with the Colts mid-March after a tumultuous rookie campaign, in which he appeared in four combined games between Indianapolis, Kansas City and the Jets. He converted all five of his field-goal tries and all nine extra-point attempts across those appearances. Gay, meanwhile, went 31 for 37 on field-goal tries across 16 regular-season appearances with the Colts, with all six misses coming from 50-plus yards out. Indianapolis will doubtless bring in further options to compete with Shrader this offseason, but Gay's release provides him a clear path to securing the No. 1 job.

The Colts released Gay on Thursday.

Analysis: Gay inked a four-year, $22.5 million deal with Indianapolis in 2023 and was reliable as a kicker from inside 50 in 2024, so his release comes as a surprise. The decision to move on from Gay is seemingly related to the fact that he missed six of his nine field-goal attempts from 50-plus yards out last year, recording an 80 percent conversion rate overall (31 of 37) across 16 regular-season appearances. The transaction leaves Spencer Shrader as the only kicker on the Colts' roster.

Lazard and the Jets have agreed to reduce his 2025 salary from $11 million to $2.5 million, Adam Schefter of ESPN reports.

Analysis: It's the third season of a four-year contract that now includes $1.75 million guaranteed for 2025, after Lazard barely played in 2023 but rebounded last season to score six touchdowns in 12 games (10 starts). He turned 29 in December and may now end up in an open competition for WR roles behind No. 1 Garrett Wilson. This will be Lazard's first season playing for a team that doesn't have QB Aaron Rodgers.