Currently the Indianapolis Colts are drafting in the 18th overall position in the first round of the 2016 NFL Draft.
That is hardly a blessing as the Colts are one of the oldest teams in the NFL. The Colts will need to trim down their roster and rebuild through the draft and affordable free agents in order to return to contention again. The Colts are not willing to pay for Cole especially given his production. Cole is under a 2 year contract that should pay him $7 million a year and Cole only recorded 3 sacks in 2015. Cole also recorded 2 forced fumbles, 3 pass defenses, and 32 combined tackles, but only started in 5 (that's right 5) games.
The Colts will save around $6.125 in cap space and considering the needs on their roster they are going to need a ton of space. Other veterans such as starting running back Frank Gore and Andre Johnson have seemingly regressed which makes the Colts question whether or not targeting 30 plus old veterans is a smart idea.
The Colts seem to be moving away from that idea and with Cole being 33 he could be on the chopping block. The Colts are also trying to lock Andrew Luck down to a long term deal and that will be very difficult to do especially without the right amount of cap space.