Frankly, I would really like to be able to grab a good cover corner. To do this we'd have to clear up some space under the cap. Now, we're not as bad off as a lot of teams, but we're tight. Aside from hopefully getting Manning to rework his contract, I think that the major player we should let walk is James. I'd like to see us get another, much less expensive back who can platoon with Rhodes, who actually has great career numbers. Keeping Wayne is a top priority - aside from being pretty good, he's also pretty clutch (yes, a Colts player is clutch, don't fall off your chair).
Here is the list of FAs this offseason:
Aaron Moorehead WR RFA
Brad Pyatt WR RFA
Cato June LB RFA
David Thornton LB UFA
Edgerrin James RB UFA
Gary Brackett LB RFA
Gerome Sapp S RFA
James Mungro FB UFA
Joseph Jefferson S UFA
Keith O'Neil LB RFA
Larry Tripplett DT UFA
Makoa Freitas OT RFA
Mike Vanderjagt PK UFA
Raheem Brock DE UFA
Reggie Wayne WR UFA
Rob Morris LB UFA
Robert Mathis DE RFA
Rocky Calmus LB UFA
Troy Walters WR UFA
Now I already mentioned James and Wayne, so here's the rest.
Moorehead I'd like to keep. He's not terribly fast, but he's big at 6-3 and has good hands.
Pyatt, when he's healthy, is an extraordinary KR and PR.
I'd like to keep June, Thornton, and Brackett, but if I had to lose one, I'd let Thornton walk and try to get a LB in the draft. Plus, he's a UFA while the others are RFAs.
Gerome Sapp is alright, I guess. Not really an issue, sign him probably unless we want to grab a guy in the draft.
Same with Keith O'Neil. He's alright.
Tripplett I'd like to keep, personally.
Freitas is more or less replaceable, but I'd resign him I suppose.
My gut says let Vandy go, but my head says to keep him. Kickers are at a premium, and regardless of shanking the game-winner there, he makes a ton of kicks.
I'd like to keep both Brock and Mathis, but I don't know if we will. Can't really decide which to keep though.
Morris has been kind of a bust except on kick coverage, but that's not what we pay him for. I'll go out on a limb and say we can get someone cheaper.
Walters has never really impressed me, and he's the smallest of all our WRs. I'd let him walk.
Now, what we need. I'd like to get a good cornerback. Guys worth looking at (yeah, I realize a couple of these aren't exactly top-notch, but whatever) are Nate Clements (Bills, UFA), R.W. McQuarters (Lions, UFA), Andre Goodman (Lions, UFA), Will Allen (Giants, UFA), Ike Taylor (Steelers, RFA), and Jerry Azumah (Bears, RFA). There's a few other backups worth a look too, I suppose. McQuarters/Goodman and Azumah are good bets as far as being able to get them goes, when you consider the depth of their current teams at the CB position.
Now, to look for a semi-replacement for James to platoon with Rhodes.
Ahman Green will be a UFA, but he might be too expensive, and I'm not a fan of him anyway.
DeShaun Foster might be worth a look.
I'm curious as to how far Jamal Lewis' stock has fallen. If you remember, the year they won the super bowl, he shared some time with Priest Holmes, so platooning would be something he's done before.
Michael Bennett I kind of like and is worth looking into.
Ron Dayne also might be a good sleeper back to grab, considering his newfound dedication to bettering himself.
And then Chester Taylor has looked good this year.
As an alternative, we could trade up in the draft and get LenDale White, or, if I had my way, Lawrence Maroney, who reminds me a lot of Edgerrin James. Patient runner, sets up blockers well, good vision, explosive through the hole even though his 40 time isn't great. If we don't decide to trade up, Maurice Drew is a decent option as well.
So yeah, that's my analysis. You might not agree with it, but I think it would work.