The news is that Dom Rhodes didn't make the Bills squad. First, that's sad for Dom. He's a Classic Colt waiting to happen, and we wish him the best, but there's a bigger story here.
Assuming Dom is healthy, the Colts HAVE to take a serious look at him as their third running back. Dom knows the system, and is a superior option to the perpetually banged up Mike Hart and the ineffectual Chad Simpson and Lance Ball. Ball and Simpson averaged 2.5 and 2.8 YPC respectively this preseason. Mike Hart is a fan favorite, but is coming off a blown ACL and battled injuries all preseason. He had 1 carry for zero yards.
Dom Rhodes had 19 carries for 64 yards (3.4 YPC). That's not awesome, but it's essentially what he did last year.
As a third string back, he's a better option right now than anything the Colts currently have on the roster.