Pro Football Focus came out with a list of their top 51 free agents this morning, and it serves to illustrate an important point to keep in mind when considering the potential free agent Colts.
None of them are on the list.
I don't want to over-dramatize this point, because it's just one list from one site, but it does illustrate the fact that the free agents the Colts have are simply not elite players. The best player on the list is of course, Joe Addai. Addai has five years in the league and severe neck issues. While he's a valuable member of the team (and a personal favorite of mine), bringing him back for anything other than a bargain basement deal doesn't make sense.
In fact, if the Colts don't manage to retain ANY of their own free agents from this class, it won't be a crisis. Every single Colt that could possibly walk is replaceable. There are several versatile guys, solid backups, good locker room guys, ect. and while all of that has some value, it does not change the fact that none of them are elite talents.
If the Colts bring back guys like Session, Bullitt and Johnson, it's fine. There's a role for them. Their return may or may not be helpful, but they alone don't make or break the Colts, and they certainly don't make the team better.
The Colts will have holes to fill in terms of depth (and a starting safety), but in the long run, they aren't facing a major talent drain from free agency.
Assuming, of course, they sign Peyton.