PHOENIX — When Indianapolis Colts owner Carlie Irsay-Gordon sat down to speak with the media at the Arizona Biltmore Resort on Sunday, it marked another clear step in the franchise’s new era. For the first time in three years, the team’s owner spoke on the record at the NFL annual meeting, as Irsay-Gordon continues her first full offseason as the Colts’ principal owner. She took over for her late father, Jim Irsay, who died in May 2025 and had not spoken at the league meeting the last two years, and inherited a franchise that finds itself far from its glory days.

The Colts have missed the playoffs for five straight years and have not notched double-digit victories in a season since 2020, which was fittingly the last time they reached the postseason. Last season, at first, appeared to be different. Indianapolis began 8-2 before a litany of injuries, most notably quarterback Daniel Jones’ ruptured right Achilles tendon, derailed its promising campaign.

Irsay-Gordon spoke for roughly 35 minutes Sunday about why she still believes in the glimpse of greatness her team displayed last year and where it stands now. Here’s what she said and what I think it means.

On re-signing Jones and trusting him, despite his lengthy injury history: “Obviously, the human body is a mystery and everything points to his rehab going great, everything went well. And he’s gonna do all of the right things, so I’m really convicted that he’s gonna be (good). It’s sort of like last year, before we kind of faced some adversity and went downhill, it’s like we pressed pause on a movie and now we’re pressing play, and we get to see what happens at the end, which I think is gonna be a really cool thing.”

My analysis: Jones was undoubtedly the best QB the Colts have had since Philip Rivers in 2020 (not to be confused with the one who came out of retirement in 2025). During Indy’s 8-2 start, the team averaged 3.17 points per drive, which was the fourth-highest mark by a team through its first 10 games this century. Jones threw 15 touchdown passes against seven picks and held a 101.6 passer rating during that span. He also had five rushing touchdowns.

Irsay-Gordon appears to be banking on Jones putting together a full season in 2026, but, using her movie analogy, the sequel may not be much better than what we saw in 2025. The reality is that Jones is injury-prone, evidenced by him playing only one full season through his first seven. She also noted Jones’ chemistry with Colts coach and play caller Shane Steichen, as well as several players on the team — namely wide receiver Alec Pierce — wanting him back as big reasons he was retained. The Colts had no desire to start over at QB, she said, which is understandable. But I’m still more inclined to think this season won’t have the fairy-tale ending Irsay-Gordon is hoping for. Sports rarely work out that way.

Carlie Irsay-Gordon spoke with media members in January after the Colts’ season ended with six straight losses. (Mykal McEldowney / IndyStar)

On Anthony Richardson Sr.’s future with the franchise after he requested a trade: “(General manager Chris Ballard) can probably speak more to that, but I think Anthony, I’m proud of the way he’s handled himself. … He’s so immensely talented, and I feel like the world is his oyster. He totally has an opportunity to have a career in the NFL if he wants to. I just feel so bad that he’s getting the short end of the stick (with injuries).”

My analysis: I asked Irsay-Gordon directly if the Colts would like to trade Richardson before next month’s draft, and unsurprisingly, she did not give a definitive answer. To be fair, it probably wouldn’t be wise for any owner to speak on the future of a player amid a public trade request. But her response, in my opinion, reaffirmed that Richardson simply hasn’t worked out in Indy, and a change of scenery is likely a formality. The 23-year-old has started just 15 games through his first three years, and he’s thrown 11 touchdown passes against 13 interceptions. Irsay-Gordon added it would be easy to look back and say the team should have gone in a different direction, but she defended the Colts’ selection of Richardson, saying Sunday he was “the most talented player available” when he was drafted fourth in 2023. It would behoove the Colts to trade Richardson before the draft so they can immediately use whatever potential draft capital they recoup.

On if the team has improved since the end of last season: “I think we’re off to a great start. Obviously, getting Arden Key … and getting both Daniel and Alec signed, and one of the things I’m so excited about — that was so heartbreaking to me — is Justin Walley and Hunter Wohler coming back. … But this is just my layman’s view is that I think the path that we need is obviously D-line, and I think it’s a clear path as far as, ‘What are the pieces that we need?’ And I feel like there’s a lot of great opportunities in the draft.”

My analysis: Irsay-Gordon explained that it was difficult to part ways with veterans such as wide receiver Michael Pittman Jr. and linebacker Zaire Franklin, who were traded to the Pittsburgh Steelers and Green Bay Packers, respectively. But those moves were necessary because of “what’s best for the whole” team. The issue, from my perspective, is that while the Colts have moved on from five starters, including Pittman and Franklin, they haven’t found adequate replacements. Therefore, it’s more than fair to say the team hasn’t improved. It was also surprising to hear Irsay-Gordon mention Walley and Wohler, who missed their entire rookie seasons because of ACL and Lisfranc injuries, respectively. Could they be impact players in 2026? Sure, but that’s a lot of pressure to put on two guys who haven’t played an NFL snap.

The Colts have glaring holes at a few positions, most notably defensive end, and while the draft could offer some solutions, Indy also doesn’t have a first-round pick this year. Sure, Key may be a fine addition, but he should not be starting opposite Laiatu Latu on the edge. And if he is, the Colts will be in big trouble, especially if they don’t find a game-wrecking defensive end in the draft. Keep in mind, the Colts drafted former Ohio State edge rusher JT Tuimoloau in the second round last year, and he played just 24 percent of the team’s defensive snaps during his rookie campaign and was a healthy scratch a few times.

On whether the Colts have enough cash to compete with other teams in free agency: “We do. But I also think even if you have enough cash, you don’t want to (be reckless). I think that’s why setting a budget and being disciplined (are important) because what you don’t want to do is defer (money) in perpetuity. … There’s a lot of moving pieces, but I think we’ve shown this year that we’ve spent more than we have in a long time.”

My analysis: Irsay-Gordon dismissed the notion that Indianapolis has any financial restraints when it comes to constructing a team. The Colts signed Jones to a two-year, $88 million contract with $50 million fully guaranteed, and they signed Pierce to a four-year, $114 million deal with $60 million fully guaranteed, per Over the Cap. Those two contracts speak to the team’s willingness to spend big to retain its top talent and stay competitive, but the question now becomes: What next? The Colts have $26.6 million in cap space, according to Over the Cap, which should give them plenty of money to upgrade their roster, though as free agency wanes, there doesn’t appear to be a clear player left whom Indy should back up the Brink’s truck for.

On her end-of-season comments about the team’s sense of urgency being at its highest and how that’s been put into practice this offseason: “When you miss the playoffs for five years, you feel it. It’s palpable. … And so, I think part of it is just being with sort of the road that we’ve gone on, now it’s sort of like, ‘OK, we’re gonna empty the tank because we gotta go balls to the wall.’ And I think sometimes feeling that helps everyone sort of raise that waterline.”

My analysis: The only tangible thing I can point to and say that the Colts’ sense of urgency is higher than it’s been in the past, at least for one person, is the fact Ballard is entering the final year of his contract — without an extension — for the first time in his now 10-year tenure. But aside from Ballard’s murky future, Indy’s roster moves this offseason haven’t felt as palpably urgent as Irsay-Gordon suggested. Perhaps that could change with a home run draft, which is something Ballard can speak to more directly when he sits down with the media Monday afternoon, but if anyone is skeptical of the Colts’ offseason plan so far, they have every right to be.