The 2026 NFL Draft kicks off in a matter of hours and while most fan bases will soon reach peak frenzy, that may not be the case for Indianapolis Colts fans. For starters, the Colts don’t own a first-round pick — and they won’t have one next year, either, after sending two first-rounders to the Jets in the Sauce Gardner trade.

Their first selection comes at No. 47 overall in Round 2 on Friday. But even that may not come quickly; GM Chris Ballard has already floated the idea of trading down. In other words, “waiting until Friday night” could easily turn into “wake me up when they finally pick.”

That’s not to say there won’t be anything for Indy fans to keep an eye on. The reality is, after a ton of offseason changes in Indianapolis, there will be a lot riding on these seven rounds — the last six, anyway. Here’s what to watch as the Colts enter draft weekend without much certainty, but plenty on the line.

Trades Galore

Ballard didn’t just float the idea of trading down from No. 47. With the Colts having only seven total selections — and just two in the top 100 — the GM said they’d be “active” and that could mean more than a few moves down to accumulate picks.

Here’s a look at which 2026 draft picks the Colts currently own:

Round 2: No. 47
Round 3: No. 78
Round 4: No. 113
Round 5: No. 156
Round 6: No. 214 (from Steelers via Michael Pittman Jr. trade)
Round 7: No. 249 (Compensatory)
Round 7: No. 254 (Compensatory)

The idea behind trading down, of course, is to fill more of the holes created this offseason. Let’s take a look at what the Colts have done so far:

Free agents retained: The Colts gave quarterback Daniel Jones and wide receiver Alec Pierce record-breaking deals to stay put.
Losses: Gone are wide receiver Michael Pittman Jr, linebacker Zaire Franklin, offensive tackle Braden Smith, edge rusher Kwity Paye, defensive lineman Neville Gallimore, and safety Nick Cross.
Additions: Arrivals include edge rushers Arden Key and Michael Clemons, and defensive linemen Colby Wooden and Derrick Nnadi. They also added safety Jonathan Owens and linebacker Akeem Davis-Gaither.

The Colts need significant defensive reinforcements, particularly at linebacker and edge rusher. Losing Smith hurts, especially with Jones coming off a ruptured Achilles tendon suffered in Week 14 (it’s uncertain if he’ll be ready for the regular-season opener). And trading the talented Pittman to the Steelers means oft-injured Josh Downs is now their No. 2 receiver.

The Colts do have $26.6 million in cap space. Meanwhile, backup quarterback Anthony Richardson, the No. 4 overall pick three years ago, and cornerback Kenny Moore II have both requested trades and could be moved during the draft.

The potential is there for fireworks.

Who Will the Colts Pick?

The answer, of course, depends on availability and whether the Colts trade back. That said, here’s a look at some names that have been tossed around as possibilities at No. 47, based on the Colts’ needs.

Best Fits

Jacob Rodriguez, LB, Texas Tech: Butkus Award winner has a wide range of possible landing spots; he’s a big-time playmaker with monster stats.
Anthony Hill Jr., LB, Texas: Will Hill be there at No. 47? Slightly unlikely, but not impossible. Fast. Violent. He’d be a great pick.

Long Shots

Cashius Howell, EDGE, Texas A&M: Probably won’t be on the board at No. 47, but there IS a path where he falls … and why not dream big?
Gabe Jacas, EDGE, Illinois: Could go anywhere from 30-70 overall; has a high motor that created double-digit sacks.
Malachi Lawrence, EDGE, UCF: A slightly more realistic option than Howell, projects to have 6-8 sack upside, with room to grow.

Safety Nets

Jake Golday, LB, Cincinnati: Not the flashiest name, but he’ll likely be available. He’s a safe and logical fit.
De’Zhaun Stribling, WR, Ole Miss: Also someone who’ll likely be there at No. 47 and would fill a need with Pittman gone; still, a less-likely selection than the defenders above.

The reality for the Colts is despite starting 8-2 last season, an 0-7 finish put them out of the playoffs. It means they’ve missed the playoffs for five straight years, tied for the third-longest drought in the NFL.

The good feelings that came with that tremendous start have faded. The Colts won one game after trading for Gardner, and it’s difficult to view them as a better team now than they had been before the offseason moves.

The importance of hitting on later-round picks in this draft is through the roof.

What Will the Colts’ Biggest Competitors Do?

Some good news for the Colts: there are worse drafts to be without a first-round pick.

We know who’s going No. 1 — you’d have to bet $20,000 to make a $100 profit on Fernando Mendoza (-20000) going first overall to the Raiders. After that, there will be a whole lot of defensive players taken. Many receivers will go off the board, along with one great running back. There may not be another quarterback taken in the first round after Mendoza (Ty Simpson, a polarizing prospect with a wide range of possible landing spots, is in play, but he’s no lock).

As for the Colts’ division competitors, only two picks in Round 1 are currently owned by AFC South teams, and just one of those is in the top 27: the Titans at No. 4. The odds are on them taking Notre Dame running back Jeremiyah Love (-135 to go No. 4). The other AFC South team with a pick in Round 1 is the Houston Texas at No. 28. It would seem sensible for Houston to get some offensive line help (perhaps Alabama offensive tackle Kaydn Proctor) to keep C.J. Stroud upright. The Texans could also add to their tremendous strength, the defense, giving the Colts an even bigger headache. As for the Jaguars, they have no Round 1 pick after trading it away in last year’s blockbuster with the Browns that netted them Travis Hunter at No. 2 overall.

Another first-rounder of note to Colts fans comes at No. 16, the pick Indy owned before trading it — along with next year’s first-rounder and wide receiver Adonai Mitchell — to the Jets for Sauce Gardner. Will the Jets look to give their new/old quarterback Geno Smith another pass-catching weapon here? Or did Mitchell show enough flash (two TD catches for the Jets after the trade and a 12.5 yards per catch average) that they’ll fill a different need?

There’s a lot to keep an eye on. Here’s how to do it.

How to Watch

The 2026 NFL Draft will be held in Pittsburgh and will air on ESPN and NFL Network.

Day 1: Thursday, April 23 (8 p.m. ET) — Round 1 (8 minutes per pick)
Day 2: Friday, April 24 (7 p.m. ET) — Rounds 2 (7 minutes per pick) and 3 (5 minutes per pick)
Day 3: Saturday, April 25 (Noon ET) — Rounds 4-7 (Round 4-6: 5 minutes per pick; Round 7: 4 minutes per pick)

Main Image: Mykal McEldowney/IndyStar / USA TODAY NETWORK via Imagn Images