Opposing quarterbacks had a 54.0 passer rating when targeting Walley in coverage in 2024, per Pro Football Focus.
The 22-year-old Walley ran a 4.40-second 40-yard dash at the NFL Combine earlier this year. He played outside cornerback during his time at Minnesota.
Walley is a native of D’Iberville, Miss. and earned Academic All-Big Ten honors twice during his time in college.
With the Colts, Walley will join a cornerback room that added veteran Charvarius Ward in free agency and returns Kenny Moore II, Jaylon Jones, JuJu Brents and Sam Womack III, among others. The Colts also signed veteran Corey Ballentine in free agency.