According to Yates, Indianapolis specifically converted $9 million of Kelly’s salary into a signing bonus, which in turn created $6.75 million in cap space.
Kelly, 28, is a former first-round pick by the Colts back in 2016 out of Alabama. He played out the fourth year of his four-year, $10.45 million rookie contract and made a base salary of $1.4 million for the 2019 season and made a base salary of $10.35 million in 2020 under his fifth-year option.
He’s entering the first year of a four-year, $50 million that includes $30 million guaranteed.
In 2020, Kelly appeared in 15 games for the Colts and Pro Football Focus rated him as the No. 13 overall center out of 36 qualifying players.