Colts release kicker Matt Gay, saving nearly $3 million on salary cap

INDIANAPOLIS — The Indianapolis Colts released Matt Gay on Thursday, a surprising move that came just two years after he became the NFL's highest-paid kicker.

He had two years remaining on his $22.5 million contract and while the move will save the Colts $2.75 million on this year's salary cap, Indy already was below the cap figure.

The bigger problem was Gay not meeting the lofty expectations after making more than 98% of his field goals in 2021-22 when he played for Los Angeles Rams.

He battled injuries throughout his Indy tenure but in the Colts' retractable roof dome, Gay managed to make only 80.5% of his field goal attempts in 2023. His percentage slightly improved to 83.8% last season, and he went 11 of 22 on attempts from 50 or more yards over those two seasons.

Gay now becomes an unrestricted free agent.