Jason LaCanfora is reporting that the Colts have notified Kelvin Hayden that he will be cut. While the move will free up a bit of cap room, the penalty is sizable. The penalty suggests the move was made less for financial reasons and more because the Colts have faith in their other corners, no faith in Hayden, or that an impending move is on the way.
The move could be just to re-sign Joseph Addai and/or Charlie Johnson, or could be a rare dip into the free agent market. Coltzilla will follow the story as it develops.