So, looking into this a bit more:
1) Current top RB contract in NFL is Todd Gurley signed in 2018 for $57.500m over 4 years averaging $14.375m per season with $21.950m guaranteed.
So, since Bell wants to be paid top dollar, figure $14.500m or $15.000m per season for the price. Colts have $48m free in 2018, $124m free in 2019 (counting 2018 unused rollover) and $108m free in 2020.
The only salary cap "loss" is opportunity cost on signing Bell instead of some other high priced free agent down the road. Ballard has plenty of cap flexibility to decide what to do with it over the next couple of years.
We don't have a ton of internal free agents that are going to demand top dollar when resigned.
In 2019, top free agents are: Grant, Hunt, Slausson, Vinatieri (cheap), Woods, Desir, Turbin, Geathers, and Good. Grant, Hunt and Geathers might need large contracts if they continue to perform but no one else on the list will be paid anywhere near top dollar. They will have a lot to spend on new free agents.
2) Draft pick compensation. Colts have 5 picks in the top two rounders of the 2019 and 2020 drafts; 2 first round and 3 second round (NYJ 2nd round in 2019).
Rumor has it that PIT wants two first round pick like the Mack trade. Considering how "under valued" the RB position is when compared to a pass rusher, I cannot imagine that they think they will actually get that.
Considering that I think it is likely that one of those five draft picks over the next two years will be spent on RB (most likely a 2nd rounder, IMO), is spending a second draft pick on Bell worth it to get a proven performer? Offer two second round picks and wait until PIT realizes that no one is going to offer more.
3. Peformance.
5 years in league, played in 62 of 80 possible games.
4.3 yard per carry average on 1,229 rush attempts averaging 19.8 attempts per game and 86.1 yards per game.
8.5 yard per reception average on 312 receitpions averaging 5.0 receptions per game and 42.9 yards per game.
In my book, for those that watched Edge is first two years in the league before his injury, Bell is a very small step below him as a rusher and one small step above him as a receiver. He can do all phases of the game well.
4. Age. Bell was born 18 Feb 1992 and is 26 in 2018. 27 in 2019, 28 in 2020, 29 in 2021, 30 in 2022. Not "too" old yet but not a spring chicken in football years.
5. Attitude. No idea. Too many press stories and rumors floating around to decide if he is a cancer or someone who has not been treated well.
I am still on the "too expensive" road on Bell as I too undervalue the RB position. However, having a Bell type RB on the field this season would mean we are probably 3-0 rather than 1-2 in the games we have played thus far.
Walk Worthy,
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Thad
The future is so bright; I gotta triple up!  
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