Every year during April, each NFL franchise seeks to add new players to its roster through a collegiate draft known as "the NFL Annual Player Selection Meeting", which is more commonly known as the NFL Draft. Find out which players are added and removed from the Indianapolis Colts roster.

Teams are ranked in inverse order based on the previous season's record, with the worst record picking first, and the second worst picking second and so on. The two exceptions to this order are made for teams that appeared in the roster previous Super Bowl; the Super Bowl champion always picks 32nd, and the Super Bowl loser always picks 31st.

The draft proceeds for 7 rounds. Rounds 1–3 are run on Saturday of draft weekend, rounds 4–7 are run on Sunday. Teams are given a limited amount of time to make their picks. If the pick is not made in the allotted time, subsequent teams in the draft may draft before them. This happened in 2003 to the Minnesota Vikings.

Teams have the option of trading away their picks to other teams for different picks, players, cash, or a combination thereof. While player-for-player trades are rare during the rest of the year (especially in comparison to the other major league sports), trades are far more common on draft day. In 1989, in arguably the most famous draft day trade ever, the Dallas Cowboys traded running back Herschel Walker to the Minnesota Vikings for five veteran players and six draft picks over 3 years. The Cowboys would use these picks to leverage trades for additional draft picks and veteran players. Indianapolis Colts roster. As a direct result of this trade, they would draft many of the stars that would help them win 3 Super Bowls in the 1990s, including Emmitt Smith, Russell Maryland and Darren Woodson.

The first pick in the draft is often taken to be the best overall player in the rookie class. This may or may not be true, since teams often select players based more on needs than on overall skill. Plus, comparing players at different positions is difficult to do. Still, it is considered a great honor to be a Indianapolis Colts roster first-round pick, and a greater honor to be the first overall pick. The very last pick in the draft is known as Mr. Irrelevant, and is the subject of a dinner in his honor in Newport Beach, California.

Drafted players may only negotiate with the team that drafted them (or to another team if their rights were traded away). The drafting team has one year to sign the player. If they do not do so, the player may reenter the draft and can be drafted by another team. Bo Jackson famously sat out a season in this way.