4:12pm: Following a couple hours of uncertainty, a deal has been agreed upon. ESPN’s Adam Caplan reports that the Colts will sign Cole to a two-year deal worth $16MM, with $8MM guaranteed (via NFL on ESPN’s Twitter).
2:27pm: As of this minute, a source tells Josina Anderson of ESPN.com (on Twitter) that there’s “nothing done at all.”
11:49am: Despite additional confirmation from Mike Wells of ESPN.com (Twitter link) that Cole plans to sign with the Colts, Stephen Holder of the Indianapolis Star and Adam Caplan of ESPN.com (Twitter links) both say it’s not quite done yet, and that other teams may still be in the mix.
Cole, 32, was been a fixture on the Eagles’ defense since being selected by the club in the fifth round of the 2005 draft. During his 10 years in Philadelphia, Cole has played 155 games (145 starts), racking up 85.5 sacks, 569 tackles, and 19 forced fumbles. After posting six consecutive seasons with eight or more sacks from 2006 to 2011, Cole’s production has fallen off in recent years — he has just 17.5 sacks since 2012.
The advance metrics at Pro Football Focus (subscription required) Cole still ranked as the 19th best outside linebacker in a 3-4 scheme in 2014. That’s not as favorable as, say, his No. 7 ranking in 2013, but Cole has shown that he is still very productive.