Colts owner Jim Irsay announced via Twitter that the Colts have released safety Bob Sanders.

The one-time defensive player of the year is a wonder to behold when he’s on the field, but his body has let him down repeatedly and it’s hard to depend on him and pay him a big number.

He made a $2.75 million base salary in 2010 and was due $5.5 million in base salary in 2011. There had been talk of a renegotiated deal, but clearly they couldn’t come to an agreement on that.

If he’s recovered or is on track to be OK after the arm injury he suffered in the season opener, I expect several teams will consider him worth a roll of the dice.

If he’d take a minimum deal loaded with incentives, it could be a win-win situation. I would think the Colts offered him as much, so it may take some time for him to come to terms with that being as well as he can do.

The AFC South has two very safety-needy teams in Houston and Jacksonville, and the Titans will likely be looking to make Chris Hope at least compete for his strong safety slot.

Why not consider taking a chance on Sanders while putting a plan for a young player at the position in action too? If Sanders can hold together for one last go-round and you put him in position to hit Indy running backs, Dallas Clark, Reggie Wayne and Peyton Manning, you could strike gold.

And if you strike out instead, you won’t have lost much.