Update: James has reportedly told several friends that he wants to play for the Dolphins next season, the Miami Herald reports.

Recommendation: James can become an unrestricted free agent unless he re-signs with Indianapolis or is tagged as the team's franchise player. The Colts want to retain the running back's services, but naming him as their franchise player would cost approximately $6 million in cap space for 2005, which may be a little tricky given the long-term deals already in place for Peyton Manning and Marvin Harrison.