Back in the day, I used to get so excited about the open of free agency in NFL. Who would go? Who would stay? Who would get paid?

Bill Polian prefers to use Colts money to keep his best players. (US Presswire)

It also kept the NFL in the news, which fans loved, as did the league suits.

It still does a lot of that, but I now consider free agency to be an exercise in bad management, the money being spent on discards going way out of control.

If I happened to be an NFL general manager -- OK, so maybe I think I am sometimes -- you'd have to pry my checkbook open with a crowbar when free agency opened. The fans would complain that I was cheap, calling me every name in the book that went along with that reputation.

But I'd sit back and let it all come. I'd take the bullets. Why? I don't think spending big money for other people's castoffs is worth the risk.

One man's garbage is another man's treasure? No, it's usually garbage.

That's not to say you can't get deals on the market. And some of the players signed over the first weekend are good players. But they're out there for a reason, whether it's their age, not fitting in, losing a job or plain, old unworthiness.

Yet the money flew the past four days like the owners printed it. Before free agency started, some front-office personnel speculated that free agency wouldn't be this free-for-all many predicted it would be. Despite many of the league's teams having plenty of cap room, there were some who thought cash-strapped teams might prevent the free-agent orgy.

Are you kidding me? Caligula had nothing on this debauchery.

When guards (Alan Faneca) are getting $20 million in guaranteed money and a defensive tackle coming off an ACL injury is getting the highest contract ever for the position, there is something wrong.

Which brings me to the Indianapolis Colts. Bill Polian, the Colts general manager, may be a feisty, in-your-face general manager. And he may turn off some members of the media with his abrasive style -- I've faced the wrath before -- but he gets it when it comes to the right way to build football teams -- and keep them winning.

There theory is simple: Draft well and take care of your own.

On paper, the Colts haven't signed a free agent. In reality they've signed three, maybe having the best year of any of the teams.

They re-signed safety Bob Sanders, the NFL Defensive Player of the Year, and kept him off the market. They gave tight end Dallas Clark and guard Ryan Lilja, two keys to their offense, long-term extensions.

What they did was pretty much keep a team that won the AFC South last season and is a little over year removed from a Super Bowl victory, together for another title push. Asked about free agency at the combine, Polian had this to say.

"This year I'm approaching it by studying college film, cause we don't have any more money to spend," Polian said. "I think we had a hell of a free-agency period. Let's see, we got Dallas Clark, we got Ryan Lilja.. .. Bob Sanders. That's a pretty good free-agency crop by any measure."

In the past couple of years, the Colts have doled out $225 million in bonus money to extend the contracts of Peyton Manning, Reggie Wayne, Marvin Harrison and Dwight Freeney.

That's the way you do it. It's why the Colts are an elite team. The other elite teams do the same.

The New England Patriots, after spending to add Randy Moss and Wes Welker (new deal after trade) and linebacker Adalius Thomas last year in the offseason, the Patriots have not added one unrestricted free agent this year. They lost corners Asante Samuel and Randall Gay, but they kept Moss, linebacker Tedy Bruschi, special-teams ace Larry Izzo and deep snapper Lonnie Paxton.

The San Diego Chargers, who lost to the Patriots in the AFC title game, have added one player, linebacker Derek Smith, while losing running back Michael Turner (Falcons) and corner Drayton Florence (Jaguars). Those two didn't start, but got big money deals anyway. The Chargers could let them walk.

The defending Super Bowl champion New York Giants have re-signed their punter (Jeff Feagles) and kicker (Lawrence Tynes), while adding just one unrestricted free agent, safety Sammie Knight. Green Bay, where general manager Ted Thompson is as good as it gets when focusing on the draft and passing on free agency, hasn't signed a single player from another team. He didn't last year, either. The Packers actually added a second-round pick by trading defensive tackle Corey Williams to the Cleveland Browns.

The eight division winners from last season have signed 11 of their own players back since the free-agent period began. They've added just seven from other teams and they have two players who are franchised. By comparison, the eight teams that finished at the bottom of their divisions have signed 24 players from other teams and re-signed only 10 of their own. They have three players with franchise designations.

Bad teams do need more help than the good teams, which accounts for some of the disparity. But good teams also usually draft better, which means they usually want to keep their own.

By drafting well and keeping your own, it prevents bad misses in free agency. It can be really expensive doling out $20 million in guarantees for a player who is descending. Or $18 million in guarantees for a player who might have trouble fitting into your system.

At least by re-signing your own, you know what you're getting.

"The penalty for missing in free agency because of the cost of the players is greater than in any other personnel acquisition situation," Polian said. "If you give up a second for Booger McFarland and unfortunately he gets hurt and it causes you to lose him for a long period of time, I don't view that as a price nearly as high as having to pay what we paid for Corey Simon and not having him. The cost of missing is just greater, and I'm not a gambler. I don't even like to play bingo. I'd rather put my money in the envelope on Sunday. It's just a much bigger gamble on free agency."

Now that the first wave of free agency is ended, with most of the big-ticket items already gone, now might be the right time to dive in. There are bargains to be had. The smart teams always wait. The desperate teams don't.

Some players who are switching teams will work out. But others won't. And, like Polian said, those mistakes will be costly.

Free agency isn't the solution to fixing teams many thought it would be. If it were my money, it would be an orgy I would gladly sit out.