"He is an outstanding producer down after down versus the run and pass," Grigson said in a team release. "He's a guy who plays at a championship level week after week and lays it on the line every time he steps out on the field. He is a great fit for our team."
But Grigson didn't get everything he wanted Tuesday.
After starting every game for the Colts for the past six years, safety Antoine Bethea signed a four-year, $26 million contract to join the San Francisco 49ers. That leaves the team searching for a starter opposite strong safety LaRon Landry.
Indianapolis also needs to add a starting center and is rumored to be looking for an upgrade at wide receiver.
With the re-signing of Davis, at least Grigson doesn't need to add cornerback to the agenda.
The 25-year-old technically was a free agent for less than an hour after the 4 p.m. start of the league's fiscal year. But other teams had been able to negotiate with his agent since Saturday. The strongest interest reportedly came from the New York Jets, and there were moments Monday night and Tuesday afternoon when it appeared Davis would leave for greener pastures.
Instead, the Colts met the market value in a suddenly skyrocketing economy at the position. The Miami Dolphins signed 30-year-old Brent Grimes to a four-year, $32 million deal last week, and the Green Bay Packers inked 26-year-old Sam Shields for four years and $39 million on Saturday.
New England's Aqib Talib and Tennessee's Alteraunn Verner are among the corners still on the market looking to cash in. Darrelle Revis could soon join them as the Tampa Bay Buccaneers are expected to release the veteran if they can not find a trade partner.