INDIANAPOLIS -- The pick: Donte Moncrief, receiver, Mississippi

My take: The Colts are set at receiver next season with T.Y. Hilton, Reggie Wayne and Hakeem Nicks as their top three options, but they could have question marks there in 2015. Wayne and Nicks will both be free agents and it's uncertain how many more years the 35-year-old Wayne will continue to play.

Moncrief started all but one of the 37 games he played in at Mississippi. He had 59 receptions for a team-leading 938 yards last season.

The drafting of Moncrief means the Colts could end up releasing two of their three young receivers -- Da'Rick Rogers, Griff Whalen or LaVon Brazill -- depending on how many wideouts they want to keep on the roster next season.

Another third-round gem: Moncrief is the second receiver the Colts have selected in third round in the past three drafts. Hilton was taken with the No. 92 pick in 2012. And all Hilton has done is total 132 receptions for 1,944 yards and 12 touchdowns in his career.

What's next: The Colts have three picks -- in the fifth, sixth and seventh -- in the final four rounds Saturday.