This is the dilemma. I expect the Colts to draft a WR. Likely high. And that creates a logjam.
TY; Funchess; Draft pick; Cain; Rogers; Johnson/Fountain. That's six right there, with the 7th on the practice squad. You sign Inman and you delay, or potentially terminate, the chances of Johnson or Fountain to be a Colt, IMO. That doesn't make signing Inman the wrong move: he was the team's most reliable receiver last season not named TY. But it does create a problem for a team that won't carry more than 6, and potentially only 5, WRs.
Could be, but I don't think that Cain, Fountain, and whomever the third rookie contract is will settle into being enough of a threat to help TY; which I think would be the goal of the #2WR. I would want the D to fear putting just one DB in that guy and apply more defensive resources to stop him. I think Inman/Funchess is viewed as a stop gap and the younger guys as depth, but that's not to say that any of the WRs can't/won't elevate their game.