Perhaps whatever incentives are in Hakeem Nicks's contract will do their job and remind him to put forth more effort than he did when the Giants needed him so badly in 2013. Perhaps what happened with Nicks in 2013 had more to do with the overall collapse of the Giants' offense, and the pass-happy Colts and Andrew Luck will pump his numbers back up and he'll get his big deal next year, when the salary cap is expected to rise significantly again.
Perhaps the one-year deal is merely a stepping stone to a longer deal, and if the Colts like him he could continue talks and sign an extension during the season.
Nicks has failed to score a TD in 17 straight games and his knees are a concern. Still, it's a low-risk move for the Colts, who are likely trying to look for a long-term replacement for Reggie Wayne (torn ACL). The signing puts a small dent in T.Y. Hilton's upside, while Wayne's stock takes a bigger hit. As for Nicks, he has finished outside of the top 50 at his position for two straight seasons, but he's still just 26 years old and still has time to turn his career around, assuming he's fully healthy. His ADP in early drafts is in the 9th round and it might rise a bit with this change of scenery.