The AFC South side gave up their first-round pick in this year's Draft to acquire the running back from the Cleveland Browns during the 2013 NFL season, but he did not match his production levels with the Browns at his new team.
The general manager told NBC Sport: "We got our first-round pick in September in Trent Richardson.
"Overall feeling is he's a tough, good, talented football player that has a broad skill set that's still learning what we do. We're optimistic about his future.
"Trent expects what we expect, and that's greatness. He has expectations of himself to be great. I think he's in a great place and we're in a great place with him. We're looking forward to having a great off-season with him."
Richardson, who rushed for 458 yards and three touchdowns during his 14 regular season games with the Colts, has recently undergone shoulder surgery.