The center and guard missed the majority of his rookie season after injuring his ankle during the pre-season, featuring in just the final three games of the 2013 campaign.
The 24-year-old told the team's website: "I think it's a little bit more of an opportunity. I'm really excited. It's been great to get back out here and work with the guys. I'm ready to seize the opportunity.
"I pretty much missed all of training camp. It really did set me back in terms of competition and preparing to be ready.
"I had redshirted before, so had gone through the experience of being on the scout team and helping in that way. It didn't work out the way, individually at least, I was hoping for it to, but it was definitely not a wasted experience."
The Colts selected Holmes in the fourth round of last year's Draft.