The Colts took Bob Sanders in the second round of the 2004 NFL Draft out of Iowa. He spent his first seven seasons in Indianapolis prior to the Colts recently cutting him. The safety received honors during his career, earning Pro Bowl and All Pro nods in 2005 and 2007. He was also named the Defensive Player of the Year in 2007. While we all now know that award is not necessarily handed to the best player, a guy has to be pretty productive to win that award.
At 5'8" and 206 pounds, Sanders is definitely small, but the Colts do not put a premium on size on defense. His production on the field led Bill Polian to give him a $37.5 million contract, but the safety did not live up to that deal as injuries derailed him. Some might question the wisdom on Polian giving out such a deal as Sanders' injury history was extensive even before that. The Colts did give him that deal anyway, and it led them to cut him after he could not produce.
Now the former star is a free agent and only 29 years old. He figures to have some suitors. The Jets have three contributors at safety who are free agents, including one starter. It is certainly possible that Sanders could end up on their radar.