Both will become unrestricted free agents next month.
Collie just couldn't stay healthy. He wound up on season-ending injured reserve in September with a ruptured patellar tendon in his right knee and there were continual concerns about a series of concussions he had.
Freeney, Indy's career sacks leader, turns 33 next week. His sacks totals declined for a third straight year in 2012, this time after moving from defensive end to outside linebacker.
Team owner Jim Irsay said in a statement that few players had more impact on the Colts' success than Freeney, who Irsay calls an ''artist'' and a ''joy to watch.''