Colts.com says that despite all the hurts, the team is not going to cut Bob Sanders this offseason:

Colts GM Bill Polian reiterated he has no plans to cut safety Bob Sanders, even though Sanders has played in just eight games of the last two seasons since signing a five-year, $37 million contract. “There’s no way we would cut Bob Sanders unless he’s completely incapable of playing, and I don’t think that that’s the case,” Polian said on his radio show. “I think he’ll be back better than ever as the saying goes next summer. I see no situation where we would cut him. Trade? There’s an old saying, ‘Don’t ever trade anybody who can help you.’ I think Bob Sanders can help us a lot.”