"I think it will be a competitive situation," Del Rio said.
Del Rio also spoke about the fact that he is encouraged by Richardson's potential.
"What I saw when we brought him in and talked to him was a young man that was hungry to kind of leave that portion of his career behind him and start fresh," Del Rio said. "My challenge to him was, 'Look, I don't want you to worry about anything other than coming in here and competing your butt off every day. Come in here and be a great teammate. Come in here and find a role on special teams. Come in here and just grind every day with the hunger you had as a freshman at Alabama.'"
The deal is set to pay Richardson $3.9 million over two years but includes incentives that can raise the deal to $4 million per year, NFL.com reports.
Richardson joins a backfield featuring Latavius Murray, Roy Helu and Marcel Reece. Richardson has averaged 3.3 yards per carry over his career since being drafted No. 3 overall in 2012 by Cleveland.
Richardson scored 12 touchdowns as a rookie but has a total of seven in the past two seasons.
Richardson was cut by the
Richardson rushed for 950 yards his rookie season with the Browns. He has just 1,082 rushing yards since his rookie season.
"Me and the GM didn't see eye to eye," Richardson told Mike Wells of ESPN. "My next step, I'll be the starter. Indy didn't fit me."
Richardson, the No. 3 overall pick in the 2012 NFL Draft, was cut by the
"Special teams, scout teams, I did whatever they asked me despite it being a big slap in the face for me," Richardson said. "I really did whatever they asked me to do.
"Right now, I'm training until whoever wants a running back that runs downhill calls," Richardson said. "Whoever it is, I guarantee you it'll be the last place I play at. I guarantee you that. I'll never be traded unless I want to be traded. Being released will never happen again."
Richardson was the No. 3 overall pick in the 2012 NFL Draft by the Browns after a standout collegiate career at Alabama. His NFL career, however, has yet to pan out. After running for 950 yards and 11 touchdowns as a rookie, the Browns traded him to the Colts for a first-round pick two games into the 2013 season.
Richardson had an unimpressive two seasons with the Colts that ended in turmoil after he missed a walkthrough before the AFC Championship Game against the Patriots. He was suspended from the game as a result.
This move came after the Colts signed veteran running back Frank Gore when free agency opened on Tuesday.
Richardson finished the 2014 season with 519 yards and three touchdowns.
The Colts also announced that they waived running back Michael Hill.
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