Colts fire general manager Ryan Grigson

The Indianapolis Colts have fired general manager Ryan Grigson, the team announced Saturday.

ESPN's Adam Schefter was the first to report the story.

The Colts promised an "important announcement" Saturday evening and this appears to be it.

The move comes after weeks of rumors about the future of Grigson and head coach Chuck Pagano, who each signed extensions last January tying them to the club for four years.

Colts owner Jim Irsay reportedly pursued former NFL coach-turned-ESPN color commentator Jon Gruden to take over as head coach this offseason, but was rebuffed.

Irsay is also rumored to have pursued Peyton Manning for a front-office role - perhaps taking over for Grigson.

Grigson joined the Colts in 2012 and made possibly the easiest selection in NFL draft history, adding Andrew Luck with the first overall pick.

Since then, Grigson has been widely criticized for failing to add sufficient talent around Luck. His subsequent first-round picks have netted the Colts pass-rushing bust Bjoern Werner, failed running back Trent Richardson (via trade), largely ineffective wideout Phillip Dorsett, and promising center Ryan Kelly.

Grigson's mid-round picks haven't been much better, and the Colts' inability to form a competent offensive line to protect Luck has been an unwavering criticism.

In free agency, many of Grigson's most notable signings have failed to pan out. Trent Cole made just five sacks in two seasons with the Colts and Andre Johnson appeared washed up in his lone season.

The Colts are tentatively expected to retain Pagano as head coach, though perhaps the team's next GM will have a say in that.