The Indianapolis Star reports that the Colts have placed strong safety Bob Sanders on injured reserve with a torn left biceps. His season is now over.

Highly regarded as one of the premier safeties in the NFL, Sanders played in just two games this season while recording three tackles and one interception. This proceeds his 25-tackle, one-interception 2008 season in which he also battled injuries and started just six games.

Sanders is due to make $620,00 (plus a $2.17 million signing bonus and a $2.83 roster bonus) in 2010, $5.5 million in 2011 and $7 million in 2012. He turns 29 next February and beat writer Philip B. Wilson speculates that the Colts will cut their losses in the offseason to free up salary.

When healthy, Sanders is a game-changer from his safety position. He’s as versatile as Troy Polomalu and Ed Reed, and the best tackler of the trio. But injuries have ransacked his promising career and while he helped Indy win a Super Bowl a few years ago, maybe it is time to move on. He would certainly drum up a lot of interest on the free agent market because NFL teams are always in need of safeties.

His injury issues not withstanding, Sanders would definitely be worth the risk if the Colts do decide to part ways with him in the offseason.