With fellow free agent Allen Robinson headed to Chicago and Allen Hurns a candidate to be released, the Jaguars unsurprisingly ramped up their interest in retaining Lee, a 2014 second-round pick who averaged four catches for 52 yards over 30 games the past two years.
Moncrief certainly has potential given his size, speed and ball skills but his services will no longer be with the Colts as he stays in the division to help the rival Jaguars.
Lee, 26, appeared in 14 games last season, his fourth with the Jaguars, and hauled in 56 catches for 702 yards and three touchdowns, helping the team reach the AFC Championship Game. His best season in Indianapolis came in 2015 where he had 64 receptions for 733 yards and six touchdowns. Moncrief has been limited to 21 games over the past two seasons due to injuries, but he doesn't turn 25 until August and has flashed a high ceiling at times.