Under the right of first refusal, the Colts had seven days to match.
Financial contract terms were not disclosed for Utecht, who made $440,160 last year.
The 6-foot-6, 251-pounder from Minnesota played 41 games with 30 starts for the Colts. He has five postseason starts, including the Colts' Super Bowl victory last year. Utecht played in 14 games last season, with 31 catches for 364 yards and one touchdown.
The Bengals said Friday they wouldn't be required to compensate Indianapolis with a draft choice for Utecht, who entered the NFL as a college free agent.
Information from The Associated Press was used in this report.