The team was considered "an outgrowth" of the Indianapolis Warriors, which played in the United Football League from 1961 to 1964, moved to Fort Wayne, Indiana, to become the Fort Wayne Warriors in 1965 with the Continental Football League (CFL), and then moved again to Montreal to become the Montreal Beavers with the CFL from 1966 to 1967.

On April 4, 1970, with the future of the COFL uncertain, the Capitols moved to the rival Atlantic Coast Football League.

[3] After one season in the ACFL, Indianapolis announced that it was ceasing operations due to a lack of fan support and adequate playing facilities.

[4] A reconstituted version of the Indianapolis Capitols started play in the Midwest Football League in 1972 as the Indiana Caps.

[8] They had a farm team agreement with the Detroit Lions of the National Football League (NFL) for the 1973 season.