The Indianapolis Colts announced on Wednesday that quarterback Andrew Luck has signed a contract extension. The value of the deal is not known yet, but Jim Irsay confirmed the deal is through 2021. As we hear more numbers, we’ll update this article.
Luck was previously signed through 2016, with this year being his fifth-year option. He was due a salary of $16,155,000 this season. It was fully guaranteed, and was a cap hit in that amount. I would guess the new deal tears up that one-year option and lowers the first year cap hit considerably. The Colts currently have $16 million in cap space factoring in the $16.155 million hit, so they’re in decent shape cap wise.
The big question will be how much guaranteed money is in the deal. There had been some chatter Luck might score a ten year deal, but that ended up not happening. Ian Rapoport is now reporting the deal is worth more than Joe Flacco’s $22.1 million per year, making Luck the highest paid player in the NFL.
More info coming in:
#Colts QB Andrew Luck's 5-year extension pays him $75M over the first 3 years, source said. Slightly less over final 2 years.— Ian Rapoport (@RapSheet) June 29, 2016
Details on Andrew Luck deal:— Adam Schefter (@AdamSchefter) June 29, 2016
5-year extension (6-year deal).
Just north of $139 million (a record).
$87 million in guarantees (a record).