9:12pm: Tom Pelissero of USA Today has more financial details on Allen’s contract (Twitter links). He’ll collect $17MM over the first two years if he earns $500K each season in 46-man roster bonuses. Allen got $11.5MM guaranteed at signing and is due a $2MM roster bonus in 2017.
7:16pm: The Colts have officially signed Allen, according to a team press release.
“From Jim Irsay and his family on down we are very pleased to announce the re-signing of Dwayne Allen,” said general manager Ryan Grigson. “Besides the broad skill set and overall talent level he brings, Dwayne’s tenacity and physicality has always been what has set him apart from the beginning. His genuine love for the people of this community, its fans and for the game of football is what makes him special.”
6:46pm: The Colts and tight end Dwayne Allen have agreed to a four-year, $29.4MM deal, according to Pro Football Talk (on Twitter). Allen, who was scheduled to hit free agency Wednesday, will receive a large portion of that money ($12MM, to be exact) next season, PFT adds. He’s now 13th among tight ends in total contract value. 
Allen has appeared in 43 regular-season games since the Colts selected him in the third round of the 2012 draft, totaling 91 receptions, 11.5 yards per catch, and 13 touchdowns.
Other than 2013, when he played only one game, Allen is coming off the least productive season of his career. The 26-year-old racked up just 16 catches in 13 games – averaging a meager 6.8 yards per reception – and registered a mere touchdown. Allen hasn’t been able to match the production he put up during a 45-catch, 521-yard rookie season, though he did record a personal-high eight touchdowns in 2014.
Given Allen’s career numbers, such an expensive contract looks like a significant coup for him and a head-scratcher for the Colts. It should also signal the end of fellow tight end Coby Fleener‘s time in Indianapolis. Fleener, also a 2012 draft pick, has far outpaced Allen statistically to this point in their careers, having accrued 50-plus catches in three straight seasons. He’s expected to reach the open market Wednesday.
Photo courtesty of USA Today Sports Images.