The Colts have announced the signing of quarterback Andrew Luck to a six-year, $140MM contract extension that will keep him in Indianapolis through at least the 2021 season. The deal – which pays Luck $75MM over its first three years – is the richest in NFL history and includes $87MM in guarantees and $44MM guaranteed at signing. 
Before Wednesday, Giants quarterback Eli Manning and Chargers signal-caller Philip Rivers tied for the record in total guarantees at $65MM. Going by both total and yearly average ($23.3MM), Luck now has the crown. That AAV tops the Ravens’ Joe Flacco ($22.1MM), the Packers’ Aaron Rodgers ($22MM), the Seahawks’ Russell Wilson ($21.9MM), the Steelers’ Ben Roethlisberger ($21.85MM), Manning ($21MM) and Rivers ($20.8MM).
Without a deal for Luck – who was entering his fifth-year option season – the Colts could have retained the passer with the exclusive franchise tags in 2017 and 2018 at estimated salaries of $25MM and $35MM. Given those numbers, a three-year, $76MM figure was long expected to serve as the basis for negotiations.
Luck, whom the Colts chose No. 1 overall out of Stanford in the 2012 draft, completed just 55.3% of his passes and logged 15 touchdowns against 12 interceptions in his injury-riddled, seven-game fourth season. Prior to that, however, he led the league with 40 touchdown passes in 2014 and helped guide the Colts to an AFC title game berth. After going 2-14 in the bridge year between the Peyton Manning era and Luck’s tenure, the Colts posted three consecutive 11-5 seasons from 2012-2014. With Luck on the sideline for most of last season, Indy finished 8-8 and failed to make the playoffs.
Luck’s new contract ends one year after the CBA expires and a year before the current TV deals are done. Although Luck will be 32 then, he could be in line for a much larger deal on the other side of this lucrative extension.
Back in March, Colts owner Jim Irsay mentioned July 4 as a target date for getting an extension done with Luck. Now, the two sides have struck a deal well in advance of the holiday weekend.
ESPN’s Adam Schefter first reported the extension. Contract details courtesy of Pro Football Talk’s Mike Florio. Photo courtesy of USA Today Sports Images.