7:23pm: Irsay would be “surprised” if Luck’s extension is not completed by the start of training camp, as Mike Wells of ESPN.com writes. Wells further reports that Irsay still believes the deal could be consummated as early as July 4.
12:05pm: The Colts and quarterback Andrew Luck are on track to complete a massive multi-year extension at some point in July, sources tell Ian Rapoport of NFL.com. The two sides have been talking since February about a deal that would likely make Luck the highest-paid player in NFL history. 
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Right now, Joe Flacco currently holds that distinction with a deal that pays him $22.13MM/year. Rapoport surmises that Luck’s deal could reach the $25MM/year mark, an expectation shared by others in football. As of this writing, Luck is slated to make $16.155MM if he plays out his fifth-year option in 2016. If no deal is reached, the Colts could retain luck with the exclusive franchise tags in 2017 and 2018 at estimated salaries of $25MM and $35MM. With those numbers in mind, Rapoport suggests that a three-year, $76MM figure may serve as the basis for negotiations.
In a surprising twist, Rapoport hears that Colts owner Jim Irsay originally wanted Luck under contract for ten years, which would effectively be a lifetime contract. However, the organization has since backed down from that timeframe and settled on a more realistic five-or-six-year offer.
The former No. 1 overall pick completed just 55% of his passes in his fourth season. Prior to that, however, Luck led the NFL with 40 touchdown passes in 2014. Since going 2-14 in the bridge year between Manning and Luck, the Colts posted three consecutive 11-5 seasons between 2012 and 2014. In 2015, the Colts went 8-8 as Luck spent much of the year on the sidelines.
In March, Irsay mentioned July 4 as a target date for getting a contract extension done with his star quarterback.
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