Zaire Franklin was under contract for 2024, but he will remain in place for years to come on a new, lucrative Colts contract. Indianapolis has agreed to a three-year, $31.26MM extension with the veteran linebacker, ESPN’s Adam Schefter reports.

Franklin has been with the Colts since his rookie year in 2018, but his value to the team over that span has increased dramatically over the past two seasons in particular. The former seventh-rounder has taken on full-time starting duties over that span, becoming even more of a centerpiece when the decision was made to move on from Shaquille Leonard.

Between the 2022 and ’23 campaigns, Franklin has totaled 346 tackles, 4.5 sacks, 12 pass breakups and four forced fumbles. That production had him in line for a notable raise compared to the three-year, $12MM extension he inked in 2022. ESPN’s Stephen Holder confirms the 27-year-old was eyeing a new pact reflecting his value to the Colts’ defense. The team certainly agreed with that sentiment, and long-term security for both sides is now in place. The Syracuse alum will become one of only nine inside linebackers averaging over $10MM per year once this extension kicks in.

In spite of Franklin’s strong play last season, the Colts ranked 24th against the run with an average of 124 yards per game allowed on the ground. Improvement in the front seven will no doubt be a key priority for general manager Chris Ballard, who has other notable pending free agents to try and retain. Among those is defensive tackle Grover Stewart, who could be set to cash in on the continued upward movement of the position’s market on a deal with an outside team.

Frankin is due $2.8MM in salary with a cap hit of $3.36MM in 2024 under the terms of his previous pact. Adjusting the latter figure will now be an option but in any case, the Colts will have one of their top defensive playmakers in the fold for years to come. The team entered Monday with over $49MM in cap space, so plenty of financial flexibility remains for further moves.