The Indianapolis Star reported Freeney will be paid $72 million over six years. His agent, Gary Wichard, also confirmed to a $30 million signing bonus.

The Star added Wichard and Colts President Bill Polian were working against a Monday deadline for Freeney's signing. If that did not happen, Freeney would have had to play the 2007 season under a one-year $9.43 million contract as the club's exclusive franchise player.

"I'm part of this team," Freeney said on the team's Web site earlier this year. "I'm not going anywhere -- I know my situation. I'm going to be here. I know I'm going to be here. I love the city of Indianapolis and playing for (Colts Coach) Tony Dungy."

The former first-round draft pick in 2002 out of Syracuse has 56 1/2 sacks and 178 tackles in five NFL seasons.