Indianapolis Colts quarterback Andrew Luck (12) just signed the NFL's largest ever contract, with a payout of $140 million over six years. File photo by John Sommers II/UPI | License Photo
Andrew Luck agreed to a contract extension with the Colts through the 2021 season, owner Jim Irsay announced via Twitter on Wednesday.
The contract includes a record $87 million guaranteed and, according to Irsay, is worth $140 million over the next six seasons.
"Andrew has signed through 2021," read the tweet shared by Irsay and re-tweeted by the Indianapolis Colts.
Irsay followed up with a tweet about the deal being worth "$140 Million over 6 Years... Biggest Contract in NFL History... Congrats to #12!!!"
In a team-issued release not long after his initial tweet, Irsay said: "This is an exciting day for the organization and Colts fans around the globe. Andrew is the consummate professional, possesses extraordinary talent and is our leader on and off the field. When you consider what this team has accomplished in four seasons with Andrew under center, you cannot help but be thrilled about the future."
Precise terms of the deal were not immediately confirmed, but NFL Network reported Luck became the highest-paid player in league history, including more than $75 million in the first three years of the deal.
"I am thrilled to continue with this great organization. I am thankful to the Irsay family and Mr. Irsay," Luck said in a release.
Luck was scheduled to earn $16.1 million in the final season of his rookie deal, the fifth-year team option exercised by the Colts in March.
Irsay previously said he hopes to nail down a deal with Luck by July 4 for a "shocking" number. Some projected that contract will be worth $27 million-$30 million per year.
Based on the outline share by Irsay, Luck will average $23.3 million per season.
Quarterbacks often set the bar for salary, but none has more than $65 million guaranteed -- Philip Rivers with the San Diego Chargers and New York Giants starter Eli Manning.
Irsay said $47 million will be guaranteed upon signing. To receive the total guarantee of $87 million, Luck would need to be on the roster in March 2019, when he'll still be only 30 years old.
With Luck under contract, the Colts will soon trial their upgraded offensive line in what might shake up to be a highly improved AFC South division.
Houston believes it upgraded at quarterback, signing former Broncos backup Brock Osweiler to a $73 million deal, the Tennessee Titans added former NFL Offensive Player of the Year DeMarco Murray at running back and the Jacksonville Jaguars continued a makeover the focused on upgrading speed and depth on defense.
Luck took the Colts to the playoffs each of this first three seasons with a regular-season record of 11-5 each time but wound up on the sideline most of the 2015 season because of injuries and has been limited to date in the offseason.
However, Luck said he would be without limitations when Indianapolis reports to camp next month.
"I am thankful to the Irsay family and Mr. Irsay for providing me with this great opportunity and the trust that they've shown in me. I can't wait for this season to start," he said.