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Jim Irsay: New Contract for Andrew Luck Likely Not Coming Until Next Offseason

Jim Irsay, owner and CEO of the Colts, said on Monday that he doesn't expect a new contract for quarterback Andrew Luck until next offseason.

Jim Rogash/Getty Images

With the Colts' free agent spending this offseason, it was fully expected that they wouldn't be extending quarterback Andrew Luck's contract this year.  Team owner and CEO Jim Irsay confirmed that theory on Monday when meeting with the media at the annual league meetings, saying that instead his plan is for Luck to be given a new contract next offseason.

<blockquote class="twitter-tweet" lang="en"><p>Irsay said they likely won&#39;t address Andrew Luck&#39;s contract until next offseason</p>&mdash; Mike Wells (@MikeWellsNFL) <a href="">March 23, 2015</a></blockquote> <script async src="//" charset="utf-8"></script>

Ever since it became apparent that the Colts likely wouldn't be extending Luck this offseason, it was assumed that it would be coming in a year.  The Colts spent a great deal of money in free agency this year on guys like Frank Gore, Andre Johnson, Trent Cole, and others, so that pushed Luck's new deal until a year from now - since he still has one more year on his rookie contract and then a fifth-year option that the team could pick up if they wanted.  That option, however, isn't near the most likely option for the Colts and rather it's expected that Luck will be playing under a new contract in 2016.

Jim Irsay confirmed this, saying that it's his plan to extend his franchise quarterback not this year but next.  Without any doubt, however, it will get done at some point and Luck is expected to be the highest paid player in the game - earning a contract somewhere around $25 million per year.  And with the salary cap continuing to rise each year, it'd be a well-deserved deal for the quarterback, too, as he's already emerged as one of the game's top passers.  Through three years, Luck has completed 58.6 percent of his passes for 12,957 yards and 86 touchdowns (against 43 picks) while adding 905 yards and 12 scores on the ground.  In 2014, he set a new Colts franchise record for passing yards in a single-season and led the NFL in touchdown passes.

While he's certainly the most important and most notable player due for a new contract, he's not the only one that the Colts are looking at extending.  Irsay also mentioned that they want to re-sign left tackle Anthony Castozno, wide receiver T.Y. Hilton, and tight ends Dwayne Allen and Coby Fleener.

<blockquote class="twitter-tweet" lang="en"><p>Jim Irsay also said the <a href="">@Colts</a> have some key guys they want to retain over the next two years: Luck, Castonzo, Hilton and both tight ends.</p>&mdash; Kevin Bowen (@KBowenColts) <a href="">March 23, 2015</a></blockquote> <script async src="//" charset="utf-8"></script>