All along, it seemed likely that the 2016 offseason would be the one in which the Indianapolis Colts and quarterback Andrew Luck agreed to a long-term contract extension. That would come with one year left on Luck's rookie deal (the fifth-year option the team picked up), and it seems that extension is indeed likely to happen this year.
Last offseason, owner Jim Irsay noted that Luck's extension would likely come in 2016, while T.Y. Hilton and Anthony Castonzo got their extensions in 2015. This offseason, Irsay has said the same thing, telling the Indianapolis Star that "there's a reasonably good chance we can come to an agreement this offseason." When asked about it following the team's regular season finale, Luck said, "yeah, that'd be great" if the two sides could get something done this offseason.
According to NFL Media's Ian Rapoport, the Colts believe they will be able to get the extension done this year and that the team still has as much confidence in their quarterback as ever despite a down year in 2015.
This report should come as no surprise as, again, it's something that has been on the radar for both sides for quite some time now. All along, the goal has been to get a long-term deal worked out this offseason, and that's still fully expected to happen. It will be interesting to see how much Luck gets in his new deal, as it is expected to make him the highest-paid quarterback in the game. The fact that the Colts haven't lost any confidence in him suggests that they will still be willing to pay him as such, meaning that we could see a very large contract for Luck.
The 26-year old quarterback has played in 55 games over the past four seasons with the Colts since being the first overall pick in the 2011 NFL Draft, and during that time he has completed 58.1% of his passes for 14,838 yards, 101 touchdowns, and 55 interceptions for a passer rating of 85.0. He also has added 1,101 yards and 12 touchdowns rushing while averaging 5.0 yards per carry. His 2015 campaign, however, was the worst of Luck's pro career, as he missed nine games due to various injuries and struggled during the time he was on the field, completing just 55.3 percent of his passes for 1,881 yards, 15 touchdowns, and 12 interceptions for a 74.9 passer rating, good for the third-worst in the NFL among qualified passers. Despite those struggles, however, there's still plenty of reason to think that Luck will get things turned around and be a very good quarterback moving forward, so it's fully expected that he and the Colts will reach a long-term deal this offseason.