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Jim Irsay hopes to have Andrew Luck's contract extension done by July 4

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Colts owner Jim Irsay told members of the media today that he hopes to have quarterback Andrew Luck's contract extension done by July 4.

Jeremy Brevard-USA TODAY Sports

For quite a while the Indianapolis Colts have been hoping to get a contract extension for quarterback Andrew Luck done this offseason, and it is something that both sides have mentioned wanting to get done.

There's no reason to think that it won't get done, then, and as owner Jim Irsay spoke to members of the media today, he said that he hopes to have Luck under contract long-term by July 4.

The luxury that the Colts have with this negotiation is that the team has Luck under contract for the 2016 season, as they picked up his fifth year option, which will him just over $16 million in 2016.  The Colts hope to get Luck's second contract done before then, however, and it is expected to be a massive one.  After seeing a market that gave Brock Osweiler $18 million per season, Sam Bradford $17.5 million per season, and Joe Flacco $22.1 million per season, there's little doubt that Andrew Luck will get a massive new contract from the Colts - one that Irsay has already said he expects to be a nine-figure extension.

The Colts have little choice but to pay Luck, however, and giving him a new contract is a no-brainer.  The quarterback is the team's important player and is a very talented young signal caller with a bright future ahead of him.  The Colts and Luck both hope to get a deal done this offseason, and Jim Irsay hopes to have that accomplished by July 4.  To be honest, there's no reason it shouldn't get done by that point, though there's no real hurry either.