Both the Indianapolis Colts and Owner Jim Irsay tweeted that quarterback Andrew Luck has signed a new contract with the team. The new contract will keep Luck with the Colts until 2021.
Irsay tweeted that Luck has been signed to a 6 year contract totaling $140 million. This includes the remaining year on his current contract. In total, Luck will be paid $140 million over the next six years, working out to about $23.3 million per season, on the average.
Reports are also coming in that Luck's deal pays him a whopping $87 million guaranteed. Previously, the largest guarantee to a QB was $65 million (Eli Manning and Philip Rivers).
As a part of the deal, Luck will receive $32 million as a signing bonus and will have a $12 million base salary for this year. Which means that $44 million is headed Luck's way this year alone.
You can view the breakdown on Luck's contract here courtesy of Adam Schefter:
And yes, in case you were wondering, this is the largest contract in NFL history, and Luck is now the highest paid player in the league.
With Luck as the starter, the team has reached the playoffs three times in four years, including two division titles and a trip to the AFC Championship Game.
This story will be updated as more details become available.