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Report: Colts nearing massive extension for Andrew Luck; Jim Irsay initially wanted a ten-year deal

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NFL: Indianapolis Colts-Minicamp Brian Spurlock-USA TODAY Sports

The Indianapolis Colts have had a rather quiet offseason after a noisy 2015 season, making only a few select moves in free agency and then going offensive line-heavy in the NFL Draft. Now, with the offseason program nearly done, the team has just one major move left to make this offseason: give quarterback Andrew Luck a long-term extension.

That extension is coming at some point soon. Owner Jim Irsay initially mentioned a July 4 target date, though he acknowledged that was more of a guideline. Either way, the hope is for the deal to be done before training camp.

It sounds like that is indeed going to happen. According to NFL Media's Ian Rapoport, the Colts are nearing a deal with Luck that is likely to come at some point in July. Rapoport mentions that Jim Irsay initially wanted to sign Luck to a ten-year deal, one that would essentially keep him with the franchise for life. Instead, it's looking likely that it will be a five or six year deal and that it wouldn't be a surprise if it averaged $25 million per year.

That's massive money for Luck, but it shouldn't be considered a surprise. We all know that he is going to get paid, considering the combination of talent, production, potential, age, and leverage. The only options for the Colts are either to sign him long-term or just place the exclusive franchise tag on him year-to-year. The long-term deal is by far the better option, and it's one that is likely coming soon. Though it won't be as long as Irsay initially wanted, it should keep the Colts franchise quarterback with the team for years to come.