The former 2018 second round pick is set to become a free agent following the 2021 season, but the Colts and Leonard have been continuously working this offseason towards securing a long-term deal together.
Now a 3x NFL All-Pro, Leonard is coming off another standout season for the Colts in which he recorded 132 tackles (86 solo), 3.0 sacks, 7 tackles for loss, 7 passes defensed, 3 forced fumbles, and two fumble recoveries during 14 starts in 2020.
With fellow All-Pro off-ball linebacker Fred Warner being recently rewarded by the San Francisco 49ers with a 5-year, $95.225M contract that set the top of the market at the position, Leonard could soon shatter that benchmark with a new deal that meets or exceeds the $100M total value threshold—paying him around $20M annually.
Before this deal, the Colts have a projected $11.3M of team cap space ahead of the 2021 campaign and $71.5M ahead of the 2022 season respectively.
The Colts already took care of business by locking up stalwart right tackle Braden Smith to a 4-year, $72.4M extension just a few weeks ago, and it appears that Leonard could soon be the latest in line—and rather imminently at that.