Earlier, we noted that the Indianapolis Colts had some decisions to make regarding their 2012 1st round picks and their corresponding 2016 team options. As a recap, as part of the recently implemented CBA, all teams now have a 5th-year option for their former 1st round picks. Per Joel Corry of CBS Sportsline:
"“All deals for draft choices are four years under the rookie wage scale. Teams have an option for a fifth year with first-round picks. The option must be exercised after the third year of the deal, with a May 3 deadline.”"
At this point, the Colts will assuredly decline Trent Richardson‘s option in what would appear to be a no-brainer decision (if he doesn’t get released before that point), yet definitely pick up Andrew Luck‘s 2016 team-option if a long-term mega-contract can’t be worked out between the two sides before then.
While the number for Luck’s 5th-year team option in 2016 was originally projected to be around $16.12 million, NFL.com’s Albert Breer now has an official number that’s pretty much in-line with earlier projections:
So the 2016 option for Colts QB Andrew Luck, Redskins QB Robert Griffin III and Dolphins QB Ryan Tannehill will cost $16.155 million.
— Albert Breer (@AlbertBreer) March 2, 2015
It’s a relative bargain for the Colts, and it’s pretty much a foregone conclusion that it will be exercised before May 3rd, unless the Colts will try to lock up Luck earlier to a lucrative long-term contract. The $16.155 million pales in comparison to the $24-25 million annually that Luck is projected to command on his next contract according to NFL experts like ESPN’s Adam Schefter:
That contract, whenever it is reached, is expected to effectively make Andrew Luck the highest paid quarterback in the NFL and rightfully so. With the position held at such a premium, and with Luck’s established greatness already at such a young age, it’s well deserved too given today’s NFL marketplace.
In the meantime, the Colts can potentially use the “significant savings” until 2016 to surround Luck with better talent for a Super Bowl push, possibly by using a significant chunk of their roughly $40 million in cap space this offseason. It should help make for an interesting offseason, that much is for sure.
Jan 18, 2015; Foxborough, MA, USA; Indianapolis Colts head coach Chuck Pagano (left) greets quarterback Andrew Luck (12) after a touchdown against the New England Patriots in the second quarter in the AFC Championship Game at Gillette Stadium. Mandatory Credit: David Butler II-USA TODAY Sports