The 4th-year quarterback is set to play on a $16.12 million team option in 2016, which is the last remaining year of his rookie contract from 2012. However, the Colts would obviously like to lock Luck up to a long-term contract.
It’s been speculated that Luck could command as much as $24-25 million annually and become the highest paid player in NFL history:
However, it’s also possible that Luck’s new annual price-tag could fall just short of that mark. The NFL’s current highest paid player in the Green Bay Packers Aaron Rodgers is currently making $22 million annually, while the Seattle Seahawks Russell Wilson just signed a 4-year, $87.6 million deal that will pay him $21.9 annually.
Recently, Spotrac projected Luck’s fair market value at $18.6 million annually on his next contract–although he should exceed that number.
Earlier this offseason, Luck was reportedly “hopeful” that a new deal would be reached between the two sides this offseason. It coincides with Jim Irsay‘s “vision” last offseason, when he said the following:
"“Andrew still has two years left, and whatever our talks are between Andrew and his people will remain confidential,” Irsay said last March. “… I really think most likely the scenario is going into the offseason next year is when that second contract will come up. That’s the vision I have right now.”"
Either way, both sides are clearly optimistic that a new contract can be reached that will keep Luck in Indianapolis for the foreseeable future.
The Colts would be wise to get a deal done sooner rather than later, as still only 26 years old, Luck is clearly the team’s franchise player and instrumental to the team’s success going forward.