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Jim Irsay Says Contract Talks With Andrew Luck Are “Progressing Well”

Colts owner Jim Irsay told reporters on Saturday that contract talks with QB Andrew Luck regarding a long-term contract extension “are progressing well.”

Irsay had previously mentioned that he was hoping to an agreement in place with Luck by July 4. However, it sounds that like that was a loose timeline.

Talks are progressing well. We have made progress,” Irsay said, via ESPN.com. “I mentioned Fourth of July before. I don’t think that marker is something that needs to be watched as an indicator. We should be able to come to a deal. Until you do, we still have ground to cover. There’s no question about that. It’s a complicated contract. It’s one that has to work both ways to make sure we’re able to field a great football team. … There are times when you get to camp, you’re into the preseason, you can still get something done.

The Colts have made it clear that they plan to address Luck’s contract sooner than later, and the expectation has been for some time now that Luck will end up being the highest paid player in league history.

Zac Keefer guessed a while ago that Luck will ultimately secure a five-year extension worth $125 million from the Colts when all is said and done.

Last year, Luck dealt with shoulder injuries as well as a lacerated kidney that led to him appearing in just seven games. However, all indications are that this won’t have a major impact on contract talks with the Colts.

Luck, 26, was taken with the No. 1 overall pick back in 2012. He played out the final year of his four-year, $22.1 million rookie contract before the Colts picked up his fifth-year option that will pay him a salary of $16.155 million for the 2016 season.

In 2015, Luck completed 55.3 percent of his passes to go along with 1,881 yards, 15 touchdowns and 12 interceptions over the course of seven games. Pro Football Focus has him rated as the No. 35 quarterback out of 37 qualifying players.

We’ll have more regarding a long-term extension for Luck as the news is available.