Luck walks away from $64 million over three years and a $6 million roster bonus that was set to be paid out on September 17.
Luck, 29, is a former first-round pick of the Colts back in 2012 out of Stanford. He finished the third year of his six-year, $139.125 million contract that included $87 million guaranteed and is now set to make base salaries of $9.125 million, $11 million, and $11 million over the final three years of his deal.
For his career, Luck threw for 23,671 yards while completing 60.8 percent of his passes to go along with 171 touchdowns and 83 interceptions over the course of six seasons and 86 games.
Luck was the 2018 Comeback Player of the Year and a four-time Pro Bowl selection.