Colts Owner Jim Irsay Optimistic About Extensions For T.Y. Hilton & Anthony Castonzo

Update:

Ian Rapoport of NFL Media reports that there’s optimism that the Colts will have extensions in place with WR T.Y. Hilton and LT Anthony Castonzo at some point during training camp.

“There is optimism that they could finish both extensions before training camp ends,” Rapoport said. “Once camp ends, then business starts and it’s no more time to talk contracts.

“This organization loves and wants to reward (Hilton),” added Rapoport. “He’s a high-character guy and they want nothing more than to give him the kind of contract extension that he deserves.”

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Colts owner Jim Irsay expressed some optimism that they could have long-term extensions in place for WR T.Y. Hilton and LT Anthony Castonzo before the start of the season.

“We have a little time with trying to work on a few extensions,” Irsay told Mike Wells of ESPN.com. “There’s no reason Anthony Castonzo and T.Y. Hilton can’t get done. Look for us to keep core players and our top players. I don’t think it’ll be a distraction. I can’t see why we can’t get something done before Labor Day with T.Y. and Anthony.”

Recent reports mentioned that Hilton and the Colts in the process of negotiating a long-term contract extension. However, Hilton could be targeting as much as $14 million per year in his next contract.

Assuming these figures are accurate, this could be too much for the Colts, who still need to sign QB Andrew Luck to a mega-deal at some point, addressing Castonzo, and decide what to do with TEs Dwayne Allen and Coby Fleener.

Beyond that, the team invested a first-round pick in WR Phillip Dorsett and have other young talent at receiver such as Donte Moncrief and Duron Carter, so it will be interesting to see how much they’re willing to commit to Hilton.

Hilton, 25, has one year remaining on his four-year, $2.642 million rookie contract, which includes a base salary of $665,000 for the 2015 season.

Last year, Hilton caught 82 passes for a career high 1,345 yards receiving and seven touchdowns. Pro Football Focus has him rated as the N0. 10 receiver out of 110 qualifying players.

Castonzo, 26, will play out the final year of his rookie contract under the fifth-year option, which will pay him a base salary of $7.438 million fully guaranteed.

Last season, Pro Football Focus had him rated as the No. 14 offensive tackle in the league out of 84 qualifying players. Castonzo was especially effective as a pass-protector for the Colts, which is a big asset when you consider he’s protecting, arguably, the best young quarterback in the game.