Andrew Luck committed his future to the Indianapolis Colts on Wednesday, signing a six-year deal hailed by franchise owner Jim Irsay as the "biggest contract in NFL history".
NFL Network reported the contract will pay franchise quarterback Luck $75 million over the first three years alone. That kind of deal should take him past Baltimore Ravens quarterback Joe Flacco ($22.1 million average annual value) as the league's highest-paid player.
Following confirmation of Luck's new deal, Colts owner and CEO Irsay tweeted: "$140 Million over 6 Years... Biggest Contract in NFL History... Congrats to #12!!!"
Luck was entering the final season of his rookie contract and was widely expected to work out an extension with Indianapolis prior to the 2016 campaign.
He was set to make $16.2 million this season under terms of the fifth-year option, but the new contract is technically a six-year deal that supersedes that option. Luck already has made $22.1 million on his rookie deal.
The 26-year-old was the first overall pick in the 2012 NFL Draft out of Stanford and was a Pro Bowl selection in his first three seasons. A shoulder injury limited him to seven games in 2015.
In a statement on the Colts' website, Irsay said: "Yes, it's a great financial commitment, but it's a blessing to be able to have a great franchise quarterback. What [Luck has] accomplished in these first four years is really somewhat unprecedented."
Luck said: "It's an honour and privilege to be a part of the Colts. To have this deal done, it's great. It's sort of fun to start a second chapter, a second phase, with the Colts.
"I truly appreciate Mr Irsay and the Irsay family for the level of commitment and trust they've shown in me. I've loved being a Colt and I'll continue to love being a Colt. It won't change my process or preparation in any way.
"It's all about winning and we understand that in this building. It's a great winning franchise that knows how to win. We need to get back to the playoffs and give ourselves a chance to get to the Super Bowl."
$140 Million over 6 Years... Biggest Contract in NFL History... Congrats to #12!!!-- Jim Irsay (@JimIrsay) June 29, 2016