The Indianpolis Colts have signed their franchise quarterback Andrew Luck to a record-setting deal that sets the Colts up to repeat the offensive success and defensive failures they endured with Peyton Manning at the helm.
Details on Andrew Luck deal:
— Adam Schefter (@AdamSchefter) June 29, 2016
5-year extension (6-year deal).
Just north of $139 million (a record).
$87 million in guarantees (a record).
Luck is set to earn $27.8 million per year in new money, which is the highest amount in NFL history by a fair amount. The $87 million in guarantees exceeds the $59.955 million that Dolphins DT Ndamukong Suh received, and breaks the record of $65 million guaranteed to Giants QB Eli Manning and Chargers QB Philip Rivers.
When you account for New England Patriots QB Tom Brady’s extension that he signed this offseason (and you pro rate the signing bonuses), he is effectively making $70 million over the next four seasons, or an average of $17.5 million per season.
Tight end Rob Gronkowski is also under contract for the next four seasons for $36.65 million, or an average of $9.1625 million per year.
Together, the Patriots are essentially paying Brady and Gronkowski a combined $26.6625 million per year for the next four seasons. Remember that Luck is set to receive $27.8 million per year in new money.
In other words, starting in 2017, the Colts are going to pay more for Andrew Luck than the Patriots are paying for the best quarterback in the conference and the best tight end in the NFL.
More information will surface about the contract in the coming days, and some is already available. Luck will apparently receive a $32 million signing bonus and a $12 million base salary in 2016, and an additional $5 million in guarantees. He will receive $13 million at the start of 2017, and a further $21 million after the start of the 2018 league year.
Contracts aren’t always what they seem due to restructures and specific bonuses, but the Colts are going to be paying Luck a ridiculous amount of money, including at least an average of $27 million over the next three seasons.
At first look, it will be more than what the Patriots are paying Brady and Gronk, and that makes this new deal crazy, from every single angle.