The Colts signed Luck, who was taken with the first overall pick in the April draft, to a four-year, $22.1 million contract, a league source told ESPN NFL Insider Adam Schefter.
The deal is fully guaranteed, with no offset language, a source told Schefter. According to the Indianapolis Star, the deal also includes a $14.5 million signing bonus.
The Colts hold an option for a fifth year, the Star said. Indianapolis' rookies report to training camp on Wednesday.
We have Luck ranked as a low-end QB2 option, but he's likely to get taken higher than that in your draft. As a rookie he's a risk, of course, and there are better options. He does have some interesting weapons as the team resigned WR Reggie Wayne and drafted college teammate, TE Coby Fleener. He's at least likely to be useful in certain matchups.