The Colts and 2012 No. 1 draft pick Andrew Luck completed the final details on a four-year contract worth $22.2 million with a fifth-year club option.
Luck enters training camp as the Colts' starting quarterback four months after Peyton Manning was released and signed as a free agent by the Denver Broncos. Luck was a two-time runner-up in Heisman Trophy ballotting during his three-year record-setting career at Stanford.
Luck signed one day after the Redskins and No. 2 pick Robert Griffin III agreed to a contract that didn't include offset language, the team-friendly contract stipulation that doesn't allow players to earn money from the team that drafted them when released if they sign with another team.
It wasn't known if Luck's contract eliminated the offset stipulation, but indications were Luck's structure does not include the offset provision.
Last year's top overall pick, Cam Newton, signed a four-year, $22 million deal with the Panthers.
The Colts can trigger the fifth year of the deal at the value of the franchise designation for quarterbacks, which is the average of the top 10 salaries at the position.