Andrew Luck signs 5 year extension: $75 mill over first three years

quote:

---

The Colts and quarterback Andrew Luck managed to conceal from the media Luck’s new deal until it was announced by owner Jim Irsay. They won’t be able to conceal every dollar and cent paid to Luck.

Inevitably, the contract will be filed with the NFL and the NFL Players Association, and the details will be leaked not by the Colts or Luck’s camp but by someone with routine access to all player contract.

The key factors to assess will be the signing bonus, the full guarantee at signing, and the cash flow over the first three years.

For now, the total value has been announced, also by Irsay: Six years, $140 million. That’s an average in total value of $23.3 million and a “new money” average of $24.7 million.

Adam Schefter of ESPN reports that $87 million is guaranteed, but it’s highly, highly, highly (did I say highly?) unlikely that $87 million is fully guaranteed at signing. At best, Luck has $87 million guaranteed for injury.

The deal is solid, but hardly the “shocking” transaction Irsay once promised. The only real surprise is that Luck didn’t get to $25 million per year in total value, which given cap growth over the past few years is where the top value for quarterback deals should be.

Luck also wasn’t able to tie his salary in the out years to cap growth (it’s unclear if his agents even tried), meaning that at some point over the next six years, if the cap keeps spiking, the deal won’t look nearly as good as it does now.

Bottom line? Luck didn’t push for every penny he could have gotten, trading six years and $140 million for the $114 million or so he could have made by going year to year under the franchise tag through 2019.

For now, the biggest question is when, as a practical matter, he’ll be a year-to-year deal with the Colts — and how much he’ll pocket before he gets to that point.

---

quote:

---

It was a matter of when, not if, Colts quarterback Andrew Luck would get a really big contract.

That day was Wednesday.

Per a source, Luck got a $32 million signing bonus on the extension that keeps him with the Colts through 2021. With his 2016 base salary set to be $12 million, Luck gets $44 million fully guaranteed at signing.

Colts Owner Jim Irsay announced the deal at $140 million over six years. That means Luck will be the league’s highest-paid player and will make an average of about $23.3 million per year over the duration of the contract.

Luck said in a team statement he was “thrilled and excited” to get the deal done.

---

quote:

---

That’s an average in total value of $23.3 million

---

quote:

---

Colts quarterback Andrew Luck would have made $16.155 million in 2016, the last year of his rookie deal. He traded it in for a six-year, $140 million contract.

But those broad numbers never tell the whole story, unless and until a contract like that is fully guaranteed. PFT has obtained a copy of the Luck’s entire contract, and here’s the breakdown:

1. Signing bonus of $32 million, with $18 million paid in the next 10 days and the remaining $14 million paid on March 31, 2017;

2. Base salary of $12 million in 2016, fully guaranteed at signing;

3. $3 million roster bonus earned on the fifth day of the 2017 league year and paid on March 20, 2017, which is guaranteed for skill and injury, and conditionally guaranteed for salary cap;

4. $3 million roster bonus earned on the fifth day of the 2017 league year and paid on September 18, 2017, which is guaranteed for injury only at signing;

5. $7 million base salary for 2017, guaranteed for injury only at signing and fully guaranteed as of the fifth day of the 2017 league year;

6. $3 million roster bonus earned on the fifth day of the 2018 league year and paid on March 20, 2018, which is guaranteed for injury at signing and fully guaranteed as of the fifth day of the 2017 league year;

7. $3 million roster bonus earned on the fifth day of the 2018 league year and paid on September 18, 2018, which is guaranteed for injury only at signing;

8. $12 million base salary for 2018, which is guaranteed for injury only at signing but which becomes fully guaranteed on the fifth day of the 2018 league year;

9. $6 million roster bonus earned on the fifth day of the 2019 league year and paid on March 18, 2019, which is guaranteed for injury at signing and fully guaranteed as of the fifth day of the 2018 league year;

10. $6 million roster bonus earned on the fifth day of the 2019 league year and paid on September 17, 2019, which is guaranteed for injury at signing;

11. $9.125 million base salary for 2019, non-guaranteed;

12. $11 million roster bonus due on the third day of the 2020 league year, with half paid on September 15, 2020 and the other half paid on December 15, 2020;

13. $11 million base salary for 2020, non-guaranteed;

14. $10 million roster bonus due on the fifth day of the 2021 league year, with half paid on September 14, 2021 and the other half paid on December 14, 2020; and

15. $11 million base salary for 2021, non-guaranteed.

That’s a total of six years, $139.125 million, with $44 million fully guaranteed at signing. Another $16 million becomes fully guaranteed, as a practical matter, as of the fifth day of the 2017 league year.

At signing, $87 million is guaranteed for injury.

The cash flow breaks down like this: $44 million in 2017; $57 million through 2018; $75 million through 2018; $96.125 million through 2019; $118.125 million through 2020; $139.125 million through 2021.

It’s an average value of $23.1875 million per year, with $24.594 million per year in so-called “new money.”

The cap numbers are: (1) $18.4 million in 2016; (2) $19.4 million in 2017; (3) $24.4 million in 2018; (4) $27.525 million in 2019; (5) $28.4 million in 2020; and (6) $21 million in 2021.

---

quote:

---

Jazzy said Drew wanted 30.

---

quote:

---

In the NBA you can not win a championship without multiple star players. In the MODERN NFL you can not win a Superbowl without a QB, even with an elite roster. 

---