Andrew Luck, quarterback for the Indianapolis Colts, was just signed to the richest contract in NFL history. The deal is for six years, and will pay Luck $140 million over that time. That equates to an average of $22.3 million per season. It includes $47 million in guaranteed money to the quarterback.

Unsurprising news

Contracts for elite NFL players continue to hit record levels, and quarterbacks are no exception.

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Franchise quarterbacks are likely the most valuable entity in all of sports, and the Colts clearly feel as if Luck can lead them back to the heights of the Peyton Manning-led team that won the Super Bowl in 2007. Jim Irsay, owner of the Colts, had this to say about the signing: "This is an exciting day for the organization and Colts fans around the globe... When you consider what this team has accomplished in four seasons with Andrew under center, you cannot help but be thrilled about the future." Andrew Luck was taken with the first overall pick of the 2012 NFL draft, and led the Colts to the playoffs in his first three seasons.

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The Colts finished last season with a disappointing 8-8 record and failed to qualify for the playoffs. However, Luck struggled with injuries for most of the season, and sat out the second half of the season due to a lacerated kidney.

What it means for the future

Although Luck is considered one of the best young quarterbacks in the game, this huge contract will drive up prices once teams think they have found their franchise quarterback.

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We've already seen evidence of teams betting on "their guy" with huge contracts for relatively unproven entities, such as Brock Osweiler signing a four year, $72 million contract with the Houston Texans during the offseason. As the "elite" level quarterbacks such as Manning, Tom Brady, and Drew Brees continue to age out of the league, the search for young, dynamic talent like Luck will continue to demand top dollar.

After signing, Luck had this to say: "I am thrilled and excited to continue with this great organization... I can't wait for this season to start." Luck has a lot to prove after the letdown of the 2015 season, but the Colts obviously have faith in him.

What do you think about the Colts signing Andrew Luck to this record-setting contract? Let us know in the comments.

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