The deal was first announced by Colts owner Jim Irsay on Twitter:
The Colts made Luck the No. 1 pick in the 2012 NFL Draft and immediately turned him into the face of their franchise. Since then he has been a three-time Pro Bowler, and even led the NFL in touchdown passes during the 2014 season. While it hasn’t been all smooth sailing for the Stanford product, he certainly has shown the ability to be an elite NFL quarterback for years to come. Though he only played in seven games during the 2015 season thanks to several injuries, a big-money extension this summer was never in doubt.
In his four seasons, Luck has completed 58.1 percent of his passes for 14,838 yards, with 101 touchdowns and 55 interceptions. His career quarterback rating of 85.0 is average, but should get better as the 26-year-old matures.
The deal is apparently a new six-year contract, not a five-year extension, which means he gets a raise immediately, instead of waiting for it to kick in next year.
UPDATE: Albert Breer is now reporting that Luck is now the highest-paid player in NFL history.
UPDATE No. 2: Ian Rapoport has some numbers:
Update No. 3: Irsay has given us the massive numbers. Six years, $140 million: