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Colts, T.Y. Hilton agree to contract extension

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The Indianapolis Colts and T.Y. Hilton agreed to a contract extension Thursday morning, the team's official website announced.

"I love being here. This is a dream come true," Hilton told reporters.

NFL Media Insider Ian Rapoport reported it's a five-year contract extension worth $65 million with $39 million in guarantees.

"It's a great day for the Indianapolis Colts, T.Y. Hilton and his family," Colts general manager Ryan Grigson said. "We're extremely happy as an organization to ensure that T.Y. will continue to be a part of our journey for many years to come. His daily excellence on and off the field is a shining example of an individual striving for greatness and what it truly means to be a Colt."

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The Colts made Hilton their top priority this offseason. The sides were able to hammer out a deal before the team opens the preseason Sunday in Philadelphia.

The man affectionately referred to as "The Ghost," boasts world-class speed and is a threat to score on every snap. His presence on the field stretches defenses and opens the offensive options for quarterback Andrew Luck.

A third-round pick in 2012, Hilton is coming off his first Pro Bowl season, compiling 82 receptions, 1,345 yards and seven touchdowns in 2014. It marked back-to-back 1,000-yard seasons for the 25-year-old speedster.

In extraneous rankings of wide receivers, Hilton stands in the tier just below the likes of Dez Bryant, Julio Jones, A.J. Green, Demaryius Thomas, Calvin Johnson, etc.

His contract reflects just that ranking.

With a $13 million average per season over the course of the extension, he comes in just below the deals Bryant and Thomas recently signed. Those $70 million deals average about $14 million per season. Hilton's extension nestles him in above Mike Wallace-money, with his pay over the next six years comparable to the deals Randall Cobb and Jeremy Maclin recently signed.

Hilton's contract speaks to how the Colts value him in their offense just months after rumors swirled they might have selected rookie Phillip Dorsett to be an eventual replacement.

Now it's clear, the Hilton-Dorsett speed car will be causing secondaries headaches in Indy for years to come.

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