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Andrew Luck, Colts working toward blockbuster extension

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The Indianapolis Colts and quarterback Andrew Luck are making progress toward a blockbuster contract extension, sources say, with both sides still on track for July as the time of its likely completion.

Slowly, over the course of several conversations since February, the two sides have moved closer on the terms of a potential deal that would no doubt make Luck the highest-paid player in league history. Currently, that player is Ravens quarterback Joe Flacco, who is earning $22.13 million per year on his extension. It's highly unlikely Luck will accept anything below that.

There would be no surprise if Luck's deal reached $25 million per year, given his age, productivity and leverage.

Luck is slated to make $16.155 million on his fifth-year option in 2016, the final year of his rookie deal. If there is no long-term deal, back-to-back exclusive franchise tags in 2017 and 2018 would net him $25 million and $35 million. That three-year, $76 million figure might serve as the basis for talks.

Tuesday in Indianapolis, Luck told NFL Media's Kimberly Jones that he thinks his contract extension will get done.

"When it's the right time, it will get done," Luck told Jones. "I honestly don't spend much time worrying about it."

Colts owner Jim Irsay, meanwhile, told WISH-TV in Indianapolis in February that Luck's deal would be "shocking." It appears he was referring to both term and overall dollar figure. Irsay, sources say, originally wanted Luck under contract for 10 years -- essentially a lifetime contract that would be a rarity in the NFL. Once the organization came off that offer and settled on a more realistic five-or-six-year offer, the gap closed.

The Colts have their mandatory minicamp this week, and it's unlikely a deal will get done by the time it's over. But Luck's agent Will Wilson, of The Wasserman Media Group, and the Colts have taken steps toward overcome this obstacle by the next time the Colts take the field.

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