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Jim Irsay: Luck contract needs to be Colts-friendly, too

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Indianapolis Colts owner Jim Irsay believes the team can come to terms with a new contract for Andrew Luck before training camp.

"I'm still hopeful that before training camp we can get something done and I think both sides feel the sooner the better," Irsay said on Wednesday, via the team's official website.

"We have a great relationship and I see something getting done. It's not easy (and) it's obviously going to be a big number and we want to make sure the contract is something that is Colts-friendly as we approach the next decade."

NFL Media Insider Ian Rapoport first reported Wednesday that the Colts are making progress toward a massive contract extension. It wouldn't be a shock if that deal reached $25 million a year, per Rapoport.

Irsay noted that nothing was "imminent," but he seems to have set a soft deadline for training camp, which opens at the end of July.

"I would be surprised if we don't have something done before training camp," Irsay said.

Luck enters the final year of his rookie deal, set to make $16.155 million.

Irsay has never been shy about paying Luck a boatload of cash.

"It comes down to the debates in the negotiations of years, total number, total guarantees and obviously how it relates to the cap," Irsay says. "I haven't seen anything that has been a problem (or) is going to hold it up. I see progress being made."

Whether it happens before the Fourth of July, before training camp, before Christmas or before next season, at some point Andrew Luck will become the highest-paid football player in the NFL.

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