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