The contract between the Colts and Collins originally was reported to be a one-year deal, but the team actually has signed the 17-year veteran quarterback to a two-year, $14 million pact, The Indianapolis Star reported Saturday.
Collins is guaranteed $4 million this season, thanks to a $1.5 million base salary and $2.5 million signing bonus. He would receive $10 million in base salary in 2012.
The Star reported that Collins will count just $2.75 million against the NFL salary cap this season because he received a two-year deal.
Although rehabilitating quarterback Peyton Manning is determined to start the Sept. 11 season opener, Collins is tasked with being ready to go against the Houston Texans.
"Hopefully, Peyton will be back, but if he's not, maybe I can be one of the guys that can help this ballclub," Collins said Wednesday after joining the team.
The Associated Press contributed to this report.