The Sports Xchange

The Indianapolis Colts exercised the fifth-year option on quarterback Andrew Luck’s rookie contract on Thursday.

The move keeps the 2012 No. 1 overall draft pick under contract through the 2016 season. The $16.155 million option is guaranteed for injury until the start of the 2016 league year, when it will become fully guaranteed.

The move was expected, as Colts owner Jim Irsay said last month that he did not plan to give Luck a contract extension until next year.

Speaking at the NFL owners meetings in Phoenix on March 23, Irsay said the team has had conversations with Luck’s agent but is in no hurry to make a deal.

“Andrew still has two years left, and whatever our talks are between Andrew and his people will remain confidential,” Irsay said. “I really think most likely the scenario is going into the offseason next year is when that second contract will come up. That’s the vision I have right now.”

Luck is expected to become one of the league’s highest-paid players whenever he does sign an extension.

Luck has put together a historic start to his career, leading the Colts to the playoffs in all three seasons while recording the most passing yards (12,957) and second-most passing touchdowns (86) and regular-season wins (33) by a quarterback in his first three NFL seasons since 1970.

In 2014, Luck set a franchise record with 4,761 passing yards and led the NFL with 40 touchdown passes — second most in team history. He also set a franchise record with eight consecutive 300-yard passing games (Weeks 3-11).