Colts and Luck Reach Settlement Over Money; QB Won’t Owe Team Any Money

Many Colts fans are still in shock and numb over what’s taken place in the last 16 hours with the stunning announcement that franchise quarterback is retiring.

Life will go on in the NFL, and the team now likely will have to turn to Jacoby Brissett as their starting QB to at least begin the 2019 campaign.

There’s a lot of fallout from the retirement of Luck, including what happens to all the money that was to go to their quarterback?

Adam Schefter of ESPN reports that the Colts could have gotten back $24.8 million from Luck, but that the two sides have already reached a financial settlement that will not take back any of the money they are owed.

Luck could have owed the Colts $12.8 million as a prorated portion of the $32 million signing bonus the Colts gave him when he signed his five-year extension in 2016, and another $12 million in roster bonuses he was paid in March. But Indianapolis waived its right to recoup the money and is allowing Luck to keep it all, after the poundings he’s taken and all he’s given to the franchise. It is, in an official way, his parting gift.

Shortly after the news of Luck’s retirement broke Saturday night, Colts owner Jim Irsay estimated Luck might be losing out on a half-billion dollars in potential NFL wages by retiring now.

“It’s a tough thing, look it, he’s leaving $450 million on the table potentially,” Irsay said. “I mean, a half a billion dollars, and he’s saying, ‘You know what, I want to have my integrity. I have to be able to look (wide receiver) T.Y. (Hilton) in the eye, look my teammates, look Coach, look (GM) Chris (Ballard) and say, I’m all in,’ and he just didn’t feel he could do that.”

We will see if the Colts will try to make calls around the league to try and grab another quarterback, which might be tough with two weeks left before the season kicks off, or if they are confident enough that Brissett can be good enough to lead this team to a successful 2019.

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