UPDATE: Tuesday, March 19 at 5:18 p.m. ET by Rob Goldberg
Indianapolis announced the move Tuesday morning, but the financial figures are finally out.
A source tells Phillip B. Wilson of the Indianapolis Star that "the contract would be $8 million for two years."
This is significantly less than the $7.5 million Matt Hasselbeck was schedule to make with the Tennessee Titans.
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UPDATE: Tuesday, March 19 at 10:19 a.m. ET by Brandon Galvin
The Colts announced the official signing of Matt Hasselbeck this morning on the team website.
The Indianapolis Colts sign Matt Hasselbeck as a backup Quarterback to Andrew Luck.
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ESPN's Adam Schefter first reported the news via Twitter.
The news comes as a fascinating development for Hasselbeck, who was released by the Titans earlier on Monday, according to The Tennessean's Jim Wyatt.
Hasselbeck will turn 38 in September, and despite a less-than-impressive 2012 season with the franchise, he boasts a solid resume that has no doubt led to interest from the Colts.
He played in eight games for the Titans during 2012—finishing 3-5 and posting an 81.0 quarterback rating in that time. However, with an 80-72 record as a starter and three Pro Bowl appearances in his career, the veteran still makes for a very interesting pickup.
Last year's No. 1 overall pick Andrew Luck obviously won't be losing his starting spot with the franchise any time in the near future. Thus, the decision to add in Hasselbeck is one that owner Jim Irsay has made simply to add further depth for the year ahead, and it's certainly not a bad move to have made.
The Colts did need another backup for Luck, and Hasselbeck offers the wisdom and leadership that Luck may not have completely in his game just yet.
The youngster is one of the brightest talents in the league, but having Hasselbeck on board may well further his development into one of the best quarterbacks in the NFL, which can only mean good things for the Colts in 2013.
No information is known on what the Colts will offer Hasselbeck in terms of a contract, though it will probably be less than the $7.5 million he was scheduled to make with Tennessee this season (per USA Today).
Have the Colts made the right move in signing Matt Hasselbeck?
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