Had Luck remained on the PUP beyond Saturday's 4 p.m. ET cutdown deadline for 53-man rosters, he would have been ineligible to play for the first six weeks of the 2017 season.
However, Luck's status for the Colts' Week 1 tilt against the Los Angeles Rams on Sept. 10 at L.A. Memorial Coliseum remains up in the air.
According to the Indianapolis Star's Stephen Holder, owner Jim Irsay told reporters Thursday that while Luck has not been ruled out for the Colts' opener, he's "unlikely" to play as he continues to recover from offseason shoulder surgery.
"The timetable on it, that's the only thing we really don't know," Irsay said, per the Indianapolis Star's Zak Keefer. "And also to suggest that the Colts screwed up the timetable because they wanted to get him on the field sooner, that is the furthest, furthest, furthest thing from the truth. Everyone knows how I look at things: I look at things long term. I look at things, making sure your franchise quarterback is healthy and ready to go before we put him on the field."
If Luck can't suit up, the Colts will likely pivot to second-stringer Scott Tolzien.
In one start with the Colts last season, Tolzien completed 22 of 36 passes for 205 yards, one touchdown and two interceptions in a 28-7 loss to the Pittsburgh Steelers.