T.Y. Hilton's Contract Extension with Colts Announced

T.Y. Hilton has gone from third-round draft pick to Pro Bowler during his three seasons with the Indianapolis Colts. Now, the 25-year-old wide receiver has cashed in on his success, according to an announcement on the team's official website Thursday morning, which included a statement from Colts general manager Ryan Grigson:

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It’s a great day for the Indianapolis Colts, T.Y. Hilton and his family. We’re extremely happy as an organization to ensure that T.Y. will continue to be a part of our journey for many years to come. His daily excellence on and off the field is a shining example of an individual striving for greatness and what it truly means to be a Colt.

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Terms of the agreement weren't announced by the Colts, but NFL Network's Ian Rapoport reported it is a five-year extension. Just yesterday, Rapoport reported Hilton's agent, Drew Rosenhaus, was planning to stay through the night Wednesday to continue talks with the Colts. Clearly, it paid off, as the deal was announced hours later.

Rosenhaus spoke about negotiations with the Colts on Aug. 4, saying he was "optimistic" regarding an agreement, via George Bremer of the Herald Bulletin. Rosenhaus went on to say talks were "productive" and that there was no firm timetable for a deal, via Bremer.

Despite the lack of a timeline, Rosenhaus did say owner Jim Irsay's prediction of a deal by Labor Day was a "good time frame," per Bremer.

"This organization loves and wants to reward [Hilton]," Rapoport said on Aug. 4, via Kevin Patra of NFL.com. "He's a high-character guy, and they want nothing more than to give him the kind of contract extension that he deserves."

Hilton was in the final year of his rookie contract, which would have seen him net a roughly $1.5 million base salary in 2015. 

Over the last three years, Hilton has caught 214 passes for 3,289 yards and 19 touchdowns. Some of that you could attribute to an "Andrew Luck bump"—similar to a "Peyton Manning bump"—but there's no question Hilton has established himself as one of the better receivers in the league.

Despite Hilton's strong play for the team, some wondered if the Colts' selection of Phillip Dorsett in the first round of the 2015 draft signaled their desire to move on from Hilton once his contract was up.

"Nothing in this league should surprise anybody," said Hilton of the pick in May, per Zak Keefer of the Indianapolis Star. "[It was] a pick that they thought we needed, so I guess that's what we needed to help this team."

It was always going to be interesting to see what kind of terms were bounced around for Hilton's extension because Dez Bryant and Demaryius Thomas both signed five-year deals worth $70 million with their current teams. Once those contracts were announced, Hilton sent out this tweet:

Even with the addition of Dorsett, many fans expected all along that the Colts would want to keep Hilton around. The league-wide emphasis on the passing game isn't going to subside, so having two skilled wideouts will be a luxury for Indianapolis.