The Boston Globe's Ben Volin clarified the new contract will replace his previous deal and go into immediate effect. Brissett was in the final year of the contract, which counted for $2.025 million against the salary cap.
Rapoport reported earlier in the day Indianapolis signed Brian Hoyer to a three-year, $12 million deal to solidify a backup plan behind Brissett.
The 26-year-old was the starter in 2017 when Luck was still recovering from shoulder surgery. He threw for 3,098 yards, 13 touchdowns and seven interceptions while completing 58.8 percent of his passes. Football Outsiders ranked him 28th in DYAR (defense-adjusted yards above replacement) among 35 quarterbacks with at least 200 attempts.
Wrapping up a short-term extension now makes sense for the Colts. The cost to re-sign Brissett would've likely climbed higher than $15 million annually if he performed well in extended action under center.
ig: josinaanderson @JosinaAnderson
Should Jacoby Brissett have waited to sign a QB deal? His value may've increased more in line w/ the market if he could get on a carpet ride this season. Smart of the team to do it now, as many people are texting me, before he gets too expensive. Brissett not listed w/ an agent.
If anything, Indianapolis comes away as the winner from this move. Brissett's average salary will rank 19th among quarterbacks, and many of the players below him are QBs still on their rookie contracts.
In the event Brissett isn't ultimately the long-term successor to Luck, going in a different direction after the 2019 or 2020 seasons shouldn't be too difficult for the Colts.
Brissett might have cost himself some money down the road by agreeing to terms now, but the door will be open for him in two years to either get a hefty raise via the franchise tag or a longer, more lucrative extension.