Ian Rapoport of NFL Network reported Leonard will be the highest-paid inside linebacker in football:
Leonard was a second-round pick in 2018 and quickly made a huge impact, winning Defensive Rookie of the Year and earning first-team All-Pro honors in 2018 and 2020 (second team in 2019).
Through his first three seasons in Indianapolis, the 26-year-old has compiled a staggering 416 combined tackles, 22 pass deflections, 15 sacks, nine forced fumbles and seven interceptions. That effort earned him a new deal entering his fourth season, a year before he was set to become an unrestricted free agent.
Leonard earned $7.2 million on his rookie contract. Spotrac projected his value at $19 million per year and expected his next contract could reach four years and $76.8 million, which would have made him the third-highest-paid linebacker in the league behind Khalil Mack and Von Miller.
For his part, it never appeared the South Carolina State product had any concern over a deal coming together.
"They take value in me," Leonard told NFL Network in May. "Hopefully, that will show. I think I put in enough work the past three years, I give it my all day in and day out, never miss a day. Once I step on that field I give everything I got, and they know that. Hopefully, we get everything settled and hopefully we're good to go."
The Colts open their season Sept. 12 at home against the Seattle Seahawks.