The Indianapolis Colts have reached a financial settlement with former quarterback Andrew Luck, who shockingly announced his retirement Saturday, that will not see them recoup $24.8 million that was owed to them, according to ESPN’s Adam Schefter.
Schefter reported Sunday that the Colts are allowing Luck to keep the money, even though it is “within their rights to reclaim it.” He added that the deal was reached late last week.
The sum included $12.8 million of a pro-rated portion of his $32-million signing bonus from the Colts as part of his five-year extension in 2016, as well as another $12 million in roster bonuses he was paid in March.
Schefter called it his “parting gift” from the franchise after all the hits the oft-sidelined star took over the years.
After a seemingly endless series of injuries, the former first-overall draft pick announced that he was hanging up his cleats at age 29.