It’s official: the Indianapolis Colts are extending former Wisconsin Badgers running back Jonathan Taylor on a three-year deal worth up to $42 million that includes $26.5 million guaranteed at signing, according to NFL Network’s Ian Rapoport.
— Ian Rapoport (@RapSheet) October 7, 2023
The #Colts and star RB Jonathan Taylor have agreed to terms on a massive 3-year, $42M extension, locking him in at the top of the RB market and mending fences after a tumultuous period. $26.5M guaranteed.
Deal done by agents @MalkiKawa and Ethan Lock of @firstroundmgmt. pic.twitter.com/K0bXcWHEqo
Taylor, 24, had returned to practice this week after missing the first four games while being on the Physically Unable to Play(PUP) list.
Just shortly before the news broke, the Colts announced that they were activating Taylor from the PUP list, waiving running back Jake Funk in a corresponding move.
We have activated RB Jonathan Taylor from the Reserve/Physically Unable to Perform list and waived RB Jake Funk.— Indianapolis Colts (@Colts) October 7, 2023
Taylor and the Colts had been in a contract dispute over the offseason, with the franchise seeing unwilling to pay top-of-the-market money for the running back, but the two sides were able to strike a deal ahead of Week 5, keeping the star in Indianapolis for the foreseeable future.
Taylor’s new deal places him as the third-highest-paid running back in regards to average annual value behind San Francisco’s Christian McCaffrey and New Orleans’s Alvin Kamara.
The $26.5 million in total guarantees also ranks third behind the two players ahead of him, who each got longer deals as well.
Nonetheless, Taylor will be a welcome addition to the Colts offense, who have rookie quarterback Anthony Richardson at the helm.