The Indianapolis Colts will not collect the $24.8 million they are owed from Andrew Luck following the quarterback's stunning retirement, ESPN's Adam Schefter reported on Sunday.
According to Schefter, the Colts reached a financial settlement with Luck late last week and told their former starter to keep the money, even though it is within their rights to reclaim it.
Luck would have owed the team $12.8 million as a pro-rated portion of the $32 million signing bonus he received in 2016 as a part of his five-year extension. He also would have owed another $12 million in roster bonuses he was paid in March.