The Facts: The Colts and Hilton agreed to a contract extension Thursday morning, the team's official website announced. NFL Media Insider Ian Rapoport reports it's a five-year contract extension for $65 million with $39 million in guarantees.

Diehards Line: The Colts made Hilton their top priority this offseason. The sides were able to hammer out a deal out a deal before the team opens the preseason Sunday in Philadelphia. A third-round pick in 2012, Hilton is coming off his first Pro Bowl season, compiling 82 receptions, 1,345 yards and seven touchdowns in 2014. It marked back-to-back 1,000-yard seasons for the 25-year-old speedster. With a $13 million average per season over the course of the extension, he comes in just below the deals Dez Bryant and Demaryius Thomas recently signed. Those $70 million deals average about $14 million per season. Hilton's extension nestles him in above Mike Wallace-money, with his pay over the next six years comparable to the deals Randall Cobb and Jeremy Maclin recently signed. Hilton's contract speaks to how the Colts value him in their offense just months after rumors swirled they might have selected rookie Phillip Dorsett to be an eventual replacement.