The Facts: The Colts and Luck are making progress toward a blockbuster contract extension, sources say, with both sides still on track for July as the time of its likely completion.

Diehards Line: NFL Network's Ian Rapoport reports that over the course of several conversations since February, the two sides have moved closer on the terms of a potential deal that would no doubt make Luck the highest-paid player in league history. Currently, that player is Ravens quarterback Joe Flacco, who is earning $22.13 million per year on his extension. It's highly unlikely Luck was accept anything below that. Rapoport added it would be no surprise if Luck's deal reached the $25 million mark on a per-year basis, given his age, productivity and leverage. Remember, owner Jim Irsay, meanwhile, told WISH-TV in Indianapolis in February that Luck's deal would be "shocking." It appears he was referring to both term and overall dollar figure. Irsay, sources say, originally wanted Luck under contract for 10 years -- essentially a lifetime contract that would be a rarity in the NFL. Once the organization came off that offer and settled on a more realistic five-or-six-year offer, the gap closed.