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As Profootballtalk.com noted, the first news of an Andrew Luck contract extension comes from someone who would figure to know. Colts Owner Jim Irsay tweeted Wednesday afternoon that “Andrew has signed through 2021.”

The announcement confirms what the NFL and fantasy-football worlds knew was coming. Irsay spoke earlier this year about ideally getting an extension for the team’s franchise quarterback finished before July 4, and both sides can now celebrate accordingly.

According to NFL Network's Ian Rapoport, the five-year deal pays him over $75 million over the first three years and slightly less the next two. Luck's $16.2 salary this season remains intact.

Luck's deal will now make him the highest paid player in the NFL. Previously, that player was Ravens quarterback Joe Flacco, who is earning $22.13 million per year on his extension. It was highly unlikely Luck would have accepted anything below that and he didn't. Indeed, the $25 million mark per year over the first three years seems reasonable enough given his age, productivity and leverage.

Remember, Irsay said in February that Luck's deal would be "shocking."

Luck is coming off the worst season of his four-year NFL career. He threw 15 touchdowns and committed 13 turnovers in just seven games. He missed nine games due to rib, shoulder, kidney and abdominal injuries.

But in each of his first three seasons led the Colts to records of and the playoffs.

The No. 1 pick in the 2012 draft, Luck has thrown 101 career touchdown passes and has twice posted seasons of more than 4,300 passing yards.

For what it's worth, recent reports indicate Luck is progressing well as he recovers from the lacerated kidney that ended his 2015 season early. And that's good news for fantasy owners who will certainly benefit from a lower that usual price tag given Luck's disappointing 2015 campaign.