Colts agree to terms with QB Anthony Richardson on four-year rookie contract

The fourth-overall pick of the 2023 is officially a member of the Colts.

Quarterback Anthony Richardson agreed to terms on a four-year, $33.99 million fully guaranteed deal with Indianapolis, NFL Network Insiders Ian Rapoport and Tom Pelissero reported on Monday. The contract includes a $21.72 million signing bonus paid entirely up front, per Rapoport and Pelissero. As with all first-round pick contracts, Richardson's deal includes a fifth-year option.

The rookie contract slotting system takes much of the ground work out of the equation with these deals, but the timing makes it significant. Colts rookies report to camp on Tuesday, and with Richardson now under contract, he's clear to arrive with the rest of his fellow first-year players, preventing him from missing valuable time as he attempts to become Indianapolis' long-term answer under center.

Richardson rocketed up draft boards during the pre-draft process, thanks to an excellent combine showing that displayed his rare athleticism and strong arm. After years of wading through a fickle quarterback situation, the Colts took a risk on Richardson by spending the fourth-overall pick with the hopes he can solve their lingering weakness at the position.

His journey toward fulfilling that vision will begin with camp, in which he'll be able to fully participate from the beginning thanks to his Monday agreement.