Colts, running back Jonathan Taylor agree to $42 million contract extension: reports

The stalemate between running back Jonathan Taylor and the Indianapolis has reportedly come to an end. 

Taylor and the Colts have reached an agreement on a three-year, $42 million contract extension with $26.5 million guaranteed, according to multiple reports. 

The extension makes him one of the highest-paid running backs in the NFL, according to ESPN.

On Saturday, the Colts activated Taylor from the reserve/physically unable to perform list, meaning he can make his season debut Sunday against the Tennessee Titans. 

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Taylor has not played since December after reinjuring his right ankle and having offseason surgery to repair it. He was placed on injured reserve for the final three games of 2022. After being on the physically unable to perform list during training camp when he was asking for a trade, the Colts kept him on the PUP list to start the season. 

"I know he's a great player, and I know I can do some things pretty well," quarterback Anthony Richardson said. "Just trying to combine those two things, I can only imagine what it's like, but we won't see until it actually happens. We'll see and I'm excited."

Taylor, a Pro Bowler and a first-team All-Pro in 2021, requested a trade out of Indianapolis in late July after meeting with Colts owner Jim Irsay. Taylor was seeking a contract extension.

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Taylor and Irsay’s rift was a major storyline in the NFL during the offseason. At first, Irsay wasn’t budging on trading Taylor, who was searching for a long-term extension as he entered the final year of his rookie deal in Indy. 

Then, Irsay backtracked, allowing Taylor to talk to teams to put together a trade package the Colts would accept. Indy reportedly wanted a first-round pick or a "package of picks that equates to as much," per ESPN. 

The Colts have gone 2-2 to start the season without Taylor. 

Taylor was listed as a full participant at practice this week. 

"If he plays on Sunday, obviously [it will be] the first time getting hit in a while," head coach Shane Steichen said Friday, according to ESPN. "But, again, he did a good job running the football, seeing the holes. Shoot, he's a veteran player. He's played a lot of football, and he looked good."

Taylor has gone over the 1,000-yard mark in two of his first three NFL seasons, leading the NFL in rushing yards (1,811) and touchdowns (18) in 2021.

Fox News' Scott Thompson contributed to this report