It is a two-year deal worth $33 million, which is the second-largest contract for an offensive lineman in terms of average annual salary.
Castonzo will make $16.5 per season with his new deal, which is the second-highest next to Philadelphia Eagles offensive lineman Lane Johnson who makes $18 million per season.
Surprisingly, Castonzo debated on retiring this off-season, but elected to keep playing and now has a brand new contract.
The #Colts are signing LT Anthony Castonzo to a two-year, $33 million contract extension, source said.
— Tom Pelissero (@TomPelissero) March 15, 2020
What Has Castonzo Accomplished?
The Colts selected Castonzo in the first round of the 2011 NFL Draft.
Castonzo has been relatively healthy throughout his career and has only missed 23 games through nine seasons with the Colts.
He has played in 132 games with Indy, including all 16 games during the 2019 season.
Castonzo doesn’t have any Pro Bowl appearances or All-Pro awards, but he is one of the most underrated players in the NFL.
The Colts realize how important it is to have reliable lockdown lineman in your organization.
The 31-year-old earned that extension and hopefully this leads to more accomplished players on the o-line getting paid what they deserve.
How Does This Impact the Colts Salary Cap?
The Colts entered Sunday with the second-most money available heading into free agency at $85.3 million.
Signing Castonzo will bring that number down to $68.8 million left to spend.
There’s a decent chance that all three of them end up on other organizations next season.
It appears that the Colts should be in pretty good shape for free agency even after the re-signing of Castonzo.
The Colts gave Castonzo a significant amount of money, but they also couldn’t afford to lose him in free agency.
Official terms on Anthony Castonzo’s deal, per @caplannfl.
2020-21 = $17 million
2021-22 = $16 million
— Locked On Colts Podcast (@LockedOnColts) March 15, 2020
What About the Rest of the O-Line?
The Colts still have Quenton Nelson for each of the next two seasons to hold down the left guard spot.
Right guard Mark Glowinski signed a three-year extension with the team in 2019.
Pro Bowl center Ryan Kelly will be under center for the Colts in 2020.
Right tackle Braden Smith is heading into his third season with the organization.
The Colts have their entire front five locked up and ready for the 2020 campaign.
If healthy, this front o-line should be one of the best in the NFL, especially with Castonzo back with the organization.
Will the Colts Continue to Upgrade at the O-Line?
The Colts have their front five all under contract and ready for next season.
However, the depth behind him is a huge question mark going into the off-season.
The Colts might have to add two or three new faces to the offensive line through free agency or the draft.
Luckily, none of those players should cost much with all the starters already in place.
The Colts are in good position with Castonzo returning for the next two seasons.
Indy still has close to $70 million left to spend on other positions with free agency kicking off later this week.
This signing is a step in the right direction as free agency is right around the corner.