The Indianapolis Colts had signed its starting wide receiver T.Y. Hilton to a five-year, $65 million contract extension on Thursday, with $39 million of it guaranteed, making him one of the highest-paid wideouts in the league this coming season.

The 25-year-old pass catcher is set to receive a $13 million annual base salary, the fourth-highest among wideouts after the Detroit Lions' Calvin Johnson, Dallas Cowboys' Dez Bryant, and Denver Broncos' Demaryius Thomas.

Like Us on Facebook

ESPN noted that Hilton's guaranteed money was almost "twice as much" as anyone in the Colts' roster, including star quarterback Andrew Luck's current compensation, which is a four-year, $22.1 million deal with $22.1 million guaranteed.

Hilton showed enthusiasm after closing the deal, telling reporters during an interview that he would rather be with the Colts than anywhere else and the "organization is great" and that he is happy "being here."

He also admitted that he did not want the contract negotiations to affect his focus during the season and he was glad it was all over.

The former Florida International standout was the Colts' 92nd overall pick in the 2012 draft and was coming off a Pro Bowl season last year where he garnered 82 pass catches and gained 1,345 yards during the process.

Meanwhile, Colts GM Ryan Grigson was also enthusiastic about the signing, saying that it was a "great day" for the team, Hilton, and his family, as per NBC Sports' Pro Football Talk.

"We're extremely happy as an organization to ensure that T.Y. will continue to be a part of our journey for many years to come. His daily excellence on and off the field is a shining example of an individual striving for greatness and what it truly means to be a Colt."

The NFL's official website noted that extending the three-year pro's contract in Indianapolis was the management's top priority during the offseason. It was reportedly expected from within the organization that both parties will come to an agreement before the Colts' preseason opener versus the Philadelphia Eagles on Sunday.

Speculations had arisen this offseason that Hilton will soon be replaced by rookie wideout Phillip Dorsett, who was selected 29th overall in this year's draft by the Colts. The multi-million dollar deal proved that the rumors were wrong and how much value the team has for Hilton.

TagsNFL, NFL 2015, NFL news, NFL News 2015, NFL rumors, NFL Rumors 2015, TY Hilton, Indianapolis Colts