Hilton will receive $39 million in guaranteed money, which gives him twice as much guaranteed cash as anyone else on the Colts' roster. Luck is second on the team with $22.1 million in guaranteed money.
Hilton was drafted in 2012 by Indianapolis, and was named to the Pro Bowl for the first time in his career last season. He earned that honor by recording 82 receptions for 1,345 yards in 2014.
The Colts' top receiver has 17 receptions of 40 or more yards since 2012, which ranks third in the NFL. DeSean Jackson leads that category with 23, while A.J. Green ranks second with 19. Outside of Hilton, the rest of the Colts wide receivers have a combined 12 receptions of 40 or more yards since 2012.
Hilton's agent Drew Rosnehaus, along with his brother Jason, met with the team for a third time at Anderson University on Thursday.
This deal was something the Colts have wanted to get done since the 2014 campaign came to an end. Owner Jim Irsay stated last month that he was confident that the deal would get done before Labor Day.
As Hilton's paycheck grows, so does the expectations of him as the team's top receiver. Now that the deal is out of the way, he can focus on exceeding those expectations in the 2015 season.