Richardson signed a four-year, $33.99 million contract with the Colts on Monday, Adam Schefter of ESPN reports.
The deal is fully guaranteed and contains a $21.72 million signing bonus. Now that he's officially signed with Indianapolis, Richardson will report to training camp on time and won't be inhibited in the competition for the starting quarterback job. Head coach Shane Steichen has said he wants Richardson to learn by playing games, but how soon the rookie sees the field during the regular season will hinge on how quickly he picks up the offense in the preseason. Richardson and Gardner Minshew split first-team reps in spring practices and will likely continue to so in the early stages of camp.