Hoyer is signing a three-year, $12 million contract with the Colts, Adam Caplan of SiriusXM Radio reports.
Released by New England on Saturday, the 33-year-old quarterback rebounded quickly with a contract that includes $9 million guaranteed. The Patriots will ride with rookie fourth-round pick Jarrett Stidham as the backup to Tom Brady, while the Colts now have Hoyer for veteran depth behind Jacoby Brissett. The new locale gives Hoyer a small shot at playing time without an injury in front of him, as it isn't entirely clear Brissett will be a capable starter.