Colts announce signing of QB Rivers

The Indianapolis Colts officially announced the signing of quarterback Philip Rivers on Saturday, handing the keys of the franchise to the 16-year veteran.

Terms of the deal were not released, but multiple reports peg it as a one-year, $25 million pact.

"Philip is one of the most decorated quarterbacks in the NFL and we are fortunate to add an experienced player of his caliber to our organization," Colts general manager Chris Ballard said in a team statement. "His familiarity with our coaching staff and offensive system in addition to his experience were attractive qualities during our evaluation process. Philip is a fierce competitor and his veteran leadership will be crucial in the continued development of our young roster."

Rivers, 38, spent all 16 seasons with the Chargers, where he worked with head coach Frank Reich and offensive coordinator Nick Sirianni in the 2013-15 seasons.

An eight-time Pro Bowl selection, Rivers is sixth all-time in career passing yards (59,271) and touchdowns (397). With the Chargers, he completed 64.7 percent of his 7,591 pass attempts.

Rivers was the No. 4 overall pick in the 2004 NFL Draft by the New York Giants, shipped to the Chargers for No. 1 pick Eli Manning, who said he wouldn't play in San Diego. He left the Chargers as the holder of more than 30 franchise records.

The Chargers opted not to re-sign him.

With the Colts, he is set to replace Jacoby Brissett, who became the starter after the abrupt retirement of Andrew Luck before the start of the 2019 season.

Brissett was 7-8 as a starter in 2019, throwing for 2,942 yards with 18 touchdowns and six interceptions.

Also on Saturday, the Colts released quarterback Brian Hoyer.

The 34-year-old Hoyer, who had two stints with the Patriots (2009-11, 2017-18), could return to New England to mentor Jarrett Stidham or even venture to Tampa Bay to back up Tom Brady, per reports.

Hoyer started his career with the Patriots as an undrafted free agent from Michigan State, then had stops with the Arizona Cardinals, Cleveland Browns, Houston Texans, Chicago Bears and San Francisco 49ers before returning to the Patriots in 2017. He played in four games (one start) with the Colts last season and passed for 372 yards, four touchdowns and four interceptions.

For his career, Hoyer has completed 59.1 percent of his passes for 10,274 yards with 52 touchdowns and 34 interceptions.

--Field Level Media