Indianapolis Colts running back Jonathan Taylor signed a three-year, $42 million contract extension that includes $26.5 million guaranteed, the team announced Saturday.

“I want to thank (owner and CEO) Jim Irsay and his family, (general manager) Chris Ballard, and Coach (Shane) Steichen for the opportunity to be part of this organization’s future,” Taylor said in a press release. “I greatly appreciate the support of my teammates and Colts fans. I can’t wait to get back on the field and do everything I can to help bring this city the championship it deserves. I’m proud to be an Indianapolis Colt.”

Taylor was activated to the 53-man roster Saturday and the Colts waived fellow running back Jake Funk. The team also lifted Taylor’s questionable tag for Sunday’s game against the visiting Tennessee Titans after he worked through the final recovery stages of an ankle injury.

“Part of the reason I took this job was to work with a player like Jonathan Taylor,” Steichen said in the press release. “He adds an explosive element to our offense and his success on the field over the last three seasons is undeniable.”

Taylor underwent offseason ankle surgery and sat out the first four games this season while on the physically unable to perform list.

Taylor, a second-round pick in the 2020 NFL Draft, was in the final year of his four-year, $7.8 million rookie contract and was due to receive a $4.3 million base salary this season.

Taylor, 24, rushed for 861 yards and four touchdowns in 11 starts last season. The 2021 All-Pro selection has gained 4,643 yards from scrimmage and scored 36 TDs in 43 career games (41 starts).

The Colts’ leading rusher through four games this year is Zack Moss with 280 yards and one touchdown on 66 carries. Rookie quarterback Anthony Richardson has rushed for 131 yards and four scores.

–Field Level Media