The Indianapolis Colts sent shockwaves through the NFL on Saturday by agreeing to a contract extension with star running back Jonathan Taylor.

According to NFL Network's Ian Rapoport, Taylor and the Colts came to terms on a three-year, $42 million extension with $26.5 million in guaranteed money. Taylor had been set to become a free agent at the end of the season, but now he is the third-highest-paid running back in the NFL in terms of average annual value at $14 million.

When Taylor and the Colts were unable to agree to a new deal during the preseason, the Colts gave Taylor permission to seek a trade, but nothing came to fruition.

Taylor started the season on the physically unable to perform list due to an ankle injury, but he returned to practice this week and was added to the active roster Saturday.

Per ESPN's Stephen Holder, Taylor gave a somewhat cryptic response Thursday when asked if he was committed to the Colts moving forward, saying: "I don't think it matters if I'm saying I'm committed or not, because I'm here. If somebody wasn't committed, they wouldn't be here. And right now, I'm here, and my No. 1 goal is to attack this first practice. It's been over 290 days, I believe."

Given how far apart Taylor and the Colts seemed to be in recent months, news of a contract extension came as a surprise Saturday, and NFL fans and observers had plenty to say on X, formerly known as Twitter:

At 2-2, the Colts are in a four-way tie for first place in the AFC South, and they have played much better than most expected.

A big reason for that is the performance of their rookie first-round pick, Anthony Richardson, who has been a dynamic presence capable of making plays with his arm and legs.

While Taylor has been out, Zack Moss has been a productive running back in head coach Shane Steichen's offense, which suggests Taylor could be in line to put up some huge numbers.

The 24-year-old Taylor missed six games due to injury last season, but in 2021 he was a Pro Bowler and first-team All-Pro who led the NFL with 1,811 rushing yards and 18 rushing touchdowns, while also catching 40 passes for 360 yards and two scores.

Taylor's ceiling in Steichen's offense figures to be incredibly high, and if he reaches it, he will make good on his new contract and then some.