The Colts' most dangerous offensive player is back and getting paid.

Jonathan Taylor and the Colts have reached agreement on a three-year, $42 million contract extension that includes $26.5 million guaranteed and makes him one of the NFL's highest-paid running backs, sources told ESPN's Adam Schefter on Saturday.

Taylor also was removed from the physically unable to perform list Saturday and has no injury designation, clearing him to make his season debut Sunday against the Tennessee Titans.