The Indianapolis Colts won't attempt to recoup the $24.8 million from Andrew Luck that could be available to them due to his retirement.

Luck and the Colts reached a financial settlement late last week.

Luck could have owed the Colts $12.8 million as a prorated portion of the $32 million signing bonus the Colts gave him when he signed his five-year extension in 2016, and another $12 million in roster bonuses he was paid in March.

Because of the poundings Luck has taken during his career, the Colts are essentially making this his parting gift.

Jim Irsay believes Luck is leaving nearly $500 million on the table by retiring.

"It's a tough thing. Look it, he's leaving $450 million on the table potentially," Irsay said. "I mean, a half a billion dollars, and he's saying, 'You know what, I want to have my integrity. I have to be able to look [wide receiver] T.Y. [Hilton] in the eye. Look my teammates, look Coach, look [GM] Chris [Ballard] and say, "I'm all in,"' and he just didn't feel he could do that."