Irsay spoke to the media at the team's open mini-camp Wednesday and was asked if the team had begun talks with Hilton on a new contract. He said there was "nothing to report," but that they hoped to make progress and "get something done sooner rather than later," according to Colts.com.
Hilton, 25, has blossomed into one of the league's top young receivers since being drafted by the Colts in the third round of the 2012 draft. He caught 82 passes each of the past two seasons for totals of 1,083 and 1,345 yards in 2013 and 2014, respectively. Hilton caught seven touchdown passes last season and has become Andrew Luck's top target.
Hilton is set to begin the fourth and final season of his rookie deal this fall.
"It obviously takes both sides to come to a sort of comprised agreement so to speak," Irsay said. "I think we're optimistic. Obviously, my belief is and our team's belief, Ryan (Grigson) and Chuck (Pagano) as well, is draft great players, keep great players. We've kept great players into their second contract obviously Reggie (Wayne), Robert Mathis, (Dwight) Freeney, the list is long. We want to be able to do that."
Irsay appeared confident the two sides would be able to work something out.
"I think the most critical thing is to draft great players and to keep them in their second contract," said Irsay. "We're coming to that crossroads on some key guys like T.Y., so I do expect something to get done there eventually for sure."
Should the Colts and Hilton not reach an extension, the team could use its franchise tag.
- Jeremy Woo