Jim Irsay announced a $25,000 gift to establish the scholarship.
Team owner Jim Irsay provided a $25,000 gift to set up the Edwin Jackson Memorial Scholarship. Irsay also paid for the funerals for Jackson and Jeffrey Monroe, the Uber driver who died in the crash with Jackson. Jackson's funeral was held Monday in his hometown of Atlanta.
"This scholarship will honor Edwin’s memory and his determination, work ethic and character," Irsay said in a statement. "My family and the entire Colts organization are proud to have been associated with Edwin, and we are honored to help continue his legacy in the future."
According to the statement, the team will work with Jackson's family to establish guidelines for the scholarship, which will be "awarded annually to a qualified student applicant." The scholarship will be a separate fund within the Indianapolis Colts Foundation.
Jackson, an undrafted player from Georgia Southern, played all 16 games for the Colts in 2016 but spent all of 2017 on injured reserve.
"Edwin was such a wonderful young man and was beloved by his family and friends across the country, especially by his Colts family here in Indianapolis," Irsay said in a statement. "We are all better people for having known him, and we already miss him so much."
The man who killed Jackson and Monroe in the crash was charged with four felonies in relation to the accident.