In just his third year in the NFL last season, Indianapolis Colts wide receiver T.Y. Hilton was one of the most productive pass catchers in the league. He recorded 82 receptions for 1,345 yards and seven touchdowns while catching 63 percent of the passes thrown in his direction. 

After weeks of speculation that Hilton wanted a new deal, the team decided to take care of business on Thursday. The former third-round pick reportedly agreed to a five-year, $65 million extension with as much as $39 million guaranteed. 

It's a heck of a big deal for a player with less than 50 career games under his belt. The $15 million Hilton is making on an annual basis ranks him behind only Calvin Johnson, Demaryius Thomas and Dez Bryant among wide receivers in the NFL. Interestingly, both Thomas and Bryant just agreed to their extensions last month. The $39 million guaranteed ranks Hilton fourth among NFL receivers, also behind the big three. 

Also a 1,000-yard receiver back in 2013, Hilton has seen his consistency increase a great deal each and every season he's suited up for the Colts. After dropping 10 passes (11.1 percent drop rate) as a rookie, Hilton has let dropped less than six percent of his targeted passes over the past two seasons. During that very same span, the former Florida International star has seen 130-plus targets brought down 82 catches each year. 

Even with Andre Johnson now on the roster, Hilton will remain Andrew Luck's favorite target in the passing game. He has to be considered a top-10 fantasy receiver at this stage in his career—something that promises to remain unchanged for the foreseeable future.