Left tackle Anthony Castonzo and the players drafted in 2012 outside of Luck are headed into the final year of their contracts.
Receiver T.Y. Hilton has been Luck's go-to receiver the past two seasons and a player the Colts hope to be able to lock up long term.
"Nothing to report there," Colts owner Jim Irsay said during the team's open practice Wednesday at Lucas Oil Stadium. "Obviously, some players like possibly T.Y. or Anthony Castonzo ... again, we'd like to make some progress, possibly get something done sooner than later. It obviously takes both sides to come to a sort of compromised agreement. I think we're optimistic."
Hilton, who switched to power agent Drew Rosenhaus earlier in the offseason, has led the Colts in receiving yards in each of the past two seasons and is coming off his first Pro Bowl appearance. The Colts, however, did select Phillip Dorsett, a receiver many say has a similar skillset as Hilton, in the first round of this year's draft.
The Colts picked up Luck's fifth-year option in April and Irsay has already said they won't look to get a deal done with him until after next season. But Castonzo, tight ends Dwayne Allen and Coby Fleener and Hilton will be free agents at the end of next season if the sides can't work out an extension.
"Obviously my belief is and our team's belief -- [general manager] Ryan [Grigson] and [coach] Chuck [Pagano] as well -- is draft great players, keep great players," Irsay said. "We've kept great players into their second contract. ... And we want to be able to do that.
"The most critical thing is to draft great players and to keep them into their second contract, and we're going to that crossroads on some key guys obviously like T.Y. I do expect something to get done there eventually for sure."