Colts to sign QB Matt Hasselbeck to backup Andrew Luck

Matt Hasselbeck is expected to bring his 14 years of quarterback experience to help Andrew Luck and the Indianapolis Colts, a team source confirmed late Monday night.

Barring an unforeseen last-minute development, Hasselbeck will agree to a two-year, $8-million deal Tuesday, the source said. The move would come a day after he was released by Tennessee.

Hasselbeck, who turns 38 in September, would back up one of the NFL’s promising passers in Luck, who set various NFL rookie records in 2012. It’s a mentoring role with which Hasselbeck has become accustomed; he helped the Titans’ Jake Locker this past season.

“Shifting gears.…insurance policies are VERY valuable…makes your pillow softer at night……,” Colts owner Jim Irsay tweeted late Monday night from Phoenix, where he is attending owners meetings.

Hasselbeck’s best years were with Seattle, where he became the franchise’s career passing leader, made three Pro Bowls and led the Seahawks to Super Bowl XL. He has a career 80-72 record as a starter.

Including prorated bonus money, Hasselbeck would have cost the Titans $7.5 million this season.

Vaughn signs offer

Colts restricted free agent cornerback Cassius Vaughn signed his qualifying offer Monday, according to a team press release. He’s expected to compete for the team’s third cornerback spot.

He appeared in all 16 games in 2012, starting 11, and had a career-high 70 tackles, nine passes defensed, two fumble recoveries and an interception return for a TD. Vaughn was named AFC Defensive Player of the Week in Week 14 after making eight tackles, defending three passes and returning the interception 3 yards for a score.

Last season was his first with the Colts. He’s played 38 NFL games in his career, 14 of them starts, with 92 tackles and 13 passes defensed. If he had not signed the offer, he could have signed with another team though it would have had to compensate the Colts.

Colts awarded one pick

The NFL on Monday awarded the Colts one compensatory pick for April’s draft, a seventh-round selection and the final one out of 254. General manager Ryan Grigson had said late last season he was hoping the team would receive two.

Compensatory picks are awarded to teams who lose more than they gain through free agency, which is determined by a formula which factors salary, playing time and postseason honors.

The league release stipulated the Colts and New York Giants would receive a last-round pick — although they didn’t suffer a net loss in free agents — because players lost were ranked high than those signed.

according to indystar.com