GM Mike Holmgren admitted in his post-draft press conference that he contacted the Colts about the No. 1 overall pick, which they would’ve used to take Stanford quarterback Andrew Luck, ESPN.com reports.

Unfortunately for Cleveland, the dialogue didn’t last very long.

“Probably about five minutes,” Holmgren said. “Actually I had two conversations. I had a conversation with Mr. [Jim] Irsay and also with their new general manager. I believe I was in the swimming pool at the owners meetings and I had a drink in my hand, on the second one. It wasn’t very long.”

Obviously, the Colts stayed put, making the much-ballyhooed signal-caller the new face of a rebuilt franchise. They’ve had their hearts set on Luck for the better part of two years, and finally got their man; no team was going to stand in the way of that happening.

The Browns, also in desperate need of quarterback, opted for Plan B, drafting Oklahoma State QB Brandon Weeden with their second first-round pick, No. 22 overall.

So, even though he struck out on Luck, Holmgren came away with a blue-chip back whose drawn comparisons to Adrian Peterson, and a potential franchise quarterback (albeit an older one) to build upon. Not too bad of a consolation prize.

NFL Network’s Albert Breer reported Friday night that there’s been “preliminary contract talks” between the Colts and Luck’s camp, but it has yet to advance past the preliminary stages, and a deal is not imminent.

When both sides inevitably come to terms isn’t important … we already know how much the No. 1 overall pick will be pocketing.

According to Breer, Luck is expected to receive a four-year, $22 million contract, which includes a fifth-year option, giving the team three years to decide if he’s the long-term solution.

Under the league’s new rookie wage system, this is has become the price for a quarterback taken first overall; Cam Newton got the same deal in 2011. It’s a far cry from the days when players were getting $50 million guaranteed without playing one down of professional ball. The landscape sure has changed a bit.

While negotiations remain ongoing, Luck is finishing up his semester at Stanford, and, under NFL rules, can’t join the Colts until he completes his courseload. Though, if everything goes as planned, he’ll be fully available for Indy’s three-day minicamp from June 12-14.

His graduation will take place on June 17. Of course, by then, he’ll already be a multimillionaire.

Here’s a hint: You don’t need a hint.

On Tuesday, GM Ryan Grigson confirmed that Andrew Luck will be the team’s No. 1 overall draft pick, days after they reportedly informed the former Stanford Cardinal of their decision.

Luck will join Indianapolis’ offseason program after he graduates on June 7, coach Chuck Pagano said.

As expected, Heisman-winner Robert Griffin III won’t be too far behind, as the Redskins will take the dynamic signal-caller with the second-overall selection.

Surprised? Didn’t think so. The real intrigues begins at No. 3, when the Vikings are on the clock.

While we’d expect a person with such a high-ranking position to shy away from social networking, Irsay goes in the complete opposite route, spending hours upon hours firing off tweets, engaging fans, and, from time to time, hinting as to what the Colts’ next move may be.

If that isn’t enough, Irsay also is known to hold special Twitter contests, which happen at a surprisingly frequent rate. He mostly gives his followers the chance to win cash prizes and team apparel, but, for his next giveaway, he’s upping the ante in a major way.

With the NFL draft approaching, Irsay is offering a brand-spankin’-new BMW to whomever can correctly guess each of the first-round selections.

Here’s how it works …

Now,let’s talk about this NFL Draft BMW contest! At some point in the next week and a half,there will be an 8 hour window to put ur guess in

— Jim Irsay (@JimIrsay) April 15, 2012

Then and only then,you’ll have 1 chance to guess the 1st round picks,number and player only,not team..to avoid the impossibility of trades

— Jim Irsay (@JimIrsay) April 15, 2012

Example- 1)luck 2)RG3 3)R Tanneh. Etc,etc…abbreviate when possible but be clear,ONLY 8 hour period for guessing will be used for contest

— Jim Irsay (@JimIrsay) April 15, 2012

And to the lucky soul who actually accomplishes this (extremely) tall task?

Winner will be brought in for photo session and red carpet picking of car color and picture with Colts #1 pick! Good Luck!!!

— Jim Irsay (@JimIrsay) April 15, 2012

So, if you’re a Colts fan and always dreamed of owning a Bimmer, well … after you pinch yourself, be sure to submit your guesses to the team’s official site; Irsay will provide a specific link on Tuesday. Non-fans are more than welcome to apply, too.

Good luck! (You’ll need it.)

Citing a league source, ESPN’s Adam Schefter reports Indianapolis has informed Andrew Luck they’ll draft him with the No. 1 overall selection in next Thursday’s draft.

Despite a bit of gamesmanship by owner Jim Irsay and GM Ryan Grigson, who both played this situation close to the vest, the Colts have “known for weeks” that Luck would be the selection, and a player the club “wants to rebuild around.”

“We’ve known for a little while. We’ve done all our due diligence,” Grigson said during a 30-minute news conference. “Unless there’s an unforeseen problem or something like that, we know what we’re doing.”

Irsay recently flirted with the idea of bucking conventional wisdom by instead drafting Heisman-winner Robert Griffin III. But that was never a realistic outcome as Luck has long been projected to don the horseshoe, whereas Griffin will head to the Redskins after they moved up to No. 2 overall in a blockbuster deal.

George Whitfield Jr., whose worked closely with Luck as his private quarterbacks coach, told the Indianapolis Star that the consensus No. 1 overall pick in this month’s draft is “far from a finished product” as he continues to perfect his mechanics.

“Let me tell you: He’s far from a finished product,” Whitfield said. “He’s very far along, but there are still things he’s working on mechanically and there are lots of things he’ll get better at by being in the NFL. People are now seeing him throw those intermediate and perimeter passes, and those are throws he’s been dying to make. You don’t think (Stanford coach) David Shaw didn’t want to make more of those perimeter throws or go downtown more during the season? But look at Stanford’s skill position guys. You can only spend within the budget you have.

“But he’s athletic. He’s cat quick. He’s strong. People are saying he’s a prototypical pocket passer, like they’re putting him in this category. But there’s a lot more he can do.”

Though Whitfield believes Luck still has a ways to go, he warns the Colts they’d be making a grave mistake if they instead selected Robert Griffin III, who Indy owner Robert Irsay recently hinted could stunningly be the pick.

“If they over-think this, they’re going to make a mistake they’ll regret for years,” he said.

Shifting gears to a more positive overture, Whitfield used a creative analogy to describe his pupil.

“He’s constantly being categorized as being safe, the sure thing, almost to the point where it’s a negative like there’s a ceiling, no apparent way for him to get better,” Whitfield added. “It’s like they’re describing a girl you’ve never seen as smart, witty, funny, consistent, without saying anything about her physically. It almost feels like they’re looking at him as the guy with the least amount of negatives.”

And much of what he’s saying is very true. Luck has been regarded as the best quarterback prospect since Peyton Manning, his probable predecessor in Indianapolis, and a once-in-a-generation type of player. Whether that’s true or not remains to be seen, but the accolades are certainly there.

For what it’s worth, Bob Kravitz, who wrote this column for the Star, guarantees there will be no surprises on draft day.

“It’s going to be Luck, people. It won’t be official until the Colts hand the card to the NFL people the night of the April 26 draft, but it might as well be official,” Kravitz said.

Griffin, the reigning Heisman-winner, may possess the superior physical gifts, but Luck is better equipped in almost every other facet, including his intangibles, which scouts have raved about for well over a year.

Both should go on to have exceptional NFL careers, though I — and most others — tend to side with Kravitz: Luck will be the guy.

Irsay told USA Today that “it’s not a forgone conclusion” Luck will be drafted as Indianapolis’ next franchise quarterback, with Robert Griffin III also an enticing option.

“It’s up in the air,” Irsay said. “We have to look at this thing completely open-minded.

“You have two outstanding athletes, two great pure passers, two guys from families that are incredible.”

Although the team’s braintrust haven’t made up its mind yet, Irsay indicated negotiations could factor into their franchise-altering decision.

“If we get to the point where we’re going to negotiate early, get something done before the draft, you never rule that out,” Irsay said. “We’ve talked to both agents. We haven’t negotiated yet.”

For the better part of two years, Luck has been linked to the Colts as Peyton Manning’s successor, which various scouts and media pundits still foresee taking place. However, there’s been recent speculation suggesting Irsay may shock everyone by drafting the Heisman-winner instead, after a terrific combine and pro day had many wondering if RGIII should leapfrog Luck.

Griffin may possess the superior physical gifts, but Luck is said to be the safer pick, a sure-thing prospect that embodies everything you look for in a signal-caller, especially one you expect to be there for 10, 12, even 14 years.

More likely than not, Irsay is simply playing this close to the vest, probably as a negotiating tactic, making it just a matter of time until Luck officially dons the horseshoe, and we can finally put this quandary to bed.

According to the Boston Globe, Wayne recently implied in an online journal that the Pats were a finalist for his services, but is “thrilled” over his decision to instead return to Indianapolis.

“Well….. kinda four teams at first. Then three and then two. And you Colts fans don’t wanna know who other team was. I’ll let you figure that one out. Ha! But like I said, I’m thrilled about my decision.”

If Wayne’s subtlety leaves you unconvinced, a league source confirmed to the Globe that New England was indeed in play to land the five-time Pro Bowl receiver.

It was certainly a bit of a surprising move by the 33-year-old, who chose to pass up joining a perennial playoff — and Super Bowl — contender (not to mention, his arch nemesis of the last decade) for a club that’s been gutted from top to bottom this offseason.

The Colts gave Wayne a three-year, $17.5 million deal (including $7.5 million in guarantees). It’s unclear what the Patriots had offered, but it was likely comparable considering coach Bill Belichick’s long affinity for the wideout.

Assuming the offers were in the same ballpark, Wayne might’ve chosen to remain with the only team he’s known in his well-accomplished NFL career, and in the city where he’s had so much success. The new pact made him a “Colt for life,” as he excitingly put it.

If there were only two factors behind his decision — money and loyalty — something tells me the latter was of more importance.

Per ESPN’s Adam Schefter, the Colts agreed to a three-year contract with Wayne, bringing the veteran receiver back to Indy as, presumably, Andrew Luck’s top future target.

NFL Network’s Jason La Canfora reports the pact is worth a “max” of $17.5 million.

This is a particularly baffling move because it appeared to be a foregone conclusion that Wayne, like many of his former teammates, played his last snap with the Colts.

Between his desire to become a package deal with Peyton Manning (so much for that) and Indianapolis’ unwillingness to reach out to the 33-year-old, this seemed like the last place Wayne would end up.

But this is precisely what makes free agency so thrilling, like a Christmas morning; you may have a pretty good idea of what you’re getting, but there’s also bound to be a surprise or two thrown in.

Count this in as one of the surprises.

Per beat writer Mike Chappell, Indianapolis released tight end Dallas Clark, running back Joseph Addai, linebacker Gary Brackett, and safety Melvin Bullitt.

“It’s a whole new team,” a source told Chappell.

Clark may be nearing the end as an oft-injured, 32-year-old who had a dreadful 2011 campaign, both as a pass-catcher and blocker. He was never expected to stick around at a $5 million salary.

Addai carries the same injury concerns as Clark, and will be approaching 30, a notoriously feared age for backs. He should get some nibbles on the open market, but it’d be a surprise if he landed a starting role.

Brackett was more than likely a casualty of Indy’s new 3-4 scheme change, as he is primarily a 4-3 middle ‘backer. The longtime face of a typically-mediocre defense, Brackett missed nearly all of last season, and is far from certain to ever return to prior form.

Like Brackett, Bullitt missed much of the 2011 season on injured reserve, and was nothing more than an above-average player in the Colts’ secondary even when he was healthy. Still only 26, however, he should be able to find work in some capacity in 2012.

While none of these transactions — and reports of Dwight Freeney being shopped around the league — will sit well with Indy’s faithful, the organization made a wise decision cutting the excess weight with a new era dawning upon the franchise.