Maybe this will change a bit but all the cap sites have him at 12th in cap hit among QBs for next year. Cap hit is far more important than APY in terms of signing guys. 12th is very reasonable and it only goes up by like 300k next year and the cap goes up by another 10+ mil likely. Guys like Tannehill and Bradford have bigger 2017 cap hits. All of these numbers can change as guys renegotiate and such, but it seems to suggest that it isn't a hugely burdensome contract particularly in the next 2 years. By the time he gets his big bump in cap hit in 2018 (still just tied with what Matt Ryan's and Newton's hit is scheduled as) I feel like they will already be looking at how to spread it out over more years or the market will make the 21+ cap hit still a good deal. Obviously it all depends on production, but based on everything we've seen it looks like a good deal. I'm no expert so maybe all of this isn't the best way to analyze the situation, but if it is it seems positive.
I don't have as high an opinion of Luck as many, but he could maybe drive things up. Isn't the owner making comments already about how they are going to back up the truck?