After a tense few months, it's Jonathan Taylor time.

The Indianapolis Colts activated the All-Pro running back from the Reserve/Physically Unable to Perform list, according to a Saturday announcement.

Moments later, it was reported Taylor and the team agreed to a contract extension to make him one of the league's highest-paid running backs. It took a three-year, $42 million contract extension with $26.5 million guaranteed to close the deal, according to ESPN's Adam Schefter.

Indianapolis didn't waste much time making it official:

Taylor recorded 3,841 rushing yards and 33 touchdowns over his first three seasons in Indianapolis. Amid a shifting market for the position, Nick Chubb was the last running back to land a long-term deal worth $10 million or more back in 2021.

The road to this destination wasn't necessarily a smooth one. The 24-year-old started training camp on the PUP list after undergoing offseason ankle surgery. He had not practiced with the team since he reported to training camp on July 25 — which is when he issued a trade request after the team failed to reach an agreement to extend his rookie contract.

Colts owner Jim Irsay added insult to injury by dismissing running backs' concerns over their valuation in the league. After saying he wouldn't trade Taylor, Irsay then gave the star permission to seek a trade in August. The Colts failed to find a suitable trading partner for Taylor by their deadline, so they kept him on the PUP list, sidelining him for at least the team’s first four games of the season.

Fast-forward to this week: Head coach Shane Steichen confirmed that Taylor appeared to be healthy and was expected to practice Wednesday.

When Taylor finally took the podium to speak to reporters, he opted not to speak about the public dispute with Irsay that attracted so much attention to his time away from the Colts.

His comments also allowed questions to linger about his future in Indianapolis.

But now, the freshly paid running back is set to return to action. It will be the first opportunity for fans to see him and rookie quarterback Anthony Richardson on the field together. It could be the start of a special duo, as both of them are tied to the club through at least 2026.

Irsay, for his part, took to social media to share his excitement:

“I can’t wait to get back on the field and do everything I can to help bring this city the championship it deserves. I’m proud to be an Indianapolis Colt," Taylor wrote in a statement thanking Irsay, Steichen and general manager Chris Ballard ahead of his debut.

'Running back Jake Funk was waived in a corresponding move to Taylor's activation. Zack Moss was playing consistently in Taylor's place, and could still be someone to watch as the returning star potentially knocks off some rust.

Fantasy impact of Taylor's return

For fantasy managers hoping to insert Taylor into their Week 5 lineups, he seems poised to make an immediate impact despite reports that will be on a snap count in his season debut. Yahoo analysts Andy Behrens and Dalton Del Don have him ranked as a high-end RB2 against a tough Titans run defense. The overall running back landscape has been hit hard by injuries and slow starts this season, so Taylor's return could pay huge dividends as his workload increases in the weeks to come.

Moss has been a value waiver add without Taylor in the mix, averaging 16.4 fantasy points in three games. His fantasy value takes a big hit with Taylor's return, but the two players could end up sharing touches for now as Taylor works his way back from an extended absence.