The Indianapolis Colts have reached a contract agreement in principle with first-round draft pick Dwight Freeney, a defensive end from Syracuse, and one of college's most prolific pass rushers during his career.

There remain some elements of the accord to be finalized, and paperwork to be reviewed, but the basic structure is in place. The Colts also reached agreement with second-round defensive tackle Larry Tripplett on a four-year, $2.96 million contract that included a $1.6 million signing bonus.

The two deals mean Indianapolis has reached accords with all its draft picks.

Freeney will sign a seven-year contract that will void to five years provided he achieves predetermined performance benchmarks. The five-year total for the contract is about $8.8 million-$9 million. The combined value of the signing bonus and a second-level option bonus due next spring is $6 million.

The 11th player selected overall, Freeney figures to be an excellent fit in the "cover two" defense being installed by new coach Tony Dungy and coordinator Ron Meeks, a scheme that places a premium on quickness. At the combine workouts this spring, Freeney posted a 4.48 time in the 40-yard dash, faster than most of the offensive skill position players who worked out for scouts.

Because he lacks prototype size (6-feet-0 7/8, 266 pounds), some scouts felt Freeney might have to play linebacker in the NFL, but the Colts definitely will use him at end. He should team with Chad Bratzke to provide Indianapolis a better pass rush than it has had the past several years.

Freeney is a high-motor defender with a relentless, attacking style, and his explosive first step gets him quickly into the backfield. His penetration skills can also disrupt the run, but he may have to add some bulk to be able to anchor at the point of attack.

Despite starting just two seasons, Freeney registered 34 sacks, including 17½ in 2001. At one point, he posted at least one sack in 17 straight games. He also established an NCAA record for fumbles forced or recovered (11) in a single season.

Freeney, 22, finished his college career with 104 tackles, and 51 of them were behind the line of scrimmage.

Len Pasquarelli is a senior writer for ESPN.com.