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The Colts officially announced Friday morning what we had Mike Chappell reporting in "Reading the Coverage:" Chris Polian now has a contract that sets him up to replace his father the way Jim Caldwell was in place to replace Tony Dungy.

Here’s the important piece of the news release:

Indianapolis Colts Owner and C.E.O. Jim Irsay announced today the promotion of Chris Polian to Vice President and General Manager.

“I am very pleased to announce the promotion of Chris Polian to Vice President and General Manager,” said Irsay. “Chris has been involved in every aspect of our football operations for the past 12 years. His direct contributions are part of the reasons why the Colts have been among the league’s top teams for an extended period of time. Chris is a very talented individual who has worked his way through the ranks, and we are pleased to have him serve in this position. Historically, the Colts have been an organization to promote internally, and I feel this will allow the club the best opportunity to continue competing at the level we have sustained for the past few seasons.”

Polian, who signed a long-term contract, will oversee the day-to-day operations in all football-related areas of the franchise. Working alongside with his father, Colts President Bill Polian, he will be tasked with keeping Indianapolis among the most successful NFL teams.

Chris Polian, previously vice president of football operations, is respected around the league and was bound to draw interest from other teams who are looking for a GM type after the season. This move scratches him off those lists.