The Indianapolis Colts have fired GM Ryan Grigson after five seasons with the team, owner Jim Irsay confirmed Saturday.

Grigson had been general manager of the Colts since 2012, and drafted Andrew Luck first overall in his first year on the job. The Colts finished 11-5 in each of Grigson's first three years leading the Colts but finished just 8-8 both of the past two seasons.

Despite a tumultuous 2015 season, the Colts extended Grigson through 2019 last offseason.

Irsay noted that former Colts quarterback Peyton Manning is not in the mix to replace Grigson.

Colts head coach Chuck Pagano, who was also reportedly on the hot seat in Indianapolis, was confirmed to be returning by Irsay.

"I hope Chuck can be our coach for many years to come," Irsay said.

Pagano also signed a contract extension after the team's 8-8 2015 season.