Yes, it's happening: The Colts on Wednesday signed 44-year-old quarterback Philip Rivers to their practice squad.
Rivers played 17 years in the NFL with the San Diego/Los Angeles Chargers (2004-2019) and Colts (2020). Over 244 games (240 starts), Rivers completed 64.9 percent of his passes for 63,440 yards with 421 touchdowns; in NFL history, he's seventh in passing yards and sixth in passing touchdowns. Rivers is an eight-time Pro Bowler and threw for over 4,000 yards in 12 of his 15 seasons as a full-time starting quarterback, including in 2020 with the Colts (4,169 passing yards).
With the Chargers, Rivers worked closely with current Colts head coach Shane Steichen. Steichen joined the Chargers' coaching staff in 2011, and he worked closely with Rivers as an offensive quality control

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