Doesn't matter if he's willing to rework his contract. What matter is what does Luck want to do? Because the Colts are going to draft Luck no matter what, but if Luck is NOT okay with being on the bench then the Colts will just let Peyton go.
Second, on Peyton's side, does he want Luck behind him? If Peyton were to restructure his contract to make it purely performance based, and he starts struggling, they will bench his *** and put Luck in, saves them lots of money as they won't have to pay a dime.
Or Peyton can just go to a team like OURS, and be given a full opportunity to play a full season (if healthy) and earn his money.