The team announced the news on Tuesday, formally recognizing Saturday's place as a critical contributor to the Peyton Manning era in Indianapolis.
A six-time Pro-Bowler and two-time Associated Press First Team All-Pro, Saturday was regarded as one of the best centers in the league for much of his tenure and was adept at managing protections and assignments as Manning continually changed plays at the line of scrimmage. Saturday was part of seven offensive lines that led the league in fewest sacks allowed, and helped lead the Colts to a win in Super Bowl XLI in 2006.
"When you start playing this game, you never really envision this occurring in your career," Saturday said in a statement released by the team. "To be there as long as I was and for as successful as it was, not only personally, but for the teams that I had the chance to play for, all the men that I got to suit up beside and run out on the field with, I can't say enough good things. I'm just humbled by it and really excited about it."
Saturday was also a vocal voice in the NFL Players Association during his career, especially in negotiations surrounding the current collective bargaining agreement. He has done work as a television analyst since his retirement in 2012.
"Jeff represented both the organization and the City of Indianapolis with a tremendous amount of class for 13 seasons," Colts owner Jim Irsay said. "The passion for which he played the game was infectious and he quickly developed into one of this game's great leaders. His performance on the field matched his dedication and service to the community. Jeff is extremely deserving of this honor and I'm thrilled to add his name with the others who have represented the Horseshoe in extraordinary fashion."