Irsay also faces a preliminary misdemeanor charge of driving while intoxicated. He was arrested in the northern Indianapolis suburb of Carmel, according to the Hamilton County Sheriff's Office.
The 54-year-old Irsay spent 14 hours in custody, and his initial court appearance is March 26. He was released from Hamilton County Jail at 1:30 p.m. ET Monday.
"The Club continues to fully support Mr. Irsay but must refrain from commenting further at least until formal charges have been filed. A hearing is tentatively scheduled for next Wednesday, March 26," said the Colts statement.
Irsay took to Twitter on Monday afternoon to say thank you to everyone who supports him.
"Deepest thx to family, friends, fans, colleagues for the messages of support, thoughts and prayers. Impossible to tell u how much this means," Irsay tweeted.
Irsay was pulled over at 11:41 p.m. in the 13000 block of Horseferry Road in Carmel, an Indianapolis suburb, Lt. Joe Bickel of the Carmel Police Department said in a press release.
Bickel said Irsay was driving at a slow rate of speed, stopped in the roadway and failed to signal a turn before police pulled him over at 11:41 p.m.
"During the course of the investigation, Irsay subsequently failed several roadside field sobriety tests," Bickel said.
Several prescription drugs were found in pill bottles, according to police. The drugs were allegedly not associated with any prescription bottles in the vehicle.
---The New York Giants agreed to a five-year deal with free agent cornerback Dominique Rodgers-Cromartie.
The former Denver Bronco was considered the top corner left on the market.
ESPN's Adam Schefter reported the $39 million deal includes $15 million guaranteed, According to the New York Daily News, the total value of the contract is $35 million.
---The Dallas Cowboys agreed to terms with former Cleveland Browns quarterback Brandon Weeden on a two-year contract, multiple media outlets reported.
ESPN.com reported that Weeden visited with the coaches at Valley Ranch on Monday. Weeden, who was released by the Browns last week, is expected to be the third quarterback under contract behind Tony Romo and Kyle Orton.
---The Oakland Raiders signed unrestricted free agent wide receiver James Jones to a three-year deal.
Jones joins the Raiders following seven seasons with the Green Bay Packers, during which he helped the team to a victory in Super Bowl XLV. Jones' career totals include 104 games played with 47 starts, 310 receptions for 4,305 yards and 37 touchdowns. Additionally, he has posted 28 catches for 410 yards and four touchdowns in 11 postseason games.
---The St. Louis Rams will have an extra $3 million in salary-cap space this year thanks to the offset language written into cornerback Cortland Finnegan's contract and the fact his new contract with the Miami Dolphins calls for $5.5 million to be paid this year. Of course, he will only net $2.5 million of that.
Finnegan's Rams contract included a guaranteed roster bonus of $3 million for 2014, but would be offset if he was released by what he earns this year.
---The Green Bay Packers signed former Minnesota Vikings defensive tackle Letroy Guion,.
ESPN.com reported the deal is for one year that could be worth up to $1 million. It includes a $100,000 signing bonus and a base salary of $730,000 plus weekly roster bonuses for every game in which he is active.
---The Carolina Panthers re-signed unrestricted free agent linebacker Jason Williams and free agent cornerback James Dockery.
A veteran of five NFL seasons, Williams has spent the majority of the last four seasons with the Panthers after first joining the team off waivers from Dallas in 2010.
---New England Patriots cornerback Darrelle Revis officially signed his two-year, $32 million contract.