The wide receiver has recorded over 1,000 receiving yards in six of his eight seasons in the NFL, coming up for 57 yards of that mark in 2013.
The quarterback told the team's official website: "He's the prime example, for any young player coming in, that anything is possible. He came in as a seventh-round pick and after OTAs, you didn't think he was going to make the team.
"Then he comes in, and all of a sudden he's our number one receiver going into the season in . He does not get the credit he deserves.
"But he's a quiet, soft-spoken, come-to-work, get-the-job-done kind of guy. The story is yet to be written. I think he still has a bunch of good years left."
Despite his career statistics, Colston has never been voted to the Pro Bowl.