"I wanted to stay here no matter what the cost was. I gave up a lot of money to stay here and that's what I wanted to do," he told reporters.
Hilton signed a one-year, $8 million contract to return to Indianapolis. He is guaranteed $8 million and can earn up to $10 million if he reaches incentives.
Hilton confirmed he turned down a multiyear offer from the Baltimore Ravens but said it was fun to get recruited by other teams. He said he relied heavily on the advice of former Colts wide receiver Reggie Wayne.
"He was constantly there for me and he helped me make the right decision," he said.
The 2021 season will be Hilton's 10th with the Colts and he said the thought of playing for just one franchise in his career was special.
"It's very special. Not many guys can say they did that. ... I love it here, so the moment I had to sign back here, it was only right," he said.
Hilton, 31, said he wasn't looking for more than a one-year deal. He was asked by reporters if this season might be his last.
"After this one year, I'll reevaluate everything, see how my body's feeling. If I want to keep going, I'll keep going and if not, I'll hang it up," he said.
However, he said when he wants to spend more time with his family, that will ultimately be the deciding factor.
"My retirement won't depend on me, it will depend on if I'm ready to watch my kids play," he said.
Hilton said he was in communication with two quarterbacks during his free-agent process -- new Colts quarterback Carson Wentz and retired Colts quarterback Andrew Luck. Hilton said Wentz texted him to tell him how much he wanted to throw passes to him this season. Hilton said Wentz's "skill set is pretty unique and pretty special."
"He has some Andrew Luck traits," Hilton said of Wentz. "He can get out of the pocket, make some incredible plays. He's a special talent."
Hilton said Luck was "very happy for me" and is enjoying retired life.
"I probably got to stop calling him, he'll probably want to make me retire," he said with a smile.
"He's having the time of his life, he's kind of making me jealous," he added.