Michael Pittman Jr. on Colts Contract: Open to Franchise Tag amid Players' Backlash

Michael Pittman Jr. is slated to become a free agent for the first time in his career, but the Indianapolis Colts could limit his options by placing the franchise tag on him this winter.

While Pittman is interested in exploring his options this offseason, he doesn't appear to be opposed to playing the 2024 campaign on the franchise tag should the Colts tag him prior to the March 5 deadline.

"The franchise tag, I don't think anybody would be displeased with $23 million,'' Pittman said, per Mike Chappell of Fox 59. "The franchise tag is almost like a tag of respect because you get paid like the top-5 of your position.

"But do I necessarily want to play on one? I wouldn't say necessarily no I do not want to play on the tag. You can use that to work on a long-term deal as well.''

The franchise tag for wide receivers in 2024 is projected to be $21.6 million, per OverTheCap.

Pittman will not be allowed to negotiate with other teams unless the Colts place the non-exclusive franchise tag on him. If he were to receive an offer from an opposing team under the non-exclusive tag, the Colts would have the ability to match the offer.

If the Colts place the exclusive franchise tag on Pittman, he would be prohibited from negotiating with other teams.

Pittman has emerged as one of the NFL's elite receivers through the first four years of his career. He has recorded two 1,000-plus yard receiving seasons and is coming off a 2023 campaign that saw him catch 109 passes for 1,152 yards and four touchdowns in 16 games.

The 26-year-old has become an important member of the Indianapolis offense and the franchise would be smart to keep him around beyond the 2023 campaign, especially with rookie quarterback Anthony Richardson expected to return from injury in 2024.