Michael Pittman Jr. Gets $21.8M Colts Franchise Tag Amid Long-Term Contract Rumors

Michael Pittman Jr. would have been one of the top players to hit the open market this offseason. The Indianapolis Colts weren't going to allow him to go anywhere.

The team used the $21.8 million franchise tag on Tuesday to retain the star wide receiver for the 2024 season.

Of note, Tom Pelissero of NFL Network reported the two sides have been working on a long-term contract:

Pittman, 26, had his best season yet in 2023, setting career highs in receptions (109), targets (156) and yards (1,152) while adding four touchdowns. It was his second year hitting the 1,000-yard mark (2021) and his third straight season with at least 900 receiving yards.

Pittman was part of the loaded 2020 NFL draft class for wide receivers that also featured CeeDee Lamb, Justin Jefferson, Brandon Aiyuk, Tee Higgins, Gabriel Davis and Jerry Jeudy, among others.

Lamb and Jefferson have proven to be outright superstars, while Pittman has fallen into that second level of wideouts from that draft class, joining Aiyuk and Higgins.

He also joined a potentially loaded free-agency class, with players like Mike Evans, Tee Higgins, Marquise Brown, Calvin Ridley and Davis also out of contract entering the offseason.

Evans has since re-signed with the Tampa Bay Buccaneers while Higgins received the franchise tag from the Cincinnati Bengals.

It would have been surprising if the Colts let Pittman go, however. A long-term extension would have been ideal, though using the tag gives the two sides more time to potentially agree on such a deal.

Either way, Pittman appears poised to return in 2024, keeping a crucial playmaker on the offense for promising young quarterback Anthony Richardson. Add in star running back Jonathan Taylor, and the Colts should have some juice next season.

Michael Pittman Jr. was one of the top players to hit the open market this offseason. Now, he has a new home.