Colts GM: Michael Pittman Jr. Will Remain with Team on New Contract or Franchise Tag

Indianapolis Colts general manager Chris Ballard ruled out the departure of wide receiver Michael Pittman Jr. this offseason.

Ballard told reporters Wednesday at the NFL Scouting Combine the team is hopeful of signing Pittman to a long-term extension and will utilize the franchise tag if needed. He said negotiations with the player's representatives are ongoing.

Pittman is an unrestricted free agent this offseason. The Colts have until 4 p.m. ET on March 5 to apply the franchise tag to the 2020 second-round pick.

Indianapolis probably prefers avoiding that scenario to maintain a level of goodwill with the player. Working out a multiyear contract before the deadline might also allow the team to negotiate before the start of free agency a salary for the 2024 season that's a little below the $21.9 million he's guaranteed to earn.

ESPN's Stephen Holder noted former punter Pat McAfee in 2013 was the last player the Colts franchise-tagged. A stretch that long would seemingly speak to a level of organizational philosophy.

Addressing his impending free agency, Pittman told reporters in January the one-year tender would be a lucrative short-term path and "almost like a tag of respect because you get paid like the top-5 of your position." Still, he'd prefer a more permanent solution.

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

Ballard might have to rely on the franchise tag for now because Pittman is incentivized to wait before he agrees to a multiyear pact.

The Cincinnati Bengals applied the tag to wide receiver Tee Higgins, but the opportunity remains for him to get traded to another team, who would presumably sign him to a lucrative extension. Minnesota Vikings star Justin Jefferson is once again extension-eligible, too, and he could reset the entire receiver market.

From Pittman's perspective, there may be little need to rush before the Colts are running up against the March 5 deadline.