Michael Pittman Jr. Reportedly Traded to Steelers from Colts, Details on WR's New Contract

The Indianapolis Colts are parting ways with Michael Pittman Jr. after re-signing Alec Pierce.

Pittman is heading to the Pittsburgh Steelers in exchange for a late-round pick swap, NFL Network's Tom Pelissero reported Monday.

ESPN's Adam Schefter reported the Steelers are signing Pittman to a three-year, $59 million contract.

The trade comes shortly after the Colts reportedly re-signed Pierce for a four-year, $116 million deal that will make him the highest-paid free agent wide receiver in NFL history.

Pittman is set to play next season on an expiring contract with a cap hit of $24 million. He recorded 80 catches for 784 receiving yards with seven touchdowns in 17 games of his sixth season with the Colts.

That contract will make Pittman the second-highest-paid wide receiver in Pittsburgh behind D.K. Metcalf, who is set to cost the Steelers a cap hit of $31 million next season.

The Steelers are now spending more than $60 million in total average annual salary on wide receivers, the fifth-most at the position in the NFL, per Spotrac.

What the Steelers' depth chart ultimately looks like will depend on whether the franchise re-signs Calvin Austin III, who ranked fourth on the team with 372 receiving yards in 14 games last season.

If Austin leaves Pittsburgh, there's a chance 2024 third-rounder Roman Wilson could take on a larger role in his third NFL season.

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Steelers projected wide receiver depth chart

WR: DK Metcalf, Roman Wilson

WR: Michael Pittman, Ben Skowronek

WR: Calvin Austin III (pending FA)

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While the Steelers could split their workload between Metcalf and Pittman, the Colts could expect Pierce to take the majority of targets as he heads into next season on his historic contract.

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Colts projected wide receiver depth chart

WR: Alec Pierce, Anthony Gould

WR: Josh Downs

WR: Ashton Dulin

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Trading Pittman allowed the Colts to clear out $24 million in 2026 cap space, per Spotrac.

That will help the Colts make room to sign both Pierce and quarterback Daniel Jones, who is set to sign either an extension or a one-year, $37.8 million deal after receiving a transition tag from the franchise.

The Steelers are still waiting to decide on who will be starting under center in 2026 as veteran quarterback Aaron Rodgers weighs whether to return next season.

Both Steelers head coach Mike McCarthy and general manager Omar Khan have expressed interest in bringing Rodgers back for a second season. If Rodgers ultimately goes elsewhere or retires, Metcalf and Pittman could be catching passes from Will Howard, Mason Rudolph or an upcoming offseason acquisition next fall.