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The Indianapolis Colts and wide receiver Michael Pittman Jr. are finalizing a three-year, $70 million contract, sources told ESPN’s Adam Schefter on Monday.
The contract has a maximum value of $71.5 million and includes $46 million guaranteed, a source told Schefter.
The Colts placed the non-exclusive franchise tag on Pittman last week after the sides were unable to reach a long-term agreement before the deadline.
Pittman has been one of the most successful receivers in Colts history, with only five others (Marvin Harrison, Reggie Wayne, TY Hilton, Dallas Clark and Bill Brooks) catching more passes than Pittman’s 336 receptions in four seasons.
Pittman, 26, generated career highs in 2023 with 109 receptions for 1,152 yards. He was by far the Colts’ top target with 28.2% of the team’s total targets, which ranked 11th in the NFL. His 208 receptions since 2022 also rank fifth in the NFL during that span.
He missed one Week 16 game after being placed in the concussion protocol following a Week 15 hit by Pittsburgh Steelers safety Damontae Kazee, who was ejected and then suspended for the final three games of the week. season. Pittman was released from the protocol the following Friday, but experienced a relapse of symptoms a day after arriving in Atlanta for a game against the Falcons and returned to the protocol.
At 6-foot-4 and 223 pounds, Pittman provides a big target for his quarterback and is a willing and at times devastating blocker in the run game. He has spoken extensively about the impending return of 2023 first-round pick Anthony Richardson to the Colts lineup, and the impact the young quarterback’s presence could have on the team’s passing game.
ESPN’s Stephen Holder contributed to this report.