WR Michael Pittman, Colts expected to finalize three-year contract

The Indianapolis Colts have checked off their most pressing item on their offseason list: keep Michael Pittman.

Pittman and the Colts are expected to finalize a three-year, $70 million contract that can reach a maximum value of $71.5 million, and includes $46 million guaranteed, NFL Network Insider Ian Rapoport reported on Monday.

After placing the franchise tag on Pittman on March 5, Indianapolis already had control over the receiver’s participation in 2024, but Monday’s news provides more security for both receiver and team. The anticipated agreement keeps Pittman in Indianapolis in not only his upcoming fifth NFL season, but two additional years, securing his future with the Colts just two days before the new league year officially begins on Wednesday.

It is interesting to note that the agreement ended up being for just three years, which gives the 26-year-old one more opportunity to maximize his earning value on the open market before turning 30. He’s already receiving quite a pay bump, too, watching his cash compensation rise from $3 million in 2023 to what will be an average of $23.3 million per year over the next three seasons.

A second-round pick out of USC, Pittman has grown into a consistent pass-catcher who has seen his targets increase annually since he began his pro career in 2020. He’s yet to earn a Pro Bowl bid, but after posting a career year (109 catches, 1,152 yards, four touchdowns) while running routes primarily for backup Gardner Minshew, he’s done enough to sell the Colts on his value to their operation moving forward.

Add in the fact he owns over 200 more receptions than the next-closest Colt since joining the team in 2020, and it’s easy to see why Indianapolis was willing to open the wallet for him.