The Indianapolis Colts and franchise-tagged receiver Michael Pittman Jr. have agreed to a new three-year deal worth up to $71.5 million with $46 million in guaranteed money, sources told Bleacher Report's Jordan Schultz.
The base value of the wideout's deal is $70 million, NFL Network's Ian Rapoport reports.
Pittman's maximum average salary of $23.83 million puts him eighth among all receivers, according to Over The Cap.
The 26-year-old, who received the one-year, $21.8-million tender on March 5 to stop him from hitting the open market, appeared to confirm his new pact on Instagram.
#Colts WR Michael Pittman Jr. makes his new contract official via an IG reel.
— James Boyd (@RomeovilleKid) March 11, 2024
The caption? “H O M E” pic.twitter.com/HVn8jTtqPd
Pittman set career highs in catches (109) and yards (1,152) in 2023 despite quarterback Anthony Richardson only playing in four games due to a season-ending shoulder injury.
The wideout has dealt with a revolving door at quarterback since being taken in the second round of the 2020 NFL Draft, but he's led the Colts in receiving yards in each of the last three years.
In 62 career appearances, Pittman has racked up 336 receptions, 3,662 yards, and 15 touchdowns.
The Colts also re-signed defensive tackle Grover Stewart to a three-year deal worth $39 million on Monday, according to ESPN's Adam Schefter.
