- The Colts tagged Pittman last Tuesday as contract negotiations continued.
- Now, the 26-year-old is close to signing a new bumper deal worth $23 million a year.
- DailyMail.com provides the latest international sports news.
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Indianapolis Colts star Michael Pittman Jr is on the verge of agreeing to a new three-year, $70 million contract with the team less than a week after receiving the franchise tag.
The Colts tagged Pittman last Tuesday, a move that gave them four months to negotiate a new long-term deal with the wide receiver.
And just six days after using the franchise tag for the first time in more than a decade, Ian Rapoport of the NFL Network reports that the 26-year-old is already close to finalizing a new long-term deal in Indianapolis.
His proposed three-year contract is understood to be worth $70 million and could reach a maximum of $71.5 million, with $46 million guaranteed.
Pittman previously insisted he agreed with the decision to be franchise tagged, calling it a “label of respect” after Indianapolis used it for the first time since 2013.
Colts star Michael Pittman Jr is close to agreeing to a new three-year, $70 million contract.
The Colts tagged Pittman last Tuesday, a move that gave them four months to negotiate a new long-term deal with the wide receiver.
On the tag, the receiver would earn $22 million in the 2024 season.
“The franchise tag is almost like a respect tag because you get paid like you’re in the top five at your position,” Pittman said in January.
‘But do I necessarily want to play in one? I wouldn’t necessarily say no, I don’t want to play with the tag. You can also use it to work on a long-term deal.”
Amid a series of quarterback changes in Indianapolis, Pittman has led the Colts in receptions and receiving yards for three consecutive seasons.
He’s improved year after year, going from 88 catches to 99 to 109, while posting two 1,000-yard seasons.
Since Pittman’s debut in 2020, the Colts have used four different starters in Week 1 at quarterback; Philip Rivers, Carson Wentz, Matt Ryan and Anthony Richardson.
The team has also given multiple starts to Sam Ehlinger, Nick Foles and Gardner Minshew.
Indianapolis had not applied the franchise tag since using it on punter Pat McAfee in 2013, reflecting the organization’s faith in Pittman.