Colts Place Franchise Tag on Star Wide Receiver

The Indianapolis Colts used the franchise tag for the first time in over a decade on Anthony Richardson's favorite weapon.

After 11 years of refrainment, the Indianapolis Colts have used the franchise tag to keep one of their own.

NFL Network's Tom Pelissero reports that the Colts have placed the franchise tag on star wide receiver Michael Pittman Jr. Placing the tag on Pittman marks the first time the Colts have used the franchise tag since 2013 when it was placed on Pat McAfee.

The #Colts are placing the franchise tag on WR Michael Pittman Jr., per sources.

The tag is worth $21.816M. The sides have been working on a long-term deal and those talks figure to continue. pic.twitter.com/T4XLr7hElj

— Tom Pelissero (@TomPelissero) March 5, 2024

The franchise tag guarantees the player a one-year contract for the average of the top five salaries at their position. For Pittman, that figure comes out to $21.8 million for the 2024 season. Pittman has made almost $6 million total during his four-year career.

The franchise tag was expected to be placed on Pittman if he and his representatives could not reach a long-term extension with the Colts before Tuesday's 4:00 p.m. ET deadline. The Colts want to keep Pittman with the franchise for years to come and did not want to risk losing him to another team in free agency. Colts general manager Chris Ballard gave an update to the media last week on the ongoing negotiations.

“Here’s what I’ll tell you, we’ve had talks with (Pittman's) agent, who is really good," Ballard revealed last week. "His agent has been doing it a long time. He’s really good at what he does. We’ll work hard to get a deal done. (The franchise tag is) a tool we have. I’m not going to say we’re not going to use it, but I’m not going to say we are. Hopefully we can come to an agreement and find some compromise on a deal.”

As it turns out, the tag was used, and Pittman will not reach the market. The tag gives both sides more time to negotiate on a long-term deal. The two sides are actively working on a deal to keep Pittman in a Colts' uniform.

It is important to note that the Colts have placed the non-exclusive franchise tag on Pittman, meaning the wide receiver can negotiate with other teams on a deal. If Pittman receives an offer, the Colts have the opportunity to match or receive two first-round picks from the team that extends the offer.

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Pittman wants to cash in after his best season as a pro. The WR1 hauled in a career-high 109 catches for 1,152 yards, another career-high, and four touchdowns. Pittman became the fourth player in Colts' history to have over 100 catches in a season, joining Marvin Harrison, Reggie Wayne, and Dallas Clark.

Since being drafted in 2020, Pittman has continued to improve every season. This fact is even more impressive when you consider the inconsistencies at quarterback Pittman has dealt with. He has caught passes from seven different quarterbacks in just four years.

Pittman is well-deserving of an extension that pays him for his ability and worth to the Colts. He is the top receiving option for the team and a pillar of the offense with Anthony Richardson and Jonathan Taylor. The Colts organization holds a great affinity for Pittman and what he means to the franchise on and off the field.

Although the franchise tag has now been placed on Pittman, that does not mean negotiations will stop. The Colts and Pittman's team will continue to work together to find common ground that is beneficial for both sides and keeps the wide receiver in Indianapolis for the foreseeable future.

While there is no timeline for a deal to get done, expect Pittman and the Colts to agree on a long-term extension before the July deadline.

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