The Indianapolis Colts received a high mark from ESPN’s Seth Walder for how they navigated the offseason. His favorite move of the bunch was signing Michael Pittman for $23.3 million per year.
After briefly placing the franchise tag on Pittman, who was set to hit free agency this offseason, the two sides agreed to an extension worth up to $70 million with $46 million guaranteed.
“The Pittman deal was especially solid,” wrote Walder. “At $23.3 million, the Colts are paying a reasonable price for their No. 1 receiver.”
Since Pittman signed that extension, the wide receiver market has continued to explode this offseason, with Pittman’s deal looking better and better from the Colts’ perspective. Over the Cap’s Jason Fitzgerald would call the Colts the “big winner” in all of the wide receiver movement.
Here are the other notable wide receiver contracts that have been earned since Pittman signed his deal:
Justin Jefferson – 4 years, $140M
Amon-Ra St. Brown – 4 years, $120M
Calvin Ridley – 4 years, $92M
Jaylen Waddle – 3 years, $84.8M
Devonta Smith – 3 years, $75M
Nico Collins – 3 years, $72.8M
As of now, Pittman will enter the 2024 season as the NFL’s 12th-highest-paid receiver by average annual value and 16th in total value.
Pittman is grateful for his new deal with the Colts, but at the end of the day, it’s not money that motivates. Ultimately he wants to be respected at the top of his position group.
“I’m trying to figure out a way to say this and not be, like, ungrateful — because obviously I’m grateful for everything I have,” Pittman said during minicamp. “But I’m not motivated by money. That doesn’t make me feel like I made it or I got it. And I just think that is the death of guys’ careers, when they get comfortable with stuff like that. Obviously it’s nice to have but it’s not what motivates me when it comes to football.”
On a three-year deal, Pittman will have the opportunity to hit the open market once again in 2027, ahead of his age-30 season.
Regardless of what the quarterback position has looked like for the Colts or who the head coach has been, Pittman has continued to produce during his time in Indianapolis, eclipsing 124 targets in each of the last three seasons and totaling over 1,000 yards in two of the last three years.