Tag: Michael Pittman Jr.

Here are the details of Michael Pittman Jr.’s new contract with Colts

Here’s our breakdown of Michael Pittman Jr.’s contract extension.

The Indianapolis Colts and wide receiver Michael Pittman Jr. got a deal done on a new three-year contract that will keep him with the team through the  2026 season.

After using the franchise tag to extend their window of negotiation, both sides were able to get a deal completed in what should be a win-win for either party.

The three-year deal is worth $70 million and includes $41 million guaranteed at signing and up to $46 million guaranteed.

Here’s how the contract breaks down, according to Over The Cap:

Three years, $70 million

$15 million signing bonus

2024
– $8 million base salary (guaranteed)
– $5 million roster bonus (guaranteed)
– Cap Hit: $18 million (6.9%)

2025
– $18 million base salary ($13 million guaranteed)
– Remaining $5 million guaranteed if on roster fifth day of 2025 league year
– Cap Hit: $23 million (8.8%)

2026
– $22 million base salary
– $2 million roster bonus (fifth day of league year)
– Cap Hit: $29 million (10.2%)

Going with the theme of the other contracts the Colts have signed this offseason, this shapes up to be essentially a two-year deal with a team option in 2026.

The Colts can save $24 million in cap space while incurring a $5 million dead cap hit if they need to cut or trade Pittman after the 2025 season. It also gives them the opportunity to extend Pittman if things go well.

This is also a win for Pittman because he gets a market-level deal with a ton of guaranteed money upfront, and he potentially gets to hit the market again before the age of 30. That’s huge for a wide receiver of his caliber.

Overall, this is a solid contract for both sides. The Colts retain their WR1 for at least the next two years and can revisit the deal in any capacity if needed after 2025.

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How we graded Michael Pittman Jr. re-signing with the Colts

Here’s how we graded the contract extension for Michael Pittman Jr.

Michael Pittman Jr. and the Indianapolis Colts agreed to a three-year contract extension on Monday. The deal keeps Pittman in Indianapolis through 2026 after the Colts applied the franchise tag earlier in March ahead of free agency.

Per Jordan Schultz of Bleacher Report, the contract is worth up to $71.5 million with $46 million guaranteed. At full value, it would pay Pittman just under $24 million per year.

In 2023, Pittman tallied 1,152 yards, 109 receptions and four touchdowns. His 1100-plus yards were good for fourteenth in the NFL, and his 109 receptions placed him fourth among receivers.

One of his best performances of the season came against the Tennesee Titans in Week 13. Pittman ended his day with 11 receptions, 105 yards and a touchdown during Indy’s overtime win.

General manager Chris Ballard made it clear that Michael Pittman was a priority. Applying the franchise tag to Pittman while they actively continued negotiations was a good sign that the Colts were serious about retaining him.

Pittman has endured a lot. He’s had a different quarterback in every season he’s been with the Colts, and despite the quarterback carousel, he’s answered the call nearly every time the Colts have asked him to produce. Per PFF, since 2021, he’s been top-15 or higher in targets and receptions, which is a testament to his bell-cow work ethic.

If the Colts let Pittman truly hit the open market and walk away, it would have looked pretty awful on their brass. Pittman is a franchise staple, and you should pay not only for his production and reliability but also because Anthony Richardson needs weapons around him to succeed.

On the other hand, Pittman deserves stability at the quarterback position because he has yet to hit his full potential. If the Colts can unlock that, the possibilities are infinite.

Grade: A

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Michael Pittman Jr. contract extension: What it means for Colts’ draft plans

What Michael Pittman Jr.’s contract means for the Colts’ draft plans.

Just before the free agency legal tampering period kicked off, it was announced that the Indianapolis Colts and Michael Pittman Jr. agreed to a three-year contract extension.

The deal reportedly can reach up to $71.5 million and it includes $46 million guaranteed.

This locks in the No. 1 target for Anthony Richardson and avoids any contract drama throughout OTAs and minicamp this summer—something I am sure Chris Ballard wanted to avoid after the Jonathan Taylor saga.

With Pittman now under contract, how does it impact Indy’s draft plans?

It shouldn’t. Pittman Jr. was already a lock to be on the roster in 2024 because of the franchise tag and based on Ballard’s comments at the NFL combine, there were no plans to trade him if both sides didn’t come to an agreement before the summer deadline.

A pass catcher in the first round should still be on the table for the Colts if they want one. With Pittman Jr.’s extension, Indianapolis has him, Alec Pierce, and Josh Downs all under contract through at least the 2025 season (Pierce’s last year of his rookie contract). They also have Ashton Dulin returning from an injury.

By adding a receiver via the draft, Ballard would have an inexpensive receiving corps with three players playing on rookie contracts.

This would allow the front office to utilize the cap space on other parts of the roster throughout the next few seasons while also taking advantage of the rookie quarterback contact Richardson is on.

Whether it is in the first round or later on in the draft, I still expect the Colts to leave with another young receiver on their roster come late April.

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Report: Colts’ Michael Pittman Jr. agrees to 3-year contract extension

Michael Pittman Jr. gets his contract extension.

The Indianapolis Colts and wide receiver Michael Pittman Jr. agreed to a three-year contract extension, according to multiple reports Monday.

After applying the franchise tag before the deadline last week, the Colts and Pittman were able to come to an agreement on a big, three-year deal before the start of free agency.

According to Jordan Schultz of Bleacher Report, the deal is for three years and worth up to $71.5 million with $46 million guaranteed.

This move shouldn’t stop the Colts from adding to the wide receiver room, especially if a talented prospect like Rome Odunze or Brian Thomas Jr.—to name a few—are available with the No. 15 overall pick. But this locks in the team’s WR1 for the foreseeable future.

Pittman is coming off his best season in the NFL and has only gotten better with each season as a professional. He recorded 106 receptions for 1,152 yards during the 2023 season, both of which were career-high marks.

Despite working with seven different starting quarterbacks since entering the league in 2020, Pittman’s 3,662 receiving yards rank fifth among his peers in that draft class while his 336 receptions rank third behind only CeeDee Lamb (395) and Justin Jefferson (392).

In terms of Colts history, Pittman’s 336 receptions are the most in franchise history through a player’s first four seasons. He ranks third in receiving yards behind only T.Y. Hilton (4,413) and Marvin Harrison (4,141).

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NFL insider expects Panthers to have interest in Tee Higgins, Michael Pittman Jr., Calvin Ridley

ESPN’s Dan Graziano expects the Panthers to be in on Tee Higgins and Michael Pittman Jr. if they become available via trade.

The Carolina Panthers are expected to be interested in a handful of this year’s top free-agent wide receivers, even if a few of them aren’t technically free-agent wide receivers anymore.

ESPN NFL insiders Jeremy Fowler and Dan Graziano emptied their notebooks ahead of tomorrow’s opening of the legal tampering period. Grazino writes the following of the Panthers, who might be willing to wheel and deal to find some quality help for quarterback Bryce Young:

The Panthers are on the hunt for a No. 1 wide receiver, so if — and I say if — Tee Higgins or Michael Pittman Jr. ends up available in a trade, they’d likely be involved. I expect them to at least look into Ridley as well, should he hit the market.

Both Higgins and Pittman Jr., who entered the offseason ticketed for free agency, were both saddled with the franchise tag from their respective squads. If, however, those teams are unable to come to long-term pacts with their pass catchers, then the Panthers could be on the latter end of a tag-and-trade scenario.

Ridley, on the other hand, is about to hit the open market this week. As part of their deal to acquire him back in 2022, the Jacksonville Jaguars sent a conditional pick to the Atlanta Falcons—one that could become a second-rounder if he re-signs in Duval.

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Colts free agency: Salary cap update after franchise tag

Where the Colts stand in salary cap space after using the franchise tag.

The Indianapolis Colts used the non-exclusive franchise tag on wide receiver Michael Pittman Jr. on Tuesday, which had a large impact on the team’s salary-cap space.

Fortunately for the Colts, they entered the offseason working with an abundance of cap space. Applying the franchise tag, which costs $21.8 million, also gives them the chance to work out a long-term deal, which could save them cap space depending on the structure.

After applying the one-year, fully guaranteed tender, the Colts now have roughly $49.2 million in cap space and just over $45 million in effective cap space, per Over The Cap.

Those figures rank seventh and sixth, respectively, among teams in the NFL.

Pittman won’t need to sign his franchise tender until the middle of July so they have time to wrinkle out the details on a long-term contract.

With that order of business on the shelf for now, the Colts now turn their focus to re-signing some of their big-name free agents like defensive tackle Grover Stewart and cornerback Kenny Moore II. Both players should have extremely strong markets.

We’ll see what’s in store for the Colts leading up to the open negotiating period, which arrives Monday. But they should have plenty of cap space to work with on the open market.

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Colts place franchise tag on WR Michael Pittman Jr.

Michael Pittman Jr. has been franchise tagged.

The Indianapolis Colts applied the non-exclusive franchise tag on wide receiver Michael Pittman Jr., first reported by Tom Pelissero of NFL Network on Tuesday. The team confirmed the news shortly afterward.

The deadline to apply the franchise tag was 4:00 p.m. ET on Tuesday, which means the Colts had to make a decision if they failed to reach a long-term contract extension with their star wideout.

It seems the two sides couldn’t come to an agreement on a new deal, but the application of the franchise tag extends the window to negotiate further throughout the spring and summer.

The value of the franchise tag at wide receiver is $21,816,000 for the 2024 season.

Colts general manager Chris Ballard made it clear they want Pittman here for the long haul and that the 26-year-old will be a member of the team in 2024 regardless of whether it’s on a new contract or under the franchise tag.

The non-exclusive tag will allow Pittman to field offers from other teams. It also gives the Colts the chance to match or refuse any offer that is made. If the Colts refuse an offer made to Pittman by another team, and he agrees to that deal, the Colts would be compensated with two first-round picks.

The likelihood of a tag and trade scenario is unlikely unless both sides are on completely opposite ends of the spectrum.

There is mutual interest in keeping Pittman as a member of the Colts so this move is likely a tactic to extend the window of negotiations. Pittman doesn’t have to sign the franchise tag until the middle of July.

This is the first time since 2013 the Colts have used the franchise tag.

Pittman is coming off his best season in the NFL and has only gotten better with each season as a professional. He recorded 106 receptions for 1,152 yards during the 2023 season, both of which were career-high marks.

Despite working with seven different starting quarterbacks since entering the league in 2020, Pittman’s 3,662 receiving yards rank fifth among his peers in that draft class while his 336 receptions rank third behind only CeeDee Lamb (395) and Justin Jefferson (392).

In terms of Colts history, Pittman’s 336 receptions are the most in franchise history through a player’s first four seasons. He ranks third in receiving yards behind only T.Y. Hilton (4,413) and Marvin Harrison (4,141).

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7 standout wide receivers Patriots could still target in free agency

With Tee Higgins and Mike Evans off the table, here are seven standout free agent receivers the Patriots could still target

The wide receiver market is thinning in free agency with Cincinnati Bengals wideout Tee Higgins being franchise tagged and Mike Evans signing a two-year deal to stay with the Tampa Bay Buccaneers.

Those are two big-ticket options gone for the receiver-needy New England Patriots.

But there’s no need to hit the panic button. There are still plenty of wide receiver options that could give the Patriots a major boost in free agency. Some even have the potential to sit at the top of the depth chart in the coveted No. 1 receiving role.

With Higgins and Evans off the table, here are seven standout receivers the Patriots could still pursue in free agency.

Top 12 remaining free-agent wide receivers

Tee Higgins and Mike Evans are now off the table. So, who’s left?

Sorry, Carolina Panthers fans. There will probably be no Tee Higgins and definitely no Mike Evans in your team’s immediate future.

But that doesn’t mean they still can’t sign a worthwhile wideout next week.

Here are the top 12 remaining receivers who are slated to hit free agency:

Predicting the fate of every Colts’ pending free agent in 2024

Predicting which Colts’ free agents stay and go in 2024.

The Indianapolis Colts are just over a week away from the start of free agency, and there are some big decisions to make when it comes to the players set to hit the market.

Expected to have roughly 14 unrestricted free agents set to hit the market this offseason, the Colts won’t be able to bring all of them back. In fact, it’s likely that most of them find a new home in 2024.

The team’s current standing with the salary cap is among the strongest the NFL.

We took a look at the players the Colts should let walk into free agency and the players who should be re-signed this offseason.

Now, it’s time to predict the fate of every pending free agent for the Colts in 2024.