Michael Pittman Jr., Colts reportedly finalizing 3-year, $70 million extension

After applying the franchise tag to Pittman Jr. last week, the two sides have worked out an extension

Michael Pittman Jr. will be staying in Indianapolis as the wide receiver and the Colts are finalizing a three-year extension, according to NFL Network's Ian Rapoport. The deal can reach a $71.5 million maximum value and the 26-year-old is guaranteed $46 million.

Last week, Pittman was one of eight NFL players to be given the non-exclusive franchise tag. That meant he was able to negotiate with other teams and any offer he received the Colts would have a chance to match.

With the NFL free-agent market opening Monday, neither side wasted time in hammering out a deal to keep Pittman in blue and white.

During the 2023 season, Pittman had career highs in receptions (109) and receiving yards (1,152 yards) and also found the end zone four times in 16 games.

Pittman, a 2020 second-round draft pick out of USC, has two 1,000-yard receiving seasons in his four-year NFL career. He has been a productive player while playing with seven quarterbacks since entering the league. His 3,662 receiving yards put him fifth among other wide receivers from his draft class.