Michael Pittman Jr. could come back to Colts but is ready to test free agency

INDIANAPOLIS - Michael Pittman Jr.'s final play of his fourth season called for him to throw the lead block for a 4th-and-1 pass to an open running back, but Gardner Minshew and Tyler Goodson could not connect.

Now, it's worth wondering whether that was his final play as a member of the Colts.

Indianapolis' leading receiver for the past three seasons will be a free agent come the arrival of the new league year in March. It's a reality he's been ready to face for quite some time now.

"I've loved my four years here, but I wouldn't be doing my due diligence if I didn't explore every option and find the best fit," Pittman said. "I think we want to get a sense of what's out there. We had an agreement that we were going to wait until the season ends before we feel it out."

Pittman has stayed steady on this topic for the past year. He felt his best season was out there and wanted to bet on finally finding continuity at quarterback with No. 4 overall pick Anthony Richardson following his first three seasons, which featured five different starting quarterbacks.

That continuity didn't exactly come, as Richardson suffered an AC joint sprain and saw his season end after just four games. But Pittman did get the rest of the season of consistency with Gardner Minshew and produced his best year, even with a backup.

Pittman finished fifth in the NFL with 109 receptions and 14th with 1,152 yards. He did so despite missing a game and a half due to brain and shoulder injuries, which also affected him in the final two games. He said that in the days following Damontae Kazee's illegal hit, he could barely run or move his right arm.

Colts news: 'Grace of God that I was able to get up and walk': Michael Pittman on Damontae Kazee hit

The Colts felt Pittman's absence in a 29-10 loss to the Falcons in which their wide receivers combined for just 79 yards.

"A lot of those key situations, those third downs when we're saying, 'We just need a play. We need a play,'" wide receivers coach Reggie Wayne said. "Normally, we'd be like, 'Pitt will get us a play some kind of way.' And when you don't have Pitt, you're looking around like, 'All right, which one of these guys can give us a play?'"

Kazee's hit broke up a streak of five straight weeks in which Pittman had caught at least eight passes, since he told Indy Star that he wanted a bigger role in the offense, which led to a face-to-face meeting with Shane Steichen in which the Colts coach agreed to expand Pittman's role.

This was Pittman's third straight season of at least 900 yards, as he's found ways to produce in spite of defensive attention or quarterback instability, thanks to his 6-foot-4, 223-pound frame.

It could now set him up for the next big wide receiver contract in an exploding market.

The top 13 receivers by average annual value in the NFL all make at least $20 million a season. The market is led by Tyreek Hill's $30 million per season.

Based on his production and the timing, Pittman could be able to eye a floor of what the franchise tag can offer, which could place him above Terry McLaurin's $22.8 million annual deal for seventh among wide receivers.

"With the franchise tag, I don't think anyone would be displeased with $23 million," Pittman said. "The franchise tag is almost like a tag of respect to get paid in the top five at your position. But do I necessarily want to play on one? I wouldn't say necessarily no I do not want to play on the tag. But you can use that to work toward a long-term deal as well."

Pittman has been thinking about this contract extension for quite some time. He grew up around the game as the son of Michael Pittman Sr., who played running back for 11 years in the league and signed free agent deals with the Buccaneers and Broncos.

“Michael Jr. is just like me, except a better version of me," Pittman Sr. said in 2022. "Michael is living the life that he’s been wishing for and hoping for. I know that big contract is coming soon. Man, I just can’t wait for that.”

GO DEEPER: The multiple personalities of Michael Pittman Jr.

The younger Pittman can now eye generational wealth for a family that added a daughter, Mila; and a son, Michael III, over the past two years.

It's possible the Colts let him go in free agency, though it would create a massive hole at wide receiver without proven go-to options on the roster. Signing him would be a step toward the continuity that Steichen is stressing this offseason and would allow them to further build out an offense with Richardson and Taylor in the backfield.

But Pittman made it clear that he was watching how Taylor navigated his extension amid the looming threat of the franchise tag.

"Going forward, every player can take a page out of his book," Pittman said of Taylor's three-year, $42 million deal to near the top of the running back market. "He stood strong on what he felt that he deserved, and both sides ended up happy.

"Going forward, I think players should model that because it ended up working out."

The Colts have the money to sign Pittman. Matt Ryan's contract will come off the books, leaving them with Richardson's $8.5 million annual salary for the next three years at the quarterback position. Thus, they are set to have more than $70 million available in cap space, according to OverTheCap.com. The number goes to nearly $150 million available for 2025.

"Timing is a big thing and being familiar with the quarterback. Every single year, he's had a different quarterback under center," Taylor said. "But every single year, he's been able to prove, 'Hey, I can be a playmaker for this team. I can be a playmaker in this league.'

"I know everything will work out for Pitt because of the toughness he showed, the type of teammate he is. I don't know why you wouldn't want him in your building. I know I would."

Contact Nate Atkins at natkins@indystar.com. Follow him on Twitter @NateAtkins_.

This article originally appeared on Indianapolis Star: Colts: Michael Pittman Jr. is ready to test free agency