Colts reach major decision with star WR Michael Pittman Jr.

Indianapolis Colts wide receiver Michael Pittman Jr. (11) during the day’s Colts camp practice at Grand Park in Westfield on Wednesday, Aug. 18, 2021. Photo Credit: Robert Scheer/IndyStar via Imagn Content Services, LLC

The Indianapolis Colts placed the franchise tag on Michael Pittman Jr. earlier this offseason, but the star wide receiver will not have to play under it in 2024.

Pittman and the Colts on Monday agreed to a 3-year contract worth up to $71.5 million, according to Jordan Schultz of Bleacher Report. The deal includes $46 million in guaranteed money.

BREAKING: The #Colts and star WR Michael Pittman Jr. have agreed to a 3-year deal worth up to $71.5M with $46M guaranteed, sources tell @BleacherReport.

One of the NFL’s top young wideouts is secure long-term in Indy. pic.twitter.com/qkjpkTNcH4

— Jordan Schultz (@Schultz_Report) March 11, 2024

Pittman set career highs last season with 109 catches and 1,152 receiving yards. The 26-year-old has been one of the most productive receivers in football over the last three seasons despite the Colts having a revolving door at the quarterback position.

With an average annual value of just under $24 million, Pittman’s new contract makes him one of the 10 highest-paid wide receivers in the NFL. The Colts clearly made it a priority to keep a No. 1 wide receiver in the fold for Anthony Richardson.