Colts earn $22 million Michael Pittman’s Franchise Label Choice

When Anthony Richardson comes back the Colts needed to assure he could be throwing passes to Michael Pittman.

Whether Anthony Richardson or Gardner Minshew was under center, Michael Pittman remained the Indianapolis Colts’ best receiving option. While Pittman was set to enter free agency, the Colts made sure he didn’t depart Indianapolis anytime soon.

The Colts put their franchise tag on Pittman, which would pay out just under $22 million, according to Adam Schefter of ESPN. While they were unable to agree on a contract extension before the franchise tag deadline, both sides were attempting to reach an agreement, according to ESPN’s Jeremy Fowler.

With the tag in place, Indianapolis can continue contract talks with confidence. The Colts appear to be interested in securing Pittman long-term. The franchise tag ensures that he will remain on the roster at least until the 2024 season, giving the Colts extra time to work out a deal that benefits all sides.

Following the 2023 season, the Colts’ franchise decision makes perfect sense. Pittman achieved new career highs in receptions (109) and receiving yards (1,152), while scoring four touchdowns. When Richardson returns from injury, he will aim for Pittman early and frequently down the field.

While Pittman debuted in 2023, he has been a consistent weapon for the Colts since joining the league in 2020. Over 62 career games, Pittman has 336 receptions for 3,662 yards and 15 touchdowns.

The franchise tag does not exclude Michael Pittman from staying with the Colts for the foreseeable future. It simply ensures his contract and roster status for the 2024 season. Indianapolis hopes it will serve as a precursor to Pittman signing a contract extension.