Michael Pittman Jr. Colts contract: How much will WR earn after getting franchise tagged?

Michael Pittman has transformed into one of the most important players on the Indianapolis Colts roster. On Tuesday, the team placed their franchise tag on the wideout.

As per multiple reports, Pittman will receive $21.8 million in fully guaranteed salary if he plays for the Colts in the 2024 NFL season.

According to Spotrac, Pittman has already made $9,999,182 in career earnings across four seasons with the Colts thus far. However, his fifth year with the team would see him earn more than twice that entire amount.

While speaking to reporters on Tuesday, Colts head coach Shane Steichen said:

"We love everything about him (Pittman), and we want him to be a Colt."

There are suggestions that the Colts want to agree on a potential long-term contract with Pittman, who has garnered interest from several teams across the league. The franchise tag will at least restrict the wideout's ability to identify himself as a free agent when the 2024 NFL league year begins from next week onwards.

Notably, this is also the first time the Colts have used the franchise tag on a player since 2013 when they used it on kicker Pat McAfee. It only highlights Pittman's importance on the Indianapolis outfit.

Pittman was selected by the Colts in the second round of the 2020 NFL draft. He has established himself as one of the best wideouts on the roster.

A look at Michael Pittman's stats in the 2023 NFL season

Indianapolis Colts WR Michael Pittman

Indianapolis Colts wideout Michael Pittman had another strong NFL season in 2023. The receiver finished the regular season with 1,152 yards and four touchdowns on 109 receptions.

Despite Pittman's impressive outings for Indianapolis, the Colts finished third in the AFC South with a 9-8 record. He linked up well with both quarterbacks, Anthony Richardson before his injury, and Gardner Minshew.

They missed out on a playoff berth following a loss against the Houston Texans in Week 18.