Michael Pittman Jr. contract details: Colts hand wide receiver three-year deal to stay in Indianapolis

The Colts have locked in their top wide receiver for the foreseeable future. 

Michael Pittman Jr. agreed to a three-year contract on Monday to stay with Indianapolis. The talented wide receiver had been franchise tagged last week, however, the two sides were able to work out a new contract, keeping him in Indy. 

A second-round pick from 2020, Pittman Jr. has blossomed into a legitimate WR1 for the Colts. The USC product finished last year with a career-high 1,152 receiving yards and 109 receptions, the first time in his career that he finished with triple digits in catches. 

Since entering the league in 2020, Pittman Jr. has led the Colts in receiving the last three seasons. With Anthony Richardson expecting to be ready to roll as the team's starting quarterback in the fall, it gives Indianapolis two young pieces to build the offense around as the club aims to get back to being a contender.  

Here's a look at Pittman Jr.'s contract with the Colts. 

BEST FREE AGENTS AVAILABLE:
QBs | RBs | WRs | Defense | Overall

Michael Pittman Jr. contract details

Pittman Jr.'s deal is worth up to $70 million total, with $46 million guaranteed.

It makes the wide receiver the highest-paid player in terms of average annual salary on the Colts ($23.3 million). It also locks him in as the third-highest paid player on the team in terms of total contract amount, trailing only defensive tackle DeForest Buckner and offensive guard Quenton Nelson in that category. 

Colts, WR Michael Pittman Jr. expected to finalize a 3-year, $70M deal, with $46M guaranteed. (via @rapsheet) pic.twitter.com/AF1zX5f0iG

— NFL (@NFL) March 11, 2024

The new contract keeps Pittman Jr. signed through the 2026 season. He is set to be an unrestricted free agent in 2027. 

Before the start of free agency, the Colts placed the franchise tag on Pittman Jr., giving the team the rights to match any offer from a contending club. However, the wide receiver's camp and the team were continuing talks in hopes of working out a long-term deal, it was reported. The two sides did just that, agreeing to terms on the opening day of free agency. 

Pittman Jr.'s new deal is a major bump in pay from his rookie contract. In 2023, the 26-year-old made roughly $2.993 million in salary. In total, his rookie deal was worth just under $10 million over the first four years of his NFL career. 

NFL DRAFT: Top 125 big board | Mock draft, post-combine edition

Now, Pittman Jr. should place in the upper echelon of wide receivers. While he won't be close to the top earners such as Las Vegas' Davante Adams, Miami's Tyreek Hill or Philadelphia's A.J. Brown, the total value on his deal should place the Indianapolis star just outside the top-10 highest-paid wide receivers. By average annual value, Pittman ranks 8th among wide receivers with his new deal.

Michael Pittman Jr. stats

Pittman Jr. wasted no time getting acclimated to the NFL. He had a strong rookie showing in 2020 with Philip Rivers as the Colts' starting QB, but he was still playing behind veterans T.Y. Hilton and Zach Pascal on the wide receiver depth chart. 

However, in 2021, Pittman Jr. solidified himself as the Colts' top option at the position. He secured his first 1,000-yard season, building chemistry with Carson Wentz in the quarterback's first and only season as the Indianapolis starter. 

The next season, Pittman Jr.'s number decreased a bit underneath Matt Ryan, however, he still paved the way for the wide receiver room in 2022. Last year, it wasn't just one new quarterback under center, but two, as rookie Anthony Richardson was hurt four games into the season. It allowed Gardner Minshew to step in and take over as the starting QB. 

While Pittman Jr. has dealt with a carousel of quarterbacks during his short time in the league, his production has not wavered. No matter who is throwing him the ball, the wide receiver is able to get open and come up with catches in contested areas, making him a dangerous offensive weapon.