Colts reportedly agree to three-year deal with franchise-tagged WR Michael Pittman

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After placing the franchise tag on Michael Pittman, the Indianapolis Colts are keeping the standout receiver in town for the foreseeable future. 

Pittman and the Colts are expected to finalize a new deal as soon as Monday, NFL Media reported. It'll be a three-year, $70 million deal with $46 million guaranteed, according to NFL Media. 

The Colts' decision to keep Pittman keeps him paired with Anthony Richardson as the quarterback enters his second season. The fourth overall pick of the 2022 NFL Draft got off to a solid start in his career, throwing for 577 yards, three touchdowns and an interception while rushing for four scores in four games before his season ended due to a shoulder injury.

Richardson's injury didn't deter Pittman from having a career year, though. The fourth-year wideout was fifth in the league in receptions (109), adding 1,152 receiving yards and four receiving touchdowns as he mostly caught passes from Gardner Minshew. The duo helped the Colts almost make it to the postseason under first-year coach Shane Steichen, losing a de facto play-in game in the regular-season finale to the Houston Texans.

Pittman has had steady improvement in each of his four seasons after the Colts selected him in the second round of the 2020 NFL Draft. Despite inconsistent quarterback play over the 2021 and 2022 seasons, Pittman recorded at least 85 receptions and 900 receiving yards each year. He also had a career-high six receiving touchdowns in 2021. 

That improvement caused the Colts to place the franchise tag on Pittman, who was set to hit free agency. Pittman was ranked as the third-best receiver and the 14th overall prospective free agent by FOX Sports.