Last week, the Indianapolis Colts gave Michael Pittman Jr. the franchise tag.

This week, they're giving him a new contract.

The Colts and Pittman are finalising a three-year, $70million deal, according to multiple sources.

The contract, which has a maximum value of $71.5million and includes $46million in guaranteed money, is expected to be signed Monday.

 

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

Indianapolis placed the franchise tag on Pittman on March 5, giving the sides time to work on a long-term deal.

A second-round pick of the 2020 draft, the 26-year-old is coming off his best pro season, ranking fifth in the NFL in receptions (109) with 1,152 yards and four touchdown catches.

His 10 games with eight or more receptions were the most in the league.

After going 4-12-1 in 2022, the Colts showed big improvements on the field last season and just missed the play-offs with a 9-8 record.

With 2023 first-round pick Anthony Richardson coming back from a season-ending injury and Pittman in the mix, the expectations are raised for Indianapolis in 2024.