The Indianapolis Colts and wide receiver Michael Pittman Jr. got a deal done on a new three-year contract that will keep him with the team through the 2026 season.
After using the franchise tag to extend their window of negotiation, both sides were able to get a deal completed in what should be a win-win for either party.
The three-year deal is worth $70 million and includes $41 million guaranteed at signing and up to $46 million guaranteed.
Here’s how the contract breaks down, according to Over The Cap:
Three years, $70 million
$15 million signing bonus
2024
– $8 million base salary (guaranteed)
– $5 million roster bonus (guaranteed)
– Cap Hit: $18 million (6.9%)2025
– $18 million base salary ($13 million guaranteed)
– Remaining $5 million guaranteed if on roster fifth day of 2025 league year
– Cap Hit: $23 million (8.8%)2026
– $22 million base salary
– $2 million roster bonus (fifth day of league year)
– Cap Hit: $29 million (10.2%)
Going with the theme of the other contracts the Colts have signed this offseason, this shapes up to be essentially a two-year deal with a team option in 2026.
The Colts can save $24 million in cap space while incurring a $5 million dead cap hit if they need to cut or trade Pittman after the 2025 season. It also gives them the opportunity to extend Pittman if things go well.
This is also a win for Pittman because he gets a market-level deal with a ton of guaranteed money upfront, and he potentially gets to hit the market again before the age of 30. That’s huge for a wide receiver of his caliber.
Overall, this is a solid contract for both sides. The Colts retain their WR1 for at least the next two years and can revisit the deal in any capacity if needed after 2025.
