The Indianapolis Colts and wide receiver Michael Pittman Jr. are finalizing a three-year, $70 million contract, sources told ESPN's Adam Schefter on Monday.
The maximum contract value is $71.5 million and includes $46 million guaranteed, a source told Schefter.
The Colts placed the non-exclusive rights tag on Pittman last week after the two sides were unable to reach an agreement on a long-term deal before the deadline.
Pittman remains one of the most accomplished receivers in Colts history, with Marvin Harrison, Reggie Wayne, TY Hilton, Dallas Clark and Phil Brooks all catching more passes than Pittman's 336 receptions over four seasons.
Pittman, 26, set a career high with 109 catches for 1,152 yards in 2023. He was the Colts' primary target with 28.2% of the team's total targets, which ranked 11th in the NFL. His 208 receptions since 2022 rank fifth in the NFL over that span.
After he was placed in concussion protocol following a Week 15 hit by Pittsburgh Steelers safety Damonte Kazee, he missed the Week 16 game, was ejected and was suspended for the final three games of the season. Pittman was released from the protocol the following Friday, but experienced a resurgence of symptoms a day later after returning to the protocol in Atlanta for a game against the Falcons.
At 6-foot-4 and 223 pounds, Pittman gives his quarterback a big target and is poised and sometimes devastating in the run game. He spoke at length about 2023 first-round pick Anthony Richardson coming to the Colts' lineup and the impact the young quarterback's presence could have on the team's passing game.
ESPN's Stephen Holder contributed to this report.
