INDIANAPOLIS – As expected, the Indianapolis Colts have applied the franchise tag to Michael Pittman Jr.
The one-year, non-exclusive franchise tag carries a value of $21.8 million for wide receivers.
It’s believed general manager Chris Ballard and Pittman’s agent, Andrew Kessler, kept trying to reach common ground on a long-term contract Tuesday but were unable to do so prior to the 4 p.m. deadline for using the franchise tag.
Investing the tag for the first time since 2013 (punter Pat McAfee) doesn’t preclude the Colts and Pittman from agreeing on a long-term contract in the coming months – the tag extends the negotiating window – or the team’s leading receiver actually leaving the franchise that drafted him in the second round of the 2020 draft.
Under non-exclusive franchise tag guidelines included in NFL’s labor agreement with the players, a long-term contract still can be achieved prior to a mid-July deadline. Failing that, Pittman would play in 2024 under the one-year deal and the two sides would be in this exact situation next offseason.
Also, the non-exclusive tag allows a player to negotiate with other teams and sign an offer sheet with one. If that’s done, the Colts can match every detail in the offer and retain Pittman, or allow him to sign elsewhere and receive two first-round draft picks as compensation.
The $21.8 million becomes fully guaranteed as soon as Pittman signs it, and he would be required to attend and participate in all mandatory team functions during the offseason. If Pittman holds off signing the tag, he wouldn’t permitted to participate in offseason workouts, including training camp.
Some parameters might be in place for a long-term contract for Pittman.
Monday, Tampa Bay re-signed Mike Evans to a two-year contract with a maximum value of $52 million with $35 million guaranteed, although $11 million is tied to incentives.
The top eight receivers in the league have contracts that average at least $23.2 million.
Shane Steichen reaffirmed Pittman’s value to the Colts Tuesday morning.
“The player he is, the person he is, the competitor he is, the playmaker he is, we love everything about him and we want him to be a Colt,’’ he said.
“Just the ultimate competitor. One thing I do respect about Pitt is he’s going to show up and you know what you’re getting every Sunday. You’re going to get a guy that’s going to go make plays and you’re going to get the same guy on the practice field that you’re going to get in the meeting rooms and you’re going to get on game day on Sunday.
“To have that type of guy on our football team is huge going forward.’’
Ballard reinforced the team’s commitment to Pittman when asked if Pittman would remain a Colt this season whether it was with the tag or a long-term deal.
“Yes,’’ he said. “Yeah.
“You pay good players. One thing you never have to worry about with that guy is he empties his tank. He absolutely empties his tank.’’
Pittman has led the Colts in receiving in each of the last three seasons and is coming off his best season: 109 receptions, 1,152 yards, four touchdowns. He ranked No. 5 in the league in receptions and the 109 are tied for fourth-most in team history.
Despite the restrictive nature of the tag, Pittman likely is eager to gauge his value on the open market.
“As of right now until March whatever, I’m still a Colt,’’ he said in early January. “I’ve loved my four years here – but I wouldn’t be doing my due diligence if I didn’t explore every option and find the best fit.
“I think we want to get a sense of what’s out there.’’
What’s out there is a massive financial bump, either under the franchise tag or through a long-term deal. Pittman’s four-year rookie deal was worth $9.821 million.
At the worst, he’ll play in 2024 for $21.8 million.
You can follow Mike Chappell on Twitter at @mchappell51.