INDIANAPOLIS – The idea was for Michael Pittman Jr. to gauge his value on the NFL’s free-agent receiver market.
Due diligence.
Finding the best fit.
What am I really worth?
He never got the chance, even after the Indianapolis Colts used the non-exclusive franchise tag on their leading receiver last week which still allowed him to, you know, do his due diligence.
“They weren’t going to let me do that,’’ Pittman said with a wide smile Wednesday afternoon. “Chris didn’t let me. I kind of knew the whole time this was going to happen.’’
This?
That would be officially putting pen to paper on a three-year, $70 million contract with $46 million in guarantees that replaces the $21.8 million tag.
Pittman never has lacked self-confidence and was cocksure he’d command top dollar on the open market from some team eager to add a 6-4, 224-pound wideout who turns 27 in October and was coming off a 109-reception, 1,152-yard season despite catching passes from a fourth different primary starting quarterback in as many seasons.
Remember his blunt comments in early January? It was two days after the Colts finished a 9-8 season with a 23-19 loss to the Houston Texans that kept them from winning their first AFC South championship since 2014.
“I’ve loved my four years here,’’ he said. “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.’’
Again, general manager Chris Ballard wasn’t about to let one of his core players – and someone who embodies everything he and owner Jim Irsay value – walk out of the Indiana Farm Bureau headquarters.
The team and Andrew Kessler, Pittman’s agent, worked feverishly to find common ground on a multi-year deal as the March 5 deadline to use the franchise tag neared. When they fell short, the Colts used the tag for the first time since 2013.
“We kind of knew that was coming because of the way everything was going,’’ Pittman said. “It wasn’t a bad thing. We knew it was part of the process.’’
The tag allowed both sides to finish what they had started. The three-year deal was agreed upon Monday and signed Wednesday afternoon.
“Luckily it didn’t take that long and we’re standing here today happy people,’’ Pittman said.
His wife, Kianna, looked on from the side as Pittman discussed the significance of extending his relationship with the Colts. It began when they made him their first selection in the 2020 draft: in round 2 with the 34th overall pick.
“It’s just a great feeling to know that you are the guy that they drafted you to be,’’ he said.
Indy, he added, has served as the recent epicenter of his life.
“When I think back, my greatest life moments have been here,’’ Pittman said. “I got married here. I had both my kids (Mila and Michael Pittman III) here. I bought my first house here. I just have a lot of major life moments tied here.’’
And reupping offered another perk.
“I get to stay home,’’ Pittman said, laughing. “I want to be here. I don’t have to move all my stuff, so that’s great. I don’t want to move all my animals, right?’’
In a statement released by the team, Ballard described Pittman as “a fierce competitor, and he cares deeply about winning. He wants to be a difference maker and he’s going to give you everything he’s got on Sundays to accomplish that.’’
Added coach Shane Steichen: “We love everything about Pitt. You know what you’re getting every week: an ultimate competitor, a playmaker and a leader in the locker room.’’
Since 2020, Pittman’s 336 receptions are tied for the 10th-most in the NFL while his 3,662 yards rank No. 18. His 109 catches last season ranked No. 5 in the league and are tied for fourth-most in team history.
So, what’s next on his career arc? Proving he’s worth the heavy investment, of course.
“It just starts now,’’ he said. “The great thing is I get to go out and do it for the next three years and then hopefully be in the same position I’m in today.’’
That’s the reason the structure of Pittman’s contract represents a win-win for each side.
Yes, the Colts are heavily invested. But the shorter deal allows them to further determine whether there’s more to Pittman’s game. Again, he’s had to deal with seven different starting quarterbacks in four seasons, and many haven’t possessed the wherewithal to get the football to him deep. Pittman has averaged a pedestrian 10.9 yards per catch.
As for Pittman, he gets approximately $46 million in guarantees – that’s roughly the value of two franchise tags – and will be eligible for free agency after the 2026 season when he’ll be 29.
“I think it’s nice because of how fast the receiver market is accelerating,’’ he said. “I think it’s nice to have an option after two (years) to maybe re-up it.’’
The receiver market will be greatly impacted – i.e., boosted – when Cincinnati’s Ja’Marr Chase, Minnesota’s Justin Jefferson, Dallas’ CeeDee Lamb, Detroit’s Amon-Ra St. Brown and others secure new contracts.
Until next time, Pittman is focused on the here and now. He’s in constant contact with quarterback Anthony Richardson, who’s in the early stages of rehab following Oct. 24 surgery on his right shoulder. Richardson began throwing in mid-February.
“I texted him yesterday,’’ Pittman said. “I’m just checking up on him to see where he’s at because once he’s ready to go, then it’s go time.’’
Pittman is eager to build his relationship with Richardson and determine how the No. 4 overall pick in the 2023 draft can help elevate his game.
“I think we’re just going to open it up,’’ he said. “With AR coming back . . . I’m just looking forward to accenting him and making him the best player he can be and him making me the best player I can be.’’
Indy, Pittman insisted, is the best fit.
“Absolutely,’’ he said. “When you look at it, this system works for me and that’s what every player looks for. Obviously, I know I’m going to get the ball in this system, which is what every receiver wants. Just do whatever I can to help this team win games, get into the playoffs and see where it goes.’’
You can follow Mike Chappell on Twitter at @mchappell51.