Contract Terms
The Indianapolis Colts are using their franchise tag for the first time in over a decade, applying it to wide receiver Michael Pittman Jr The move allows them to keep working on a long-term deal and keeps Pittman from hitting the open market next week. Pittman can still talk to other teams, but the Colts will have a chance to match any offer, and they would receive two first-round picks if Pittman did change teams. Pittman will earn a guaranteed $21.816 million if he plays under the tag.
According to ESPN.com's Stephen Holder, the Colts and Pittman's representatives had been in negotiations on a long-term extension in recent days. They were working to reach a deal before today's deadline for players to be tagged, but it came and went without a new contract. The two sides have until July 15 to reach an agreement, or Pittman will play this season under the tag.
"We love everything about him, and we want him to be a Colt," head coach Shane Steichen said before the tag was applied.
Update: The Colts and Pittman agreed to a three-year deal worth up to $71.5 million, as Bleacher Report's Jordan Schultz first reported on 3/11.
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Fantasy Football Impact
Today marked the first time the Colts have used the franchise tag since placing it on punter Pat McAfee in 2013. From an NFL perspective, their decision is understandable.
Last season, Pittman became the fourth player in franchise history to have at least 100 receptions and 1,000 receiving yards in a season, joining wide receivers Marvin Harrison and Reggie Wayne and tight end Dallas Clark. He set career highs in targets (156), receptions (109), and receiving yards (1,152). He also had the longest reception of his career, a 75-yard touchdown in Week 7 against the Cleveland Browns.
Those 109 receptions ranked fifth in the NFL, while Pittman was 14th in yards.
Colts.com's JJ Stankevitz notes that since joining the Colts in the second round (No. 34 overall) of the 2020 NFL Draft, Pittman has 336 receptions on 487 targets for 3,662 yards with 15 touchdowns over 62 games. He's had two 1,000-yard seasons (2021, 2023) and caught 99 passes in 2022. His 208 receptions since 2022 also rank fifth in the NFL during that span.
It's worth noting the 6-4 223-pound Pittman put up those numbers despite opening each of his four seasons in Indy with a different starting quarterback -- Philip Rivers, Carson Wentz, Matt Ryan, and Anthony Richardson (with multiple starts by Sam Ehlinger, Nick Foles, and Gardner Minshew along the way). Still, only five Colts receivers -- Harrison, Wayne, Clark, T.Y. Hilton, and Bill Brooks -- amassed more catches than Pittman's 336.
He was, by far, the Colts' top target last season with a 28.2 percent target share, which ranked 11th in the NFL, despite missing two games due to concussion. NFL.com's Kevin Patra believes Pittman's ability to get open off the snap perfectly meshes with Steichen's offense, and he rarely drops the ball when it's in his vicinity.
The move makes even more sense with the Colts all in on Richardson.
Remember, the Colts view the second-year signal caller as being more than capable of maximizing their receiving talent. As Colts general manager Chris Ballard recently said of Richardson, "This guy is a passer."
Indeed, Holder reports Pittman has talked at length about the impending return of Richardson, who was limited to just four starts after suffering a season-ending AC joint sprain, and the impact the young quarterback's presence could have on the team's passing game.
From a fantasy perspective, Pittman, who opened his career with a disappointing WR86 finish, has picked up the pace in his last three campaigns, posting WR16, WR27, and WR25 finishes, respectively.
Meanwhile, he opens the year as WR26 on the Footballguys 2024 Draft Rankings, WR23 on our initial Dynasty Rankings, and currently sits at WR26 on our Best Ball Rankings. Early drafters on both Underdog and BestBall 10s value Pittman a bit more, given his WR19 (Underdog) and WR20 (BestBall 10s) Average Draft Positions (ADP). He's been selected between the 24th and 45th pick in BestBall 10 drafts, with pick 32 on the average there (and with the 29th on Underdog).
There is upside here. If Richardson is the passer the Colts believe he is, Pittman could easily outperform our initial 2024 projections (89.4 catches, 1,029 yards, six touchdowns).
The Fantasy Football Fallout
If the Colts are big believers in Richardson, they might come in second to those taking part in early best-ball drafts. Given his QB5 ADP on Underdog and QB8 ADP on BestBall 10s, Fantasy Nation might be even more all-in than Indy. It's fair to say Richardson's value had risen before we knew about this move, and there's little headroom to rise higher, even with the certainty Pittman will return.
Beyond that, however, it's not a stretch to believe the complimentary pieces will benefit from having Pittman back as their WR1. Josh Downs, coming off a respectable WR43 finish as a rookie, is well-positioned to improve on his 68-catch, 771-yard, two-touchdown effort in 2023. His 98 targets represent a substantial role he can build on. Alec Pierce has struggled to hit stride as the team's WR2. His targets fell from the 78 he drew as a rookie to 65 last year. Even if his stock is rising slightly, Pierce is nothing more than a last-round flier in best balls.
The same goes for the team's tight-end corps until somebody separates from the field. That group includes Jelani Woods, Kylen Granson, and Mo Alie-Cox at the top of the list. That separation will be hard to come by with Pittman and Downs dominating the targets.
As for the real winners?
With Pittman and Tee Higgins both tagged (the Bengals applied theirs last week) and Mike Evans getting a new deal from the Buccaneers, this year's top three free-agent wideouts are now off the market. That means the remaining unrestricted free-agent wideouts could draw more interest from needy teams like the Kansas City Chiefs and Baltimore Ravens, who would be among the more desirable destinations. Those most likely to benefit from the shortage of high-end talent available include Jacksonville's Calvin Ridley, Arizona's Marquise Brown, and Buffalo's Gabe Davis.
Stock Watch
Risers
Fallers
Overview
The Indianapolis Colts placed their franchise tag on wide receiver Michael Pittman Jr, who set career highs with 109 receptions for 1,152 yards this past season. Pittman has led the Colts in receptions and receiving yards for three straight years despite a series of quarterbacks, going from 88 catches to 99 to 109 and delivering two 1,000-yard seasons. The hope in the future is that he will provide a dominant WR1 presence capable of helping QB Anthony Richardson fulfill his potential.
