Colts' Michael Pittman: Franchise tagged by Colts

Indianapolis have placed the franchise tag on Pittman ahead of Tuesday's 4:00 p.m. ET deadline, Tom Pelissero of NFL Network reports.

General manager Chris Ballard made clear earlier this offseason that Pittman wouldn't go anywhere, and the franchise tag positions him to play out the 2024 campaign on a fully guaranteed one-year, $21.87 million contract if no long-term alternative is agreed upon. The Colts and Pittman will have until mid-July to continue negotiating a multi-year extension, and the team may well be viewing the franchise tag as a bridge to continue talks. For 2024, at the very least, Pittman's presence will provide young franchise quarterback Anthony Richardson (shoulder) with some stability and a reliable No. 1 target in the receiving game, even if Indianapolis doesn't significantly upgrade its pass-catching corps. Pittman compiled a career-best 109-1,152-4 receiving line on 156 targets in 2023, and his fantasy prospects could improve for 2024 with the promise of flashier quarterback play for a full season.