Sources - Colts, Michael Pittman Jr. finalizing 3-year, $70M deal - ESPN

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 contract has a max value of $71.5 million and includes $46 million guaranteed, a source told Schefter.

The Colts placed the nonexclusive franchise tag on Pittman last week after the sides were unable to reach agreement on a long-term deal before the deadline.

Pittman has been one of the more accomplished receivers in Colts history, with only five others — Marvin Harrison, Reggie Wayne, T.Y. Hilton, Dallas Clark and Bill Brooks — catching more passes than Pittman's 336 receptions over four seasons.

Pittman, 26, generated career highs in 2023 with 109 catches for 1,152 yards. He was, by far, the Colts' top target with 28.2% of the team's total targets, which ranked 11th in the NFL. His 208 receptions since 2022 also ranks fifth in the NFL during that span.

He missed a Week 16 game after he was placed in concussion protocol following a Week 15 hit by Pittsburgh Steelers safety Damontae Kazee, who was ejected and then suspended for the final three games of the season. Pittman was cleared from the protocol on the following Friday, but he experienced a relapse of symptoms one day later after arriving in Atlanta for a game against the Falcons and went back into protocol.

At 6-foot-4 and 223 pounds, Pittman provides a huge target for his quarterback and is a willing and, at times, devastating blocker in the running game. He has talked at length about the impending return of 2023 first-round pick Anthony Richardson 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.