Colts GM makes definitive statement on Michael Pittman Jr's 2024 status

Let there be no question about it. Michael Pittman Jr. will spend the 2024 NFL season with the Indianapolis Colts.

General manager Chris Ballard put the speculation to rest at the NFL Combine on Wednesday. When asked about potentially using the franchise tag on Pittman, Ballard called it a "tool," but expressed a desire to work toward a long-term extension with the Colts' star wideout.

"We'll work hard to get a deal done. [The franchise tag is] a tool we have. I'm not going to say we're not going to use it, but I'm not going to say we are. Hopefully, we can come to an agreement and find some compromise on a deal."

The last day for Indianapolis to agree to terms on a long-term deal with Pittman is March 5, so the clock is ticking. The franchise tag for WRs is $21.816 million, per NFL.com. Using the tag would afford the Colts the chance to discuss a long-term deal until mid-July, reopening the window for the two sides to cement their marriage.

Pittman, a second-round pick in the 2020 NFL Draft, tallied 109 receptions on 156 targets, accumulating 1,152 yards and four touchdowns. Pittman has two 1,000-yard campaigns under his belt through four years, with 2023 representing a new career high.

Colts plan to keep Michael Pittman Jr. in 2024 season, either with extension or franchise tag

There is, of course, a difference between professing a desire to work toward a long-term contract and actually getting a deal across the finish line. Pittman wants his worth in gold, as he should. The Colts' No. 1 receiver was an invaluable weapon in Shane Steichen's offense. Indianapolis will now aim to take a sizable step forward in 2024 with Anthony Richardson back under center.

Before his injury last season, the rookie Richardson flashed explosive dual-threat potential. His rocket arm should create more big-play opportunities for Pittman, who was held back to an extent in 2023 by Gardner Minshew's relative limitations. Steichen is one of the brightest offensive minds in the sport. At 26 years old, Pittman — and Indianapolis — are very much trending upward.

Pittman's status for next season is essentially set in stone. The Colts won't let him slip away. It is, however, worth monitoring whether or not a franchise tag comes into play. If Indianapolis can't meet Pittman in the middle, that could be a sign that the partnership is only temporary. The franchise tag can only be applied twice. At a certain point, the Colts will actually run the risk of losing Pittman for nothing.

Luckily, that concern is at least a year away. With both sides motivated, it shouldn't be too hard to gain traction on a long-term extension eventually.