Michael Pittman contract details, grade: Colts sign Anthony Richardson's top target long term

Unfortunately, we only got to see Anthony Richardson play in four games for the Indianapolis Colts in his rookie year, but what we saw has us hungry for more. Richardson, in those four games, scored three touchdowns passing and four more rushing. He was electric, and validated the Colts opting to use their fourth overall pick on him in the 2023 NFL Draft.

Now, they need to build around him, either securing key pieces around him that are already on the roster, drafting key youth talent, or looking to the free agent and trade market for external veteran additions.

With NFL free agency just a few days away, the Colts have already made one key step by bringing back a notable weapon -- Michael Pittman Jr. -- for Richardson.

Michael Pittman Jr. contract details

According to multiple reports, the Colts and Pittman agreed to a contract that keeps Pittman in Indy for three years. The deal is worth $46 million guaranteed but can be worth up to $71.5 million.

That works out to an average annual value of $15.33 million per year guaranteed, and up to $23.83 million maximum.

Pittman was previously franchise tagged by the Colts, but Joel A. Erickson of Indy Star reports that the Colts took that decision up to the deadline because the two sides were close to a deal. The tag was simply a mechanism to give them more time to figure out the details.

Michael Pittman Jr. contract grade

This is a great deal for the Colts, who get their receiver paid but did not expend all of their cap space to get the deal done.

Pittman is entering his fifth year in the league and has been above or flirted with the 1,000-yard mark the last three seasons. He was fifth in receptions last year in the NFL and seventh in yards per touch among the league's best receivers.

Yet, his average annual value will place him somewhere between eighth-and-20th among receivers.

The Colts give an incentive-heavy deal, too, which means even if he is breaking the top 10 in terms of receivers' salaries, he has likely played well enough to have earned every penny of it.

Mind you, too, that Pittman's 2023 success was mostly without Richardson, who was injured the final three-quarters of the year. Now, he gets to have a top-five pick throwing the ball his way, one who is dynamic enough to dizzy defenses and likely create more opportunities for the receiver.

A great deal for Indy.

GRADE: A