Indianapolis Colts place franchise tag on wide receiver Michael Pittman Jr.

The Indianapolis Colts announced the decision to place the 2024 franchise tag on Michael Pittman Jr. before the deadline on Tuesday. The tag for Pittman is $21.816 million for the next season, however, the team is still working toward a long-term deal with the former second-rounder, according to NFL insider Tom Pelissero.

Pittman was the Colts’ leading receiver this season and the last two seasons. He posted 1,152 yards and four touchdowns on 109 receptions. He finished fifth in the league in catches and 14th in receiving yards.

Pittman was the No. 34 overall pick in the 2020 NFL Draft for Indianapolis out of USC. While with the Trojans, he was a second-team All-American. In his first four seasons in the league, he’s racked up 336 receptions, 3,662 yards and 15 touchdowns.

Franchise tag decisions loom large this week

Several teams announced franchise tag decisions on Tuesday before the deadline. The Cincinnati Bengals have tagged wide receiver Tee Higgins for the 2024 season. Meanwhile, the Tampa Bay Buccaneers are placing one on safety Antoine Winfield Jr. and the Panthers will use one on edge rusher Brian Burns. The Baltimore Ravens are also using a tag on defensive tackle Justin Madubuike and the Jaguars are using theirs on Josh Allen.

The franchise tag can be used to secure a player’s contract for an additional season at the pre-set value — a number determined by averaging the top five contract amounts at that position in the league.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are will become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.