Today marks an important date in the NFL offseason for potential free agents.
As of 4:00 p.m. ET, the franchise tag window is officially open. Over the next two weeks, NFL teams can place the franchise tag on one player who is scheduled to become a free agent. The franchise tag prevents the player from reaching free agency, giving the player a one-year, fully guaranteed contract. The salary equals the average of the top five salaries at the player's respective position.
The Indianapolis Colts have typically abstained from using the franchise tag. The Colts have not used the franchise tag since the 2013 season when punter Pat McAfee was tagged. General manager Chris Ballard expressed his desire to not use the tag after the season.
"I don’t want to use (the franchise tag), but it’s a tool," Ballard said in January. "If we have to use it, we will.”
But this year may be different, as the Colts have a key piece of their offense set to become a free agent in less than a month with no long-term deal in place. Michael Pittman Jr. could be the first Colts player in over a decade to receive the franchise tag. Pittman is coming off a career year where he posted 109 catches for 1,152 yards and four touchdowns as the undisputed WR1 for Indy.
“As of right now until March whatever, I’m still a Colt," Pittman explained after the season. "But speaking to the contract stuff, I made it this far so – I’ve loved my four years here, but I wouldn’t be doing my due diligence if I didn’t explore every option and find the best fit.”
Pittman is expected to cash in on a huge deal this offseason. Realistic estimates show the 26-year-old out of USC could sign a contract in excess of $23 million per season. The wide receiver market has exploded in recent years, and Pittman has proven he is a high-caliber receiver despite inconsistency at the quarterback position.
If the Colts cannot come to an agreement with Pittman on a long-term deal before the franchise tag window closes, Indy risks the chance of their WR1 going somewhere else. That makes Pittman a prime candidate for the franchise tag.
Is using the franchise tag on Pittman a bad idea? Not at all! There are pros and cons to the franchise tag for both sides. Pittman was asked in January how he would feel playing on the franchise tag.
"I mean, the franchise tag, I don't think anybody'd be displeased with $23 million," Pittman smiled. "I don't really even know. The franchise tag, it's almost like a tag of respect because you get paid in the top five of your position. But do I necessarily want to play on one? I wouldn't say necessarily. No, I do not want to play on one, but you can use that to work towards a long-term deal as well."
Pittman is certainly not opposed to earning $20 million next season on the tag (down from the $23 million he mentioned), as it would be more than double the money he has earned in his career. However, the tag does not bring long-term security for the wide receiver. If he suffers a major injury, the value of his next contract likely decreases.
The Colts can also use the tag in their favor. If the two sides cannot reach a long-term extension, the tag keeps Pittman from potentially leaving in free agency. The Colts and Pittman can continue to work on an extension while keeping him in the fold for young quarterback Anthony Richardson.
However, tagging Pittman means that all $20 million of his salary would count towards the Colts salary cap this season, taking away some of their flexibility. The Colts also risk the chance of Pittman having another career year with a healthy Richardson, causing his cost to increase even further.
With pros and cons on both sides, there has not been a clear indication of if the Colts will place the franchise tag on Pittman. What cannot be questioned is how Ballard and the Colts feel about their Pittman and what he means to this team.
“I care deeply about him," Ballard said about Pittman. "We have a really good relationship. It’s an honest one – almost too honest I think sometimes. But that’s what I love about him. The guy is competitive. He’s tough. He cares. He wants to win. We’re going to work to get him back. We’ll work through that. ... Pitt is a good football player for us and hopefully he still remains a Colt.”
The Colts will continue to work with Pittman's representatives to reach a long-term deal. But if the sides cannot agree on a new contract over the next two weeks, expect the Colts to tag Pittman so they can continue to work on an extension and not risk their top receiving option heading elsewhere.
Regardless, because of his value to the team and his ascending talent, it is hard to imagine a scenario where Pittman is not playing in a Colts uniform next season and for years to come.
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