Reports: Colts reach 3-year deal with WR Michael Pittman Jr.

The Indianapolis Colts and star wide receiver Michael Pittman Jr. are in agreement on a new three-year contract worth $71.5 million, the Schultz Report and NFL Network reported Monday.

The deal includes $46 million guaranteed, per the report. Pittman becomes the eighth-highest paid WR in the league in average annual value.

The Colts placed the franchise tag on Pittman last week but beat the deadline to reach a long-term deal by four months.

Pittman, 26, had a team-best 109 receptions, 1,152 yards and four TD catches in 2023. He has 336 receptions for 3,662 yards and 15 touchdowns -- from six different quarterbacks -- in four seasons with the Colts.

The Colts also reached a three-year, $31.26 million contract extension with linebacker Zaire Franklin on Monday.