The Indianapolis Colts officially know what they are working with in terms of the salary cap, and they now also know what it would cost to franchise tag wide receiver Michael Pittman Jr.
While both parties would like to avoid that scenario, it’s still a tool the Colts can use if they can’t agree on a contract extension before the franchise tag deadline of March 5.
If the Colts wanted to use the non-exclusive franchise tag on the talented wide receiver, it would cost them $21,816,000 for the 2024 season.
With the NFL announcing a record $255.4 million salary cap, franchise and transition tag numbers are also locked in. From a memo to clubs today: pic.twitter.com/SkUHnY8sPh
— Tom Pelissero (@TomPelissero) February 23, 2024
It was reported Friday night that the Cincinnati Bengals are planning to apply the tag to wide receiver Tee Higgins. They can still negotiate a long-term deal, but this keeps him from technically hitting the open market.
The Colts could take the same route if they don’t get a deal done before the March 5 deadline. Pittman has stated this offseason that he would be willing to accept the franchise tag if it led to a contract extension.
General manager Chris Ballard has never used the franchise tag since his arrival in 2017, and the Colts haven’t used it since 2013 when they applied the tender to punter Pat McAfee.
The increase in the salary cap to $255.4 million should help the Colts get a deal done considering they are among the leaders in salary-cap space.
However, the official numbers of the franchise tag at least give them something to lean on if a deal doesn’t get done.
