The Indianapolis Colts have parted with one of their top players of the last half-dozen years in a move that opens $24 million in salary cap space.
The Indianapolis Colts have made the difficult decision to part ways with one of their longtime leaders.
On Monday, the Colts agreed to trade wide receiver Michael Pittman Jr. to the Pittsburgh Steelers in exchange for a late-round draft pick swap. Pittman then agreed to a new three-year, $59 million contract extension with Pittsburgh.
The move opens up $24 million in much-needed salary cap space for the Colts. Pittman's $29 million salary cap hit in 2026, which would've been the sixth-highest among all NFL receivers, was the primary issue for the Colts. However, they also needed to clear space after inking fellow receiver Alec Pierce to a $114 million deal earlier in the day.
Pierce is also looking for an increased role in the offense, which would've been difficult to manage with Pittman still on the roster.
"I think the world of Pitt and who he is as a player, and any suggestion that he's not gonna be here is a pure hypothetical in my mind," Colts general manager Chris Ballard said at the NFL Combine two weeks ago.
When asked if it was realistic for Pittman to play under his current contract, given the price to re-sign Pierce, Ballard acknowledged that adjustments may need to be made by immediately referencing the team's salary cap specialist, Mike Bluem, Director of Football Administration.
"Mike Bluem does an unbelievable job for us," Ballard said. "So, whatever challenges we have, we'll work through them as we get these contracts done."
The Colts selected Pittman in the second round with the 34th overall pick in the 2020 NFL Draft, and he quickly became the team's top receiver by the following season.
In 95 career games (86 starts), Pittman has caught 485-of-709 targets for 5,254 yards (10.8 avg.), and 25 touchdowns. He led the Colts in receiving yards between 2021 and 2023, and targets from 2021 through 2024.
In 2023, he had a career-best season in which he caught 109 passes for 1,152 yards (10.6 avg.), and four touchdowns. He was rewarded the following offseason with a new three-year, $68 million contract.
In the weeks leading up to Pittman's move, he had come to terms with the reality of the situation.
"Indy is my home," Pittman told WISH-TV's Anthony Calhoun in February. "I love everything about it. I love the people there. I love this team. And I just really want to do everything that I can to bring this team back to where we should be and where we were in the past, like the Peyton Manning, Reggie Wayne, Marvin Harrison days.
"I would love to be a part of that, but part of it is not in my control. You know, just the nature of football, like it's a business, right? So, we'll see what happens."
The Colts will visit Pittman and the Steelers in Pittsburgh during the 2026 regular season.