On Tuesday, the Indianapolis Colts made use of the non-exclusive franchise tag by assigning it to wide receiver Michael Pittman Jr. This decision had a significant impact on the team’s salary-cap space.
Fortunately, the Colts entered the offseason with a surplus of cap space, allowing them flexibility in their financial planning. By applying the franchise tag, which comes with a cost of $21.8 million, the Colts also open up the possibility of negotiating a long-term contract with Pittman. Such an agreement could potentially result in cap savings depending on its structure.
With the one-year, fully guaranteed tender now in effect, the Colts currently have approximately $49.2 million in cap space, along with slightly over $45 million in effective cap space, as reported by Over The Cap.
The Colts’ current cap space figures of approximately $49.2 million and effective cap space of slightly over $45 million rank seventh and sixth, respectively, among all NFL teams.
As for Michael Pittman Jr., he is not required to sign his franchise tender until the middle of July. This provides the Colts with ample time to negotiate and finalize the specifics of a long-term contract with him, ensuring they have sufficient time to work out the details before the deadline.
Having addressed the franchise tag situation, the Indianapolis Colts can now shift their attention to re-signing key free agents, namely defensive tackle Grover Stewart and cornerback Kenny Moore II. Both players are expected to attract considerable interest in the market.
As the open negotiating period begins on Monday, the Colts will continue to assess their options and determine their course of action. Fortunately, the team is well-positioned with ample cap space to actively participate in the open market and pursue potential signings. This financial flexibility should provide the Colts with favorable opportunities to strengthen their roster.
