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The Indianapolis Colts and wide receiver Michael Pittman are finalizing a three-year, $70 million contract, sources told ESPN's Adam Schefter on Monday.
The contract has a max value of $71.5 million and includes $46 million guaranteed, a source told Schefter.
The Colts placed the nonexclusive franchise tag on Pittman last week after the sides were unable to reach agreement on a long-term deal before the deadline.
Pittman has been one of the more accomplished receivers in Colts history, with only five others -- Marvin Harrison, Reggie Wayne, T.