Michael Pittman Jr. will be sticking around Indianapolis for a few more years.

The Colts have reached an agreement on a new deal with their star wide receiver, which Pittman confirmed with an Instagram post captained "HOME."

The deal is for three years and $70 million with $46 million guaranteed, a source confirmed to IndyStar. The $23.3 million average annual salary ranks eighth at the wide receiver position, sandwiched between the 49ers' Deebo Samuel and the Commanders' Terry McLaurin.

The agreement comes just six days after the Colts placed the franchise tag on Pittman to guarantee his services for the 2024 season. The two sides were close on a deal but used the tag as a way to extend the negotiations.

Pittman opted to go for a three-year deal over the four-year pacts often handed out to receivers of his caliber. The salary cap just rose a record $30 million, so he will have a chance to add to his earnings if he can maintain his play by 2027, when he'll be 29. Mike Evans just signed a two-year, $41 million deal plus incentives with the Buccaneers at age 30.

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The deal will keep Pittman in Indianapolis through the remainder of Anthony Richardson's rookie contract, prior to his fifth-year option. It's a period in which the Colts will have more financial flexibility than they've been used to with veteran signal-callers. Indianapolis started this offseason with more than $70 million to spend.

Pittman will be here to serve as the No. 1 receiver for Richardson, who showed flashes as a runner and a passer in his four-game rookie season before an AC joint sprain ended the year prematurely. Richardson remains light on experience, with just 17 starts above high school, and he'll get to lean on a 6-foot-4 receiver who has led the Colts in receiving in three straight seasons.

“It’s huge," Colts coach Shane Steichen said. "When you have a reliable player like Pitt that is going to show up every Sunday and make plays like he does, it definitely helps a young quarterback. To keep getting that chemistry with those two guys, building, will be huge for Anthony’s growth.”

Pittman has found a way to remain consistently productive despite playing with seven different starting quarterbacks in his four seasons. He played with two last season and turned in his best year yet, finishing fifth in the NFL with 109 catches and 14th with 1,152 yards.

Pittman challenged his role within the offense after a Week 7 loss to the Browns, telling Indy Star, "Maybe I'm not a big part of the offense." But what got lost in the conversation about his comments is that general manager Chris Ballard has been looking for players who want the ball in their hands and an outward passion to win. The conversation led to a meeting between Pittman and Steichen about how to expand the role, and Pittman saw the first six targets the very next week.

"Look, he cares about winning. He wants to win. And when you're a good player, part of that is you want the football," Ballard said. "I don't know that I would want to be around a guy who doesn't want the football."

"... One thing you don't have to worry about with that guy is he empties the tank."

Pittman will continue to serve as the team's "X" receiver, but the Colts still have a need to upgrade the corps. They need at least a No. 4 option behind Pittman, Josh Downs and Alec Pierce and could also look to a higher-end second option on the outside. This year's rookie class is loaded with options who could come in on a four-year rookie contract to balance out what the Colts are spending at the position on Pittman.

Pittman now joins running back Jonathan Taylor and guard Quenton Nelson as offensive building blocks who have received major multi-year contracts in the past three years.

Contact Nate Atkins at natkins@indystar.com. Follow him on Twitter @NateAtkins_.

This article originally appeared on Indianapolis Star: Colts' Michael Pittman Jr. signs a 3-year extension