Proposed Blockbuster Trade Sends Colts $96 Million WR

The Indianapolis Colts may lose wide receiver Michael Pittman Jr. to free agency. But Bleacher Report’s Alex Kay suggested the Colts replacing Pittman with 2-time All-Pro Stefon Diggs. On February 7, Kay proposed the Colts trade their No. 15 overall selection along with a 2024 fourth-round to the Buffalo Bills for Diggs. “With Michael Pittman Jr. hitting free agency and due for a major contract extension, the Colts may want to have a contingency plan in place via a Diggs trade in case their incumbent No. 1 receiver walks,” wrote Kay.

“Even if Pittman remains in Indy, pairing him with Diggs would greatly elevate a passing attack that averaged just 215.6 yards per game and scored only 18 touchdowns through the air in 2023.” Kay continued, calling Diggs, who signed a 4-year, $92 million contract in 2022, a “major upgrade” for the Colts wide receiver corps.

This isn’t the first time this offseason the Colts have been linked to a big-named, expensive receiver. On January 16, Bookies.com handicapper Adam Thompson placed the Colts as the second-favorite team to land Philadelphia Eagles wide receiver A.J. Brown if he requested a trade. Like Brown, Diggs would be a great asset for young quarterback Anthony Richardson. As he did in Buffalo, Diggs could help turn the Colts into a perennial contender. In nine NFL seasons, Diggs has posted 810 receptions, 9,995 receiving yards and 67 touchdowns. He made first-team All-Pro in 2020 with a league-high 127 catches and 1,535 receiving yards.

However, the Colts acquiring Diggs through a trade is hardly a slam dunk to happen. Diggs, who is four years older than Pittman, is set to count as a $27.8 million cap hit in 2024. He’ll have a cap hit at least above $22.5 million through 2027. With the trade, the Colts could rework Diggs’ contract. But as it stands, Diggs possesses an expensive deal for a receiver who is already 30 years old. Trading for Diggs and re-signing Pittman is certainly appealing. But it would lock up a big chunk of the team’s $66.35 million salary cap space to one position.

Those two moves would also limit opportunities for 2022 second-round pick Alec Pierce and 2023 third-rounder Josh Downs. The Colts would have to be convinced neither Pierce nor Downs will become an elite receiver before trading for Diggs. Acquiring Diggs would be a blockbuster deal — one that’s fun to talk about in the offseason. But it likely remains a long shot to happen in reality.