The Atlanta Falcons agreed to a three-year, $54 million deal with tight end Kyle Pitts on Tuesday that includes a reported $36 million fully guaranteed, Pitts’ agents told ESPN.

The $18 million average annual value is the third-highest in NFL history for a tight end behind San Francisco 49ers star George Kittle ($19.1 million AAV) and Arizona Cardinals standout Trey McBride ($19 million).

The new deal runs through the 2028 season and replaces the $15.045 million franchise tag Atlanta placed on Pitts earlier in the offseason. The two sides had until July 15 to work out a deal.

Pitts, 25, was a second-team All-Pro last season when he had 928 receiving yards while establishing career highs of 88 receptions and five touchdown passes in 17 games.

He was a Pro Bowl choice as a rookie in 2021 when he had 68 catches for a career-best 1,026 yards and one touchdown.

In five seasons with the Falcons, Pitts has 284 receptions for 3,579 yards and 15 scoring catches in 78 games (72 starts).

Pitts was the fourth overall pick in 2021 out of Florida.

Earlier this month, the Falcons locked up receiver Drake London with a four-year, $141 million extension through the 2030 season.

–Field Level Media