Michael Pittman Jr.’s 2026 season has become a Rorschach test for three franchises.

In Pittsburgh, the veteran wideout’s slow start, injury trouble and limited availability are feeding the idea that the Steelers paid for a player who has not delivered enough. In New York, the Giants can look at the same production and see a decision they never made — and a receiver they were able to avoid. In Indianapolis, Pittman’s struggles are being used to argue the Colts were right to move on.

The Steelers signed Pittman to a three-year, $59 million agreement after acquiring him in exchange for a Day 3 pick swap, then added a two-year, $35 million extension. That investment has not produced the kind of return Pittsburgh expected. Through three games, Pittman has caught just seven passes on 12 targets for 89 yards, and he is averaging only 7.4 yards per target in 2026.

The recent box score has not helped the case. Pittman has managed only 31 receiving yards over his last two appearances combined, and the Steelers have not gotten what they expected from the veteran since adding him this offseason. A projection from his current pace has him finishing with 35 receptions, 430 receiving yards and two touchdowns.

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Health has only added to the concern. Pittman has already missed one game because of a lingering left foot injury, was a limited participant in Wednesday’s practice and was seen in the locker room using a single-legged scooter and wearing a boot. Head coach Mike McCarthy said Pittman is expected to miss multiple games, leaving the Steelers to sort out what their passing game looks like without him.

That matters because Pittsburgh did not bring him in as a depth piece. The contract, the extension and the trade compensation all point to a team that expected Pittman to be a central part of the offense. Instead, the early returns have been uneven enough to make the move look expensive before the season is even halfway through.

The Giants’ angle is simpler: they did not make the bet.

New York took a different route at wide receiver, signing several players to short-term deals for its No. 2 spot rather than chasing Pittman. That choice now looks safer in hindsight, especially with Pittman’s production lagging and his availability in question. The Giants can point to the same outcome and say they avoided a problem before it landed on their roster.

Indianapolis has its own version of the story.

The Colts had very little choice but to move Pittman this past offseason, with his $29 million salary making a return difficult to justify. Pittman had already produced two 1,000-yard seasons for Indianapolis, but the version now in Pittsburgh is not the same player. He is only 29, yet the recent numbers have been hard to ignore: seven catches, 89 yards in three games, 31 yards over his last two appearances, and a season pace that would fall well short of the expectations attached to his name.

That is why the same player can be used to support three different arguments at once. Pittsburgh sees a costly mistake. New York sees a decision avoided. Indianapolis sees confirmation that moving on was the right call.