The Colts placed the franchise tag on punter Pat McAfee Friday.
"It's an honor to know that I'll be a member of the Indianapolis Colts for at least another year," McAfee said in a team release. "I love the city, I love the team, and I love being a member of the community. I obviously hope to work out a long-term deal to stay here forever, but one more guaranteed year is awesome. Go Colts."
With the tag, McAfee will be paid $2.977 million in 2013, provided he doesn't reach a long-term deal with the team.
McAfee was selected in the seventh round of the 2009 NFL Draft. He has averaged 45.5 yards per punt over four seasons with Indianapolis.
Under the franchise tag in 2013, a player is paid according to a formula based on salaries for the past five years at the position and their percentage of the total salary cap. With the non-exclusive tag, his team has the right to match any offer sheet, or get two first-round draft picks in return for allowing him to leave.
McAfee has also handled kickoffs for the Colts and has expressed an interest in handling placekicking duties with the team.