INDIANAPOLIS (AP) - The Indianapolis Colts have given punter Pat McAfee the franchise tag, meaning he will be paid $2.977 million this season if he doesn't reach a long-term contract with the team.

McAfee finished his fourth NFL season ranked fifth in the league in punting with a 47.9-yard average. His 40.3-yard net average was the best of his career.

McAfee also handles kickoffs for 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.

An exclusive tag ties him to his current team at a higher, but as-yet-undetermined price, for one season.