Bell, who held out all of training camp and the preseason, will likely play on the franchise tag this season. He has said that he wants at least $17 million annually.
Colbert's new extension runs through 2020.
"Congrats Kev," Bell wrote on his Twitter account Thursday.
Steelers guard Ramon Foster updated a meme on his Instagram account making fun of Bell's situation.
The meme features several Steelers players carrying bags of money, including newcomer Joe Haden. Foster also put Colbert's face on a shirtless Conor McGregor's body. Bell's face is covered with "Crying Jordan" in the photo edit.
"CONTRACT UPDATE," Foster wrote on Instagram. "THEY KEEP ROLLING IN SO WE ROLL EM OUT. Haters gone say it's photoshopped*. Come grab your Bag too L Bell. Shout out to Kev!"
Bell told other Twitter users that he saw the meme.
"Looks like they gettin everybody right," he wrote in a Twitter response to the edit.
"Nah bro @L_Bell26 you need and deserve $20m a year," he tweeted.
Bell, 25, was a first-team All-Pro selection in 2014. He earned his second Pro Bowl nod last season, piling up 1,884 yards from scrimmage in just 12 games. Bell has only played 16 games once during his four-year career.
The dynamic playmaker tweeted last week that he plans to report to the Steelers on Friday. Bell's unsigned franchise tender is for $12.1 million.