Can I use multiple contains in a formula?

I'm trying to get a status column to display a color, based on a "named status" cell contents. For example, if @cell contains "Completed", "Green".

But I have 4 conditions, and I have 4 colors. 1 for each condition. And I'm badly missing something here. I was able to get it to change for the first statement, but anything after, it blows up:

=IF(CONTAINS("In Progress", [Named Status]:1), "Blue", IF(CONTAINS("Pending 3rd Party", [Named Status]1), "Yellow", IF(CONTAINS("Completed", [Named Status]1, "Green"))))

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