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The deadline for NFL teams to apply franchise tags to players is set for Tuesday at 4 p.m. ET. With teams making crucial decisions, here’s a breakdown of the latest updates, key players tagged, and what it means for the free agent market.
Notable Players Receiving the Franchise Tag
So far, a few standout players have been designated with the franchise tag:
- Trey Smith (Kansas City Chiefs, OL) – The Pro Bowl guard has been given the non-exclusive franchise tag.
- Tee Higgins (Cincinnati Bengals, WR) – The Bengals are using the tag on Higgins for the second year in a row as they attempt to negotiate a long-term deal.
- Osa Odighizuwa (Dallas Cowboys, DT) – Reports indicate the Cowboys will apply the franchise tag to Odighizuwa if they don’t finalize an extension before the deadline.
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Understanding the NFL Franchise Tag
NFL teams use franchise tags to retain a player who would otherwise become an unrestricted free agent. This ensures the player stays for another season under a fixed contract. There are three types of franchise tags:
- Exclusive Franchise Tag: The player cannot negotiate with other teams. The contract is either the average of the top five salaries at the player’s position or 120% of their previous salary, whichever is higher.
- Non-Exclusive Franchise Tag: The player can negotiate with other teams, but their current team has the right to match any offer. If the team declines, it receives two first-round draft picks as compensation.
- Transition Tag: The contract must be at least the average of the top 10 salaries at the player’s position. Players can negotiate with other teams, but there is no guaranteed compensation if they sign elsewhere.
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2024 Franchise Tag Values by Position
For this season, franchise tag salaries are set as follows:
- Quarterback: $40.242 million
- Running Back: $13.64 million
- Wide Receiver: $23.959 million
- Tight End: $13.826 million
- Offensive Line: $23.4 million
- Defensive End: $22.0625 million
- Defensive Tackle: $25.12 million
- Linebacker: $25.45 million
- Cornerback: $20.187 million
- Safety: $18.601 million
- Punter/Kicker: $6.313 million
As teams finalize their decisions, the franchise tag process will shape the landscape of free agency, determining which players stay put and which ones hit the open market.
