The NFL's franchise tag deadline is Tuesday at 4 p.m. ET. Who will receive it this year? What will that mean for the free agent market? Here's everything you need to know.
Which players have received the franchise tag?
Thus far, only Kansas City Chiefs Pro Bowl guard Trey Smith has received the non-exclusive tender. (More on what that means below.)
The Cincinnati Bengals will reportedly tag wide receiver Tee Higgins for a second straight year, and try to work out a long-term deal. The Dallas Cowboys, meanwhile, reportedly intend to franchise defensive tackle Osa Odighizuwa if the two sides can't work out a long-term deal before Tuesday's deadline.
What is the NFL franchise tag?
The franchise tag is a designation NFL teams may use to retain one player set to be an unrestricted free agent and sign them to a set contract for another year. There are exclusive and non-exclusive tags, as well as transition tags.
Exclusive tags mean the contract must be no less than either the average of the top five salaries at that player's position or 120% of the player's salary the previous season, whichever is greater. It also means the player is not allowed to negotiate with other teams and may not sign with another team should they reject the offer.
Non-exclusive tags mean the contract must be no less than either the average of the top five cap hits at that player's position or 120% of the player's salary the previous season, whichever is greater. Unlike the exclusive tag, however, the player is allowed to negotiate with other teams, and if he receives an offer, his current team has the chance to match. If the team chooses not to match, it's entitled to receive draft compensation equivalent to two first-round draft picks from the signing team.
Transition tags are another designation NFL teams may use to retain one player set to be an unrestricted free agent and sign him to a set contract for another year. The contract must be no less than the average of the top 10 salaries at the player's position, and there is no guaranteed compensation. Also, players are allowed to negotiate with other teams.
What are the NFL franchise tag positional values for 2024?
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
