NFL teams unable or unwilling to come to a long-term contract extension with an upcoming free agent on their roster have one ace in the hole to play; the franchise tag.
The controversial option allows every team to lock in one player to a one season contract that assures a gaudy payday but no financial guarantees beyond the tag. The price is the average of the top five salaries at the free agent’s position, meaning it’s always changing — and almost always rising.
Some players have seen their franchise tag costs grow more than others. A franchise tagged quarterback made $25.1 million in 2021 but would make a little over $36.3 million this year — an increase of nearly 45 percent. The running back tag moved from a shade below $8.7 million to an estimated $11.3 million, which is only an increase of 30 percent at a devalued position.
There are other options as well. a non-exclusive franchise tag comes at a slightly lower cost since it’s the average of the top five salary cap hits at a position. It also allows players to negotiate with other teams but offers the one who applied the tag the right to match any contract.
If the original tag decides to let the player go, the signing team has to send back two first round picks as compensation. The Baltimore Ravens did this to Lamar Jackson before his 2023 MVP campaign and got zero takers before signing him to a long-term deal.
Teams can also use the transition tag to retain a player’s services. That would pay a pending free agent the average of the top 10 salaries at his position but would allow him the right to negotiate with other teams. The tagging team would have the right to match any contract offered, but would not receive any compensation should it opt not to re-sign.
Here’s what the estimated exclusive franchise tag looks like for 2024 given a projected $242.5 million salary cap. Numbers here are provided by the excellent Spotrac and are not final.
Quarterback: $36.3 million
Tag candidate: Baker Mayfield, Tampa Bay Buccaneers
Mayfield went from 2022’s worst starting quarterback to a place just outside the top 10 in 2023. The Buccaneers don’t have a long term solution at the position, but retaining the veteran would fix an otherwise gaping hole in their roster.
Linebacker: $22.8 million
Tag candidate: Josh Allen, Jacksonville Jaguars
Allen finally lived up to his All-Pro potential in a 17.5-sack season. Jacksonville’s defense remained frustrating anyway.
Defensive tackle: $20.9 million
Tag candidate: Justin Madubuike, Baltimore Ravens
Madubuike broke out with 13 sacks in 2023. He only had 8.5 total in the three seasons prior, so a franchise tag could give Baltimore the chance to see if this was the beginning of a star turn or an outlier in a merely solid career.
Wide receiver: $20.7 million
Tag candidate: Tee Higgins, Cincinnati Bengals
Cincinnati has the cap space to keep its dynamite wideout duo (Higgins and Ja’Marr Chase) together. Tagging Higgins would keep other suitors from jumping into the fray during negotiations.
Defensive end: $20.2 million
Tag candidate: Brian Burns, Carolina Panthers
Burns should be the centerpiece of Carolina’s latest rebuild. But the Panthers haven’t exactly been know for their savvy moves in recent years.
Offensive line: $19.9 million
Tag candidate: Tyron Smith, Dallas Cowboys
Smith remained an All-Pro at age 34. If Dallas has concerns about his age, it could opt to tag him to keep him for 2024 — or sign him to a deal that ensures he plays his entire Hall of Fame career as a Cowboy.
Cornerback: $18.8 million
Tag candidate: Jaylon Johnson, Chicago Bears
Johnson had a breakthrough year on a defense that played like a top two unit over the back half of 2024. Chicago has plenty of cap space to sign him to a long-term deal, but may tag him just to extend the runway on negotiations and keep other teams out.
Safety: $16.2 million
Tag candidate: Kyle Dugger, New England Patriots
Dugger is part of a loaded group of young free agent safeties, including Antoine Winfield Jr. and Xavier McKinney. A new front office in New England has intimated it’s open to spending big this offseason to replenish a depleted roster.
Tight end: $12 million
Tag candidate: None
Dalton Schultz appears to be the best free agent at the position this offseason. He’d be a nice pickup, but unlikely to get $12 million for 2024.
Running back: $11.3 million
Tag candidate: Derrick Henry, Tennessee Titans?
Tailback is another position that likely won’t see a franchise tag. Three of this year’s highest profile free agents — Josh Jacobs, Saquon Barkley and Tony Pollard — were tagged last year, and earning that distinction again would incur a 20 percent salary bump. Henry might fit the bill, but he’s 30 years old, coming off his least efficient season and is in the midst of a regime change in Nashville.
Kicker/punter: $5.6 million
Tag candidate: Tommy Townsend, Kansas City Chiefs
Tagging a punter or kicker is a tremendous flex. The kind you’d make when you’ve got an All-Pro special teamer and back-to-back Super Bowl wins.
