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Keeping tabs on which players receive the franchise tag in free agency
The 2024 NFL offseason officially began earlier this week, when the window for teams to use the franchise tag opened on Tuesday, February 20. That began a 15-day window for teams to utilize the franchise tag on impending free agents.
Teams have a few different options when it comes to the franchise tag. Teams can use the non-exclusive franchise tag, which is the most common option. Under the non-exclusive tag, the player is given a one-year deal based on an average of the top five salaries at the respective position over the last five years, or 120 percent of his previous salary, whichever is greater. So, it is cheaper than the exclusive franchise tag, but more expensive than the transition tag.
However, the player is free to negotiate with other teams. Should the player sign an offer sheet from another NFL team, the player’s current team has the right to match the offer. If they do not, they receive two first-round draft picks as compensation when the player leaves for a new team.
Teams can also use the exclusive franchise tag, but this option is rare. Since 2012, only four players have received this tag: Drew Brees (2012), Von Miller (2016), Kirk Cousins (2017), and Le’Veon Bell (2017). Under this designation, the tagged player cannot negotiate with other teams. However, the price is higher. Under the exclusive franchise tag, the one-year salary for the player is either the average of the top five salaries of the player’s position for the current year, or 120 percent of his previous salary.
Finally, teams can use the transition tag. Under the transition tag, the player is given a one-year deal, with the salary determined by the cap percentage average of the ten largest prior year salaries at a player’s position, or 120 percent of his previous season’s salary, whichever is higher. Like the non-exclusive franchise tag players are free to negotiate with other teams, however, under the transition tag the team will not receive compensation should the player sign with another team.
Here are the players who have received a tag this offseason.
Tee Higgins, WR, Cincinnati Bengals
According to multiple reports, the Cincinnati Bengals became the first team to use a franchise tag this offseason, placing it on wide receiver Tee Higgins. Ian Rapoport of the NFL Network was first to report the news on Friday night.
While the league has not finalized the exact amount the franchise tag will cost this offseason, it is expected to be around $21.8 million, fully guaranteed.
