The franchise tag is one of an NFL team’s most valuable contractual tools. Instead of getting locked into a long-term contract, the franchise tender allows each club to retain one critical pending free agent on a fully guaranteed one-year deal.
When is the NFL’s 2024 franchise tag deadline?
When Is the Franchise Tag Deadline?
The NFL franchise tag window opened on Tuesday, Feb. 20, and will close at 4 p.m. ET on Tuesday, March 5.
The franchise tag is fully guaranteed. Once a player signs his franchise tender, he will have until July 15 to work out a long-term contract extension with his team. He must play out the season on the one-year tag if that deadline passes.
There are two types of franchise tags: exclusive and non-exclusive.
The exclusive tag is used sparingly and is typically reserved for quarterbacks. It does not allow the player to negotiate with other teams, but he will receive a higher salary.
The exclusive tender is calculated by averaging the top five cap numbers at the player’s position after free agency concludes.
Meanwhile, players on the non-exclusive tag can speak with rival clubs. However, any team that signs a franchise-tagged player to a contract must sacrifice two first-round picks to the incumbent club, provided the original team declines the chance to match the contract offer on the table.
KEEP READING: 2024 NFL Free Agents by Position
The price of the non-exclusive tender is calculated by averaging the top five cap hits at the position over the previous five years and then adjusting that figure based on the existing salary cap.
If a player is tagged in back-to-back years, he will receive 120% of his previous year’s salary. For example, if the New York Giants opt to use a second consecutive tag on running back Saquon Barkley, he’ll earn $12.109 million in 2024, a 20% raise over his 2023 salary.
2024 Franchise Tag Values by Position
Here are the values for the non-exclusive franchise tag, by far the most common tag:
- Quarterback
$38.301 million - Running Back
$11.951 million - Wide Receiver
$21.816 million - Tight End
$12.693 million - Offensive Linemen
$20.985 million - Defensive Tackle
$22.102 million - Defensive End
$21.324 million - Linebacker
$24.007 million - Cornerback
$19.802 million - Safety
$17.123 million - Special Teams
$5.984 million
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