The franchise tag is a special kind of one-year contract that only exists in the NFL. Once per offseason, a franchise may elect to tag a player, locking them into a non-negotiated salary for the upcoming season.
Only players who are about to become free agents can be hit with the franchise tag. The franchise tag can’t be used to adjust a player’s salary in the middle of their contract.
Generally, teams deploy the franchise tag strategically, opting to lock up a key player for a year if long-term negotiations fall apart.
There are two types of franchise tags. The first is the exclusive tag, which prevents a player from negotiating with any other franchise as they would during the free agency period and pays the player a fully guaranteed salary.
Tagged players earn either the average of the top five players at their position or 120% of a player’s previous salary – whichever figure is more lucrative for the player.
The other type of franchise tag is known as the non-exclusive tag, and it allows players to negotiate with other teams. If a non-exclusively tagged player does reach a new deal with another team, the original franchise that tagged him retains the right to match the deal if it so chooses.
If the original franchise elects to let the player go, it is awarded a pair of first-round picks as compensation for losing the tagged player.
Ahead of the 2024 season, NFL teams have a two-week window from Feb. 20 to March 5 to identify franchise tag targets.
What Does the NFL Franchise Tag Do?
In short, the NFL franchise tag allows a team to retain a player at the end of his contract for an additional year at a preset price.
How Much Do NFL Players Get Paid With the Franchise Tag?
Tagged players are paid relative to the market for their individual positions. That means tagged quarterbacks are paid a very high rate because quarterback salaries are very high these days.
On the other hand, deemphasized positions like running back or safety are paid smaller tag salaries.
NFL Franchise Tag Values 2024
| Position | 2024 Franchise Tag Compensation |
|---|---|
| Quarterback | $38,301,000 |
| Running Back | $11,951,000 |
| Wide Receiver | $21,816,000 |
| Tight End | $12,693,000 |
| OL | $20,985,000 |
| Defensive Tackle | $22,102,000 |
| Defensive End | $21,324,000 |
| Linebacker | $24,007,000 |
| Cornerback | $19,802,000 |
| Safety | $17,123,000 |
| Kicker/Punter | $5,984,000 |
NFL Franchise Tag Deadline
NFL teams had until March 5, 2024 at 4 p.m. ET to utilize their franchise tag.
2024 NFL Franchise Tag Tracker: Every Player Currently Playing On the Franchise Tag
- Tee Higgins (WR, Bengals)
2024 NFL Franchise Tag Tracker: Other Players Tagged For 2024
Some franchises elected to use their franchise tag back in February or March but have already worked out contract extensions (or trades) to solve their long-term rights issues.
Those tagged-and-extended players include:
- Josh Allen (EDGE, Jaguars)
- Brian Burns (EDGE, Panthers)
- Jaylon Johnson (CB, Bears)
- Justin Madubuike (DT, Ravens)
- Michael Pittman (WR, Colts)
- L’Jarius Sneed (CB, Chiefs)
- Antoine Winfield Jr. (S, Buccaneers)
Is the NFL Franchise Tag Good or Bad?
Well, it depends on who you ask. The franchise tag is deeply anti-capitalistic, since it allows teams to lock down players who otherwise would almost certainly make more money on the open market. (And as regular readers of my work know, I’m evangelical about the powers of the market.)
Players generally loathe the franchise tag because it impacts their ability to get maximum money from the market. It also forces them to play on a one-year deal, where an untimely injury right before hitting the market (again) would negatively impact a player’s ability to reach a long-term deal.
On the other hand, owners, fans, and front offices generally love the tag, since it yields more flexibility and institutional control over players who would otherwise be up for grabs.
Related Articles
Place NFL Bets at BetMGM
At the online sportsbook, you can place NFL bets throughout the year, including live sports betting odds.
Available for each NFL game from the preseason through the Super Bowl, live NFL betting is a unique opportunity to place live bets during NFL games.
If you’re new to the sportsbook, register today with BetMGM’s welcome promo. And check out updated sportsbook promos each day of the year.
