Less than two weeks remain until this year’s franchise tag extension deadline. Following spring extensions for Lamar Jackson and Daron Payne, four franchise-tagged players remain. Three of those (Saquon Barkley, Evan Engram, Josh Jacobs) have not signed their respective tenders. Cowboys running back Tony Pollard has, guaranteeing his 2023 salary.
If no extension agreements are finalized before 3pm CT on July 17, these players will be tied to the tag this season. For players who remain on the tag after that date, no long-term negotiations are permitted until season’s end. With one position dominating the tag landscape this year, here is how the four situations look entering crunch time:
Saquon Barkley, Giants; tag price: $10.1MM
Easily the negotiation that has brought the most twists and turns, Barkley has been in off-and-on talks with the Giants since November. The Giants’ Joe Schoen–Brian Daboll regime inherited Barkley, but they have extended two other Dave Gettleman-era draftees (Daniel Jones, Dexter Lawrence) this offseason. But the team’s most popular player finds himself is battling another leaguewide devaluation of the running back position. As Barkley turned down two offers with AAVs north of $12MM — one of those being higher than $13MM per year — the Giants pulled their top proposal off the table after their March extension-tag sequence involving Jones and Barkley.
Barkley, 26, took issue with being characterized as greedy, citing Giants leaks that did not reveal the full truth about the offers he declined. Insufficient guarantees hover at the root of Barkley’s gripes. With the Giants having the option of re-tagging Barkley for barely $12MM in 2023, it is understandable the two-time Pro Bowler would seek a guarantee north of $22MM per year — to cover both tags.
Only two veteran backs (Christian McCaffrey and Derrick Henry) are tied to deals including more than $20MM fully guaranteed. While McCaffrey encountered injuries on his second contract, the 1,000-1,000 performer did not run into Barkley’s rookie-deal health issues. Those could certainly be giving Giants brass pause regarding guarantees.
These talks have included rumblings of Barkley skipping training camp — if unsigned by July 17 — and a (likely idle) threat of following Le’Veon Bell‘s 2018 path of sitting out the season in protest. The Giants are believed to be OK with Barkley playing on the tag, but ownership remains high on the former No. 2 overall pick. That might be driving the recent optimism in these talks. The skill-position-deficient Giants relied on Barkley (1,650 scrimmage yards) last season, and while they have let two players (Jason Pierre-Paul, Leonard Williams) play on the tag, the team has never not extended a player whom it tagged. (Both D-linemen signed extensions after being tagged again.)
Evan Engram, Jaguars; tag price: $11.35MM
Barkley’s former Giants teammate broke through for a Jaguars single-season tight end record last season, posting 766 receiving yards to boost Trevor Lawrence‘s development. The Jaguars added Calvin Ridley but cuffed Engram as well. Both the Jags and the seventh-year tight end want to strike a deal, but the most recent rumor coming out of these talks placed the sides as far apart on terms.
Dating back to their Julius Thomas miss, the Jaguars have struggled to staff this position. Engram provided a win for GM Trent Baalke, whose first free agency class as lead Jags decision-maker made significant contributions. But Engram also has a history of inconsistency, having never put it together for an extended stretch as a Giant. Engram does have an original-ballot Pro Bowl nod on his resume (2020) and saw the Giants pick up his fifth-year option prior to that performance. His 2021 provided a letdown, but the Giants — with Jones going down with a neck injury that November — were not exactly in position to see any pass catcher thrive at that point.
Guarantees are undoubtedly an issue here. A 2024 Engram tag would cost $13.62MM, likely giving the 28-year-old pass catcher a guarantee target of $25MM. Only three veteran tight ends (Mark Andrews, George Kittle, Hunter Henry) have secured that at signing, but with those deals taking place in 2020 or ’21, Engram can make a case — on a $224.8MM salary cap — he deserves such security as well. The tight end market appears out of step with its top cogs’ contributions, with Travis Kelce still tied to a $14.3MM-per-year deal. That offers an interesting complication in these Engram discussions as well.
Josh Jacobs, Raiders; tag price: $10.1MM
A threat to miss game checks makes more sense from Barkley, who has earned nearly $40MM in five seasons. Jacobs following suit is less logical, as he has made $11.9MM in four NFL years. The Raiders passed on Jacobs’ fifth-year option, and he proceeded to become the team’s first rushing champion since Marcus Allen did so in a 1985 MVP season. Jacobs, 25, zoomed onto the tag radar with his 2022 performance, but while the Giants have made multiple offers to Barkley, it is unclear if the Raiders are making a serious push to extend Jacobs. The team is still hopeful, but numbers have proven elusive.
The Alabama product has offered cryptic assessments of his negotiations, hinting at making a stand for the running back position. Seeing as Bell has expressed belated regret for passing on $14MM with his 2018 anti-tag crusade, it would surprise if Barkley or Jacobs stayed away into the season. It might be a negotiating tactic, as RBs are low on leverage these days, but the threat of Jacobs skipping Week 1 has surfaced. With Josh McDaniels in a crucial year — after his first Raiders HC season went south quickly — and the Raiders now employing the league’s most injury-prone quarterback (Jimmy Garoppolo), Jacobs putting regular-season absences on the table is an interesting move.
While Jacobs is still more likely than not to be in uniform in Week 1, the prospect of an injury or regression affecting his 2024 market should be a factor here. Jacobs’ light Crimson Tide workload (251 college carries) worked in his favor, but the Raiders giving him an NFL-most 393 touches last season undercuts that advantage to a degree. Players to log that many touches in a season over the past 10 years (Henry, McCaffrey, Bell, DeMarco Murray) either fared far worse the following year or, in Bell’s case, skipped the next season.
With Jacobs not the same threat out of the backfield McCaffrey, Barkley or Alvin Kamara are, a top-market pact will be hard for the fifth-year vet to secure. With McDaniels previously expressing support for the Jon Gruden-era draftee, will be interesting to see what numbers come out of these talks.
Tony Pollard, Cowboys; tag price: $10.1MM
The Cowboys are certainly unafraid to unholster their franchise tag, having used it in each of the past six years. In addition to keeping Pollard away from free agency, Dallas tagged Dalton Schultz, Dak Prescott and DeMarcus Lawrence in that span. With Prescott and Lawrence being tagged twice and Schultz leaving after his tagged season, the Cowboys have been fine letting players carry tag figures into seasons. Considering Pollard’s is the lowest cap hit among Dallas’ recent tags, the team is likely OK with the $10MM number staying on its books this year.
Pollard, 26, presents perhaps a more interesting case for a mid-2020s ascent compared to the Giants and Raiders backs. He has taken just 510 handoffs as a pro — Barkley sits at 954, Jacobs at 1,072 — and offers pass-game explosiveness that helped lead Dallas to drop Ezekiel Elliott.
The six-year, $90MM Elliott extension did not age well for the Cowboys, who are eating $11MM-plus in dead money over the next two years after the post-June 1 cut designation. But Elliott also accumulated more mileage (868 carries) before signing that extension. Pollard’s rookie-contract usage rate and skillset point to a promising late-20s stretch. Although Elliott’s deal helped spread out his cap hits, the Cowboys are eyeing a shorter-term Pollard pact.
As a former fourth-round pick, Pollard was smart to sign his tender and secure the guaranteed salary. Coming off a season in which he totaled 1,378 scrimmage yards and 12 touchdowns, the Memphis alum’s arrow is pointing up. The Cowboys can look at the deal the Packers gave dual-threat back Aaron Jones in 2021 (four years, $48MM) as an example of a good contract for a multipurpose back. The organization’s history with re-tagging players should also point to Pollard aiming for $22MM-plus in guarantees, but with no back earning between $7MM and $12MM on average, both Pollard and the team have interesting decisions to make in the coming days. Unlike Schultz’s 2022 tag period, however, updates have been scarce regarding Pollard talks.
The 2024 TE draft class is going to be just as plentiful if not more impressive than this year’s draft class. Jags already drafted Brenton Strange in the 2nd Round of the draft this year. Evan Engram needs to get his deal done.
Availability often is the most important factor for teams. How easily can they find someone to do what you do? Engram had a resurgent year and was an important part of the Jags’ revival, no doubt about it. But could Jacksonville find someone else in the draft to do that same thing? As you’ve said, I think that seems likely. Engram unfortunately does not have enough to show that he is irreplaceable, though it would be preferable to keep Lawrence’s targets consistent and retain a proven commodity.
The teams w/ franchised RB’s should speak with D Cook. I bet he would sign for half the price of the tag. Guarantee $5-6 for 2 years.
Let me clarify $10-12m guaranteed for 2 years.
I’d sign Cook over most of these guys (but only for 2-3 years) as he’s much more versatile, not to mention that Pollard/Barkley are damaged goods and tight ends are a dime a dozen.