Last year’s salary cap spike created another opportunity for teams to retain talent, and once the upcoming cap surge (roughly $25MM) produces a number, the 2020 CBA will have produced four straight single-year jumps by at least $16MM. These climbs, which dwarf the per-year jumps the 2011 CBA brought, have both helped teams retain talent and pay for free agents while also ballooning the costs of franchise tags.
That said, last year featured eight players given the franchise tag and one (Kyle Dugger) receiving the transition tender. Illustrating the cap climb’s impact, eight of those nine players landed extensions. None of them occurred near the July 15 extension deadline for tagged players, leaving only the Bengals and Tee Higgins‘ non-negotiations still outstanding by the time the usually action-packed stretch arrived. Higgins is back among this year’s lot of potential tag recipients, but not as many players join him.
We are now in Year 33 of the franchise tag, a retention tool that came about during the same offseason in which full-fledged free agency spawned. With clubs having until 3pm CT on March 4 to apply tags, here is who may be cuffed:
Likely tag recipients
Tee Higgins, WR (Bengals)
Tag cost: $26.18MM
It never made too much sense for the Bengals to pass on tagging Higgins, who would at least — in the event the team would squash Joe Burrow‘s crusade to retain the veteran Ja’Marr Chase sidekick — fetch draft capital in a trade. A second Higgins tag comes in at 120% of his 2024 tag price ($21.82MM). It would be interesting if the Bengals went from not negotiating with Higgins during his four months on the tag last year — and generally being prepared to move on in 2025 — to circling back and paying him a market-value deal, but that does seem to be in play.
Burrow’s push would see the team having roughly $70MM per year allocated to the receiver position; that would squash where even the Eagles and Dolphins have gone for their high-end wideout duos. Higgins, 26, was unable to market his age-25 season thanks to the tag. If the latest rumors surrounding the former second-round pick are accurate, he would be kept off the open market once again. That is a fairly significant window to miss; then again, he would have banked $48MM during that period.
The Bengals are projected to carry more than $53MM in cap space, making this a solution they can afford. But after extensive negotiations with Chase last year and Burrow stumping for Higgins, the team has an important decision to make soon.
Cincinnati has less than two weeks to give Higgins a long-term deal. It would mark quite the about-face to do so. The organization has not seriously negotiated with the WR since the first half of 2023, and even when talks did commence, no proposal came too close to $20MM per year. Those talks predictably broke down, and Higgins’ new price is believed to be around $30MM. With plenty of suitors awaiting — the cap-rich Patriots among them — that would be doable for the 6-foot-4 target, who is coming off a better season compared to his 2023 showing.
Higgins zoomed back to his usual form by hauling in 73 passes for 911 yards and a career-high 10 touchdowns; his 75.9 yards per game trailed only his 2021 number (77.9). Higgins, however, missed five games for a second straight season. Hamstring and quad injuries kept Higgins off the field last year, but his market does not appear to have cooled as a result. At worst, the Bengals could fetch Day 2 draft capital in a trade. A first-round pick may be tougher here due to an acquiring team needing to authorize a pricey extension, but teams have been calling ahead of the past two deadlines. Cincinnati still has options, but its Higgins plans will certainly need to be run by Burrow given how much he has stumped for the team to retain the five-year vet.
On tag radar
Sam Darnold, QB (Vikings)
Projected tag cost: $42.39MM
Rumors have not pointed to a clear-cut plan here. At least, the Vikings’ vision for their would-be bridge QB has not become public. But the sides are still talking. Minnesota saw the formerly underwhelming starter break through at 27, taking advantage of the Vikings’ weaponry and Kevin O’Connell‘s ability to coach up quarterbacks. Darnold earned original-ballot Pro Bowl acclaim, throwing 35 touchdown passes (to 12 INTs) and smashing more career-high marks in yardage (4,319) and completion percentage (66.2). Previously in place to hold down the fort while J.J. McCarthy developed, Darnold saw the rookie’s meniscus tear change his Twin Cities outlook.
McCarthy has undergone two surgeries and may have a long way to go in his rehab. As McCarthy went down before playing a regular-season snap, it would make sense for the Vikings to give strong consideration to cuffing Darnold as a pricey insurance measure. On the other hand, the Vikings have a few key performers set to hit the market soon. Byron Murphy, Camryn Bynum and Aaron Jones are moving toward the market. A Darnold cap hold of more than $40MM would clog Minnesota’s payroll ahead of free agency, though the team is projected to carry $63.3MM in space.
Darnold’s late-season letdown undoubtedly factors into the Vikes’ equation, as $42.39MM can be viewed as a bit steep for a player who did not consistently impress in New York or Carolina. But Darnold has proven he can excel in O’Connell’s system. As we detailed on a recent Trade Rumors Front Office post, a multiyear deal for Darnold would not make as much sense; the team still has high hopes for McCarthy. Unless the Vikings plan to entertain the expected trade calls for last year’s No. 10 overall pick, the only way Darnold would stay would be via the tag.
A tag would not be in Darnold’s best interests, as the soon-to-be 28-year-old passer has rare momentum ahead of an offseason featuring several teams with QB needs. A much-criticized draft class at the position would also benefit Darnold, who has been linked to potentially scoring a Baker Mayfield-like deal (three years, $100MM). With the cap now climbing to around $280MM, the seven-year vet could conceivably aim higher. The Vikings hold the cards here in the meantime, as this represents one of the more interesting tag decisions in several years.
Big markets await otherwise
Jevon Holland, S (Dolphins)
Projected tag cost: $20.13MM
Already cutting Raheem Mostert, Kendall Fuller and Durham Smythe to save space, the Dolphins are not expected to roll out a tag for Holland. This would mark a second straight year the Dolphins will send one of the top free agency-eligible players to the market. Miami let Christian Wilkins and Robert Hunt walk in 2024; each lineman signed a top-market deal. Holland would be expected to follow suit, as the former second-round pick has started 57 games and is going into his age-25 season. The Dolphins are projected to hold barely $1MM in cap space, mandating more moves ahead of the 2025 league year.
The British Columbia, Canada, native has five career sacks, five picks and five forced fumbles. This comes along with 25 pass breakups. The past two free agencies have seen one safety check in much higher than his peers contractually, with Jessie Bates (four years, $64MM) and Xavier McKinney (4/67) scoring top-five contracts. The latest cap spike will help Holland, who can aim for the $16MM-AAV Bates tier as a floor.
Although PFF viewed Holland as better under Vic Fangio (third overall) than Anthony Weaver (56th), the months-long Miami extension candidate will still do very well if he hits the market. Extension talks with the Oregon alum did not pick up before last season, and the Dolphins appear close to losing another quality starter early in free agency.
Trey Smith, G (Chiefs)
Projected tag cost: $25.8MM
Over the past 15 years, only two guards have been tagged: Brandon Scherff and Joe Thuney. Washington cuffed Scherff twice, letting him walk in 2022. New England kept Thuney as a placeholder during a busy 2020 on the tag front. Both players scored then-guard-record deals on the open market. Smith is expected to follow suit, as the Chiefs are viewed as unlikely to apply this pricey placeholder on their four-year right guard starter. Despite having attempted to extend Smith for a bit last summer, the former sixth-round find remains unsigned.
Kansas City looks likely to go left tackle shopping, as Thuney proved overmatched in his final fill-in assignment there, and its four-year LG starter is under contract for one more season. The Chiefs’ four-year, $80MM Jawaan Taylor misstep carries an already-guaranteed 2025 base salary ($19.5MM), thanks to the ex-Jaguar RT being on the Chiefs’ roster last March, and the team handed All-Pro Creed Humphrey a deal that easily made him the NFL’s highest-paid center. Losing Smith may be the cost of doing business, unless the three-time defending AFC champions can craft an 11th-hour solution to keep the 25-year-old Pro Bowler via the tag.
Ronnie Stanley, T (Ravens)
Projected tag cost: $25.8MM
It is highly unlikely the Ravens use the tag here, as they already gave Stanley a pay cut in 2024. That said, Baltimore wants to work something out with its longtime left tackle. Stanley’s injury history also would make a $25.8MM guarantee lofty, but this also could be a placeholder to ensure he does not leave in free agency. The Ravens lost three O-line starters in 2024, and this is the costliest position up front.
Then again, the Ravens faced a similar situation in 2019, and they let C.J. Mosley walk rather than overpay on the tag. The Ravens have used the tag in each of the past two offseasons, but it was to retain younger players (Lamar Jackson, Nnamdi Madubuike). They currently are projected to carry barely $12MM in cap space. As PFF notes, only six players 28 and older have been tagged over the past five years. No player over 30 has been tagged since the Bengals retained A.J. Green in 2020. Green was 32 that season; Stanley will turn 31 in March.
The Garett Bolles–Dion Dawkins–Taylor Decker tier, as our Nikhil Mehta pointed out, may be the place to watch for Stanley, who reestablished momentum last season after playing 17 games for the first time in his career and making the Pro Bowl. He is in position to command a nice third contract. Will it come from the Ravens? After the tag window closes, Baltimore has until March 10 to negotiate exclusively with the nine-year blocker.
While the Chiefs have been linked to losing Smith soon, GM Brett Veach will not simply let the four-year starter hit the market without dialogue. The three-time reigning AFC champions are in talks with Smith and will move forward with those this week at the Combine. The ninth-year GM said (via KPRC2’s Aaron Wilson) he is “pretty optimistic” about the situation.
Andy Reid stopped short of confirming Kansas City’s next left tackle starter was on the roster, but the three-time Super Bowl winner said (via Herbie Teope of the KC Sports Network) that is a position the Chiefs are looking into. The Chiefs could not count on the three players they initially tried at LT — Kingsley Suamataia, Wanya Morris, D.J. Humphries — which led to kicking Thuney outside. That plan worked fairly well, helping the team to another AFC title, but the Eagles exposed it in Super Bowl LIX.
