The Buccaneers and Chris Godwin are still working on a long-term deal, according to a source who spoke with Tyler Dragon of USA Today (Twitter link). If no deal is reached, however, the Bucs are prepared to franchise tag the star wide receiver before today’s 4pm ET/3pm CT deadline.

[RELATED: Bucs Hope To Re-Sign Jensen, Cappa] 

That would mark a second consecutive tag for Godwin, so he would be in line for a 20% bump over last year’s rate. For most of the year, Godwin was trending towards a top-of-the-market multi-year deal, but that all changed when he suffered a torn ACL. Instead of a long commitment, the Bucs may prefer to see how Godwin bounces back in 2022, at a rate of $19MM+. On the plus side for Godwin, the tag would be fully guaranteed.

Godwin, 26, saw his season end in Week 15. Still, he turned in yet another 1,000-yard season — 98 catches for 1,103 yards and five touchdowns. Despite the setback, his camp is (understandably) making the case for long-term security. The Bucs may be flexible on that front, too, especially with an additional $26MM added to the NFL’s cap max.

Meanwhile, the Bucs are also hoping to keep offensive line starters Ryan Jensen and Alex Cappa. Both players are extra crucial for Tampa Bay following Ali Marpet‘s retirement — Jensen profiles as the best center in this year’s free agency class while Cappa is among the very best available guards.

Chris Godwin is expected to soon join the fairly exclusive club of players to have been franchise-tagged twice. Barring a long-term deal coming together over the next several hours, the Bucs plan to tag the free agent-to-be, USA Today’s Tyler Dragon tweets.

Teams have until 3pm CT Tuesday to use their tags. This has been the Bucs’ Godwin path for a bit, with both Bruce Arians and Jason Licht indicating Godwin’s importance to their offense. Because he was tagged in 2021, the five-year veteran wideout would earn just more than $19MM once he is re-tagged. Once Godwin signs the tender, that amount is fully guaranteed.

This would be a decent consolation for Godwin, who is rehabbing a torn ACL. That said, the tag system interfered with the former third-round pick signing a big-ticket free agency accord before that tear occurred. The Bucs and Godwin were unable to reach an extension agreement by last July’s deadline. They would have until July 15 of this year to finalize another deal. The stakes this year rise, as third franchise tags are not practical under the current system. Absent an extension before that date, the Bucs will risk losing Godwin in 2023.

Godwin, 26, surpassed 1,100 yards despite going down in Week 15. Tampa Bay certainly felt the loss of the impact receiver, after the latest Antonio Brown debacle deprived Tom Brady of two of his top three receivers in the playoffs. Godwin also has a 1,333-yard Pro Bowl season (2019) on his resume, strengthening his negotiating position. The salary cap’s $26MM spike — to $208.2MM — will embolden tagged players as well. The Bucs’ quarterback plan adds intrigue to this situation, with Godwin running the risk of his numbers plummeting if the team cannot acquire a quality passer this offseason.

A Godwin tag will mean Carlton Davis remaining on track for free agency. The Bucs are hoping to re-sign Ryan Jensen and Alex Cappa, but those two are also a week from being able to speak with other teams. Tampa Bay managed a historic feat last year by bringing back its entire Super Bowl LV core, but the team runs the risk of that group splintering soon.

One of several big names scheduled to hit free agency on the Buccaneers is wide receiver Chris Godwin. While last season’s champions will have to make several tough decisions on which players to keep and let go, it appears Godwin will be one of their priorities. 

ESPN’s Jeremy Fowler reports that the Bucs “have high interest in re-signing Godwin”. That would certainly be a worthwhile investment, considering his production so far in his career. Even in 14 games in 2021, the 25-year-old posted 98 catches for 1,103 yards and five touchdowns – already his second 1,000 yard campaign.

Godwin suffered a torn ACL in December, ending his season. Especially after Antonio Brown‘s departure from the team, his absence was felt in the Bucs’ passing attack. Fortunately, the surgery he had to repair the knee, performed earlier in January, was successful, and he is expected to make a full recovery.

Even if some teams are cautious making free agent offers due to the injury, Godwin would likely see a large market if he tests the waters. After playing on the franchise tag (set at $15.9MM) in 2021, a second tag would raise that number to just over $19MM if the Bucs decided to go that route. Instead, Fowler predicts “a sweet-spot deal that acknowledges the high-end market while protecting the team” as the ultimate outcome if he stays in Tampa.

Of course, much of Godwin’s plans will likely hinge on whether or not Tom Brady decides to return; even if he does, Godwin might still have the opportunity to be this year’s top wide receiver (with the potential exception of Davante Adams). He will therefore be central to the Bucs’ offseason, which will itself be one of the most intriguing around the league.