The 2024 NFL offseason is here, and there are quite a few key events happening soon. The Combine is expected to wrap up at the end of this month, with free agency commencing in a little over three weeks. And we can’t forget about the Draft at the end of April!
But before those events take place, the franchise tag window is set to open this week.
Now, what exactly is the franchise tag? It is a method utilized by a team to guarantee that one of their free agents secures a one-year, fully guaranteed contract with a fixed salary, preventing them from signing elsewhere. This essentially takes the player out of the free agent market and disallows them from negotiating a deal with any other team.
Typically, teams use the franchise tag to buy more time to work out a new deal with a player. If the player and team both sign the tag, they have until mid-July to negotiate an extension. If an extension does not come to fruition, then the player will only play under the franchise tag for the upcoming season.
While it is a useful tool that teams can implement depending on the players set to hit free agency, neither the team nor the player typically enjoys it. Despite receiving a hefty paycheck for the season, being tagged might suggest that the team is not willing to offer an extension, which, in turn, leaves the player without job security for the next season. The team, on the other hand, expends a substantial amount of money for essentially a one-year rental if a new deal cannot be agreed to.
With the Patriots, it may be difficult to predict their use of the franchise tag this year, especially with Bill Belichick no longer in charge. Important players such as Kyle Dugger and Mike Onwenu are expected to become free agents next month, and using the franchise tag to secure them would mean a significant payout. This is something to consider, particularly with the team in need of crucial upgrades this offseason.
The franchise tag window opens on Tuesday, February 20, and closes on March 5. Once these two weeks pass, no team is allowed to tag a player until the following year.
The Patriots have used the franchise tag sparingly over the last 20+ years, as Belichick wasn’t too keen on paying players more than he could likely offer them with a new contract. Surprisingly, he still used the tag ten times during his time in New England, though more often during the early to mid-2000s.
The cost of franchise tagging a player varies depending on the year and their position. The dollar amount increases each season and is based on the NFL’s formula to determine a projection.
Now, with all this in mind, let’s look forward to the franchise tag projections for the Patriots in 2024!
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