If the New York Jets don’t use the franchise tag, why would they care?
As the NFL offseason gets off to its usual sleepy start, where speculation is rife and real news sparse, an important date has arrived on the calendar.
Beginning February 21 and through March 7, the New York Jets, along with all other NFL teams, have the opportunity to franchise tag an outstanding free agent.
What is the franchise tag? Why does it exist? Will the Jets use it, and if not, why would they keep an eye on it anyway?
Franchise tag: three types
What is colloquially known as a franchise tag is actually broken down into three different types of tags. Every day has slightly different rules.
- The Exclusive Rights Tag is the most expensive of the three types. A player receiving such a tag cannot negotiate with other teams. The one-year contract for an exclusive rights tag is the average of the top 5 salaries at the player’s position for the current year or 120% of the player’s previous salary, whichever is greater. Due to its high price, this label has only been used four times since 2012, most recently at Le’Veon Bell in 2017.
- The transition day gives the player a one-year contract based on the average of the top 10 salaries for the position or 120% of the player’s previous salary, whichever is greater. The player can negotiate with other teams, but the tagging team has the right of first refusal. However, if they do not agree with the offer, they will not receive any compensation.
- The non exclusive tag is the tag commonly referred to as the “franchise tag”. It is a one-year contract with a salary based on the average of the top five salaries in the position over the past five years or 120% of his previous salary, whichever is greater. Since the nonexclusive tag uses the last five years and not just the current year, it decrements the tag number a bit. A player signed with a non-exclusive tag can negotiate with other teams; The tagging team has the right to either match another offer or receive two first-round picks in return.
For 2023, here are the non-exclusive franchise tag and transition numbers for each Over the Cap position.
Will the NY Jets use the franchise tag?
The last Jets player to receive the tag was Marcus Maye in 2021. Maye played the 2021 season under the non-exclusive tag after failing to reach a long-term agreement. He then went free to the saints.
Previously, the Jets hadn’t used the tag with Muhammad Wilkerson since 2016 and we all know how that long-term deal worked.
In 2023, the Jets don’t have the cap to use the franchise tag on any player for whom the tag is realistic. If the NFL were separating edge rushers from off-ball linebackers, it might make sense to tag Quincy Williams; However, since they’re all lumped together, the $20.9 million or $17.5 million for the tags is completely out of the question.
Sheldon Rankins is another free agent the Jets are likely to want to keep, but $18.9 million is likely more than double what they’re willing to pay him.
So the answer is no — the Jets won’t be using a franchise tag this year. But there’s still good reason for them to oversee the rest of the league’s tags.
The big fish: Lamar Jackson
The Lamar Jackson speculation has largely taken a back seat to the Aaron Rodgers/Derek Carr hype surrounding the Jets. That doesn’t mean Jackson is excluded, however; it just so happens that the Ravens have the first step in this area. In fact, NBC’s Peter King believes the Jets would seriously consider acquiring Jackson if he becomes available.
The first question, however, is what the Ravens will do with Jackson. It seems increasingly unlikely that they will reach a long-term agreement before the day deadline. Without the tag, they would lose any influence over Jackson, who would become an unrestricted free agent.
As such, it is widely expected in NFL circles that Jackson will receive the franchise tag. However, which day is the real question.
The non-exclusive tag seems to make the most sense for the Ravens, as it would keep Jackson on a relatively modest salary of $32.4 million for the 2023 season if they can’t strike a long-term agreement. As the Ravens have always done with all their free agents, this would allow Jackson to test his market and return to Baltimore with his best offer. The Ravens could then either accept the offer or receive two first-round picks in return.
However, there’s a double risk here: First, if the Ravens really want to keep Jackson, it’s possible (and even likely) that another team will find a way to structure the deal in a way that makes it difficult for Baltimore to keep up. the so-called “poison pill”. Even after these have been banned from NFL contracts, teams can still find ways to structure deals in response to other franchises’ cap issues, such as:
Second, two first-round picks are probably fewer than Baltimore can get for Jackson in a direct trade. Russell Wilson brought back two first-rounders, two second-rounders, one fifth-rounder and three players including Broncos top tight end Noah Fant. Deshaun Watson’s trade included three first-round and one third-round players (as well as a fourth-on-five-round player).
Changeover day isn’t really an option if the Ravens don’t fit an offer due to the lack of compensation. Therefore, the only other option is the exclusive rights tag, which would prevent Jackson from negotiating with another team. However, this would be costly as the exclusive tag number for QBs is $45.2 million.
There’s a widespread expectation that the Ravens will put the non-exclusive franchise label on Jackson. This is the main reason for the Jets to keep tabs on the tag situation in the league. Once the Ravens make their move with Jackson, they will signal to the rest of the league what their possible plans for him might be.
If Jackson becomes available and the Jets still haven’t acquired Rodgers or Carr, expect a third top name to enter the daily speculation and rumor.
Other tag candidates to monitor
There are other soon-to-be free agents that the Jets may be interested in but could get the day before they hit the market. Of NFL.com’s eight listed tag candidates, only Bills safety Jordan Poyer is a realistic free-agent target for the Jets. He’s probably too expensive for the Jets’ current cap if he enters the free hand, but nonetheless his name carries surveillance.
The same goes for Jessie Bates, Bengals safety already upset after being tagged in 2022, and the 49ers’ Tashaun Gibson.
Giants quarterback Daniel Jones is also an interesting name, albeit for a different reason. Jones is rumored to be aiming to bring $45 million a year to market. In the meantime, it appears the Giants don’t want to tag Jones, but they’ll likely be forced to if that’s his asking price. There is no way, shape or form, that a player of this caliber is worth anywhere near $45 million.
Jones’ day and his dealings could impact the quarterback market, so keep an eye on his case. The Seahawks’ Geno Smith is in a similar situation, although he had a stronger season than Jones, who pitched the ball, and will likely receive a higher yearly average.
What do you think Jets fans – will Lamar Jackson be available? You want the jets chasing him?