Before NFL free agency begins, teams are allowed to apply franchise tags to players from Feb. 20 through Tuesday to give them a sense of what they need to do before the league year starts March 13.
What is the franchise tag? The franchise tag is a designation teams can apply to a player scheduled to become an unrestricted free agent, and it binds the player to the team for one season. Franchise tag figures are based on the top five salaries at each position. The NFL has told its 32 teams that the 2024 salary cap will be a record $255.4 million, up from $224.8 million last year.
Last season, only six players were franchise-tagged. Among them was Baltimore Ravens quarterback Lamar Jackson, the 2023 NFL MVP. Here’s a look at players who have been tagged, the reasons they were and the tag figure:
The Chiefs tagged Sneed with the idea of either signing him to a long-term contract or trading him and receiving compensation from another team.
Franchise tag salary: $19.802 million
Career highlights: Sneed exceeded the Chiefs’ hopes for him when they drafted him in the fourth round in 2020. He was a part-time starter as a rookie but has been a full-time starter since. He shadowed the opponents’ top wide receiver for much of the 2023 season with excellent results. He didn’t allow a touchdown pass as the nearest defender in coverage in the regular season. His signature play was a forced fumble in the AFC Championship Game as Baltimore’s Zay Flowers was about to score a touchdown.
Why he was tagged: The Chiefs weren’t comfortable with the idea of Sneed leaving without them getting anything in return. They had prepared for his departure in recent seasons by drafting four cornerbacks two years ago, including 2023 All-Pro Trent McDuffie, and one more last season. Joshua Williams and Jaylen Watson, fourth- and seventh-round picks in 2022, respectively, have a lot of qualities the Chiefs like in their cornerbacks. Each has made plays for the Chiefs over the past two seasons. Williams, in particular, could be ready for a starting job if Sneed leaves.
What he brings: Sneed is a complete player and in many ways the perfect cornerback for defensive coordinator Steve Spagnuolo’s system. He is versatile, as he is able to play outside coverage or in the slot. He is also aggressive as a run defender and is a strong tackler. — Adam Teicher
The two sides were unable to reach a long-term extension before the start of last season, and the tag designation was always the likely outcome for the 2024 season, per a source familiar with the situation. Tagging Higgins allows Cincinnati to keep the core nucleus of quarterback Joe Burrow, wide receiver Ja’Marr Chase and Higgins together for at least one more season.
Franchise tag salary: $21.816 million
Career highlights: Higgins led the Bengals in receiving in Super Bowl LVI with four receptions for 100 yards and two touchdowns. He had back-to-back seasons of 74 receptions and more than 1,000 receiving yards before dealing with injuries last year and being held to 12 games and 656 yards. Despite the injuries, he still finished second on the Bengals with five receiving touchdowns.
Why he was tagged: Higgins, a second-round pick in 2020, has been a pivotal part of Cincinnati’s offensive overhaul. He arrived the same year as Burrow and has been one of the team’s go-to receiving options.
What he brings: Higgins’ 6-foot-4 frame and catch radius make him a passing option in virtually any situation. But throughout his time in the league, he has continued to develop as a route runner and has earned the trust of Burrow, coach Zac Taylor and the rest of the staff. — Ben Baby
