The franchise tag, introduced in 1993, is a crucial tool for teams to retain top free agents. The 2024 tag window is now open, and teams have until March 5 to apply tags. Most tag-related business usually occurs near the end of this window, as teams work on re-signing their tag candidates to avoid a high franchise tender affecting their cap sheet.

The legal tampering period opens on March 11, with official free agency starting on March 13. Once a player is tagged, they have until July 15 to sign an extension with their team. If no extension is agreed upon by that date, the player must play the upcoming season on the tag or refuse guaranteed money to skip the season.

High-profile free agents are still weeks away from hitting the market. Some players are prevented from becoming free agents each year. This year, there are expected to be more tag candidates compared to 2023. Here are the players who figure to be tagged or generate conversations about being franchised ahead of the March 5 deadline:

Locks:
1. Josh Allen, OLB (Jaguars) – Projected tag cost: $22.75MM
2. Jaylon Johnson, CB (Bears) – Projected tag cost: $18.76MM

Likely tag recipients:
1. Brian Burns, OLB (Panthers) – Projected tag cost: $22.75MM
2. Tee Higgins, WR (Bengals) – Projected tag cost: $20.67MM

Teams are likely to use the franchise tag to keep these players off the free agent market. In addition, they will continue to work towards negotiating extensions with these players before the July 15 deadline.