The franchise tag is the last resort for NFL teams unable or unwilling to come to a long-term contract extension with an upcoming free agent on their roster. With the franchise tag, every team can lock in one player to a one-season contract that assures a gaudy payday but no financial guarantees beyond the tag. The price is the average of the top five salaries at the free agent’s position, meaning it’s always changing and almost always rising.

There are other options as well, such as the non-exclusive franchise tag which comes at a slightly lower cost and allows players to negotiate with other teams, with the one who applied the tag having the right to match any contract. There’s also the transition tag, which pays a pending free agent the average of the top 10 salaries at his position and allows him the right to negotiate with other teams.

For the exclusive franchise tag in 2024, given a projected $242.5 million salary cap, the estimated cost can be found. Some potential tag candidates for the upcoming season include Baker Mayfield, Josh Allen, Justin Madubuike, Tee Higgins, Brian Burns, Tyron Smith, Jaylon Johnson, Kyle Dugger, and Tommy Townsend.

However, the franchise tag is a controversial option and is not suitable for all players. For example, at certain positions, it is unlikely to see a franchise tag, and players who have already been tagged would incur a 20 percent salary bump if tagged again.