Agent’s Take: NFL franchise tag deadline looms for Saquon Barkley, Josh Jacobs and others; what to expect

Time is running out for NFL teams to sign long-term players who were given franchise designations. The deadline for franchise players to sign multi-year contracts is Monday, July 17 at 4 p.m. ET. After this deadline passes, players with franchise tags are prohibited from signing long-term deals until the end of the regular season on Jan. 7, 2023.

Six players received franchise player designations this year. Two have signed long term.

The Commanders didn’t waste any time in locking up defensive tackle Daron Payne, who had been given an $18.937 million franchise tag. Payne signed a four-year, $90 million contract to become the NFL’s second-highest paid interior defensive lineman at $22.5 million per year on March 14, a day before the 2023 league year started. The deal has $60.02 million in guarantees, of which $46.01 million was fully guaranteed at signing.

The Ravens took a calculated risk by giving a non-exclusive franchise designation to quarterback Lamar Jackson for $32.416 million, which allowed him to solicit offers from other NFL teams. Surprisingly, some quarterback-needy teams where Jackson would have been a significant upgrade were quick to publicly state there wouldn’t be any interest in him.

The 2019 NFL MVP received a contract, which was agreed to shortly before the start of the NFL Draft on April 27, making him the league’s highest-paid player. The NFL world had been closely monitoring Jackson’s contract situation because he represented himself.

Jackson signed a five-year, $260 million deal, averaging $52 million per year. There are $185 million of overall guarantees in the contract where $135 million is fully guaranteed. The $135 million fully guaranteed at signing includes an NFL record $72.5 million signing bonus.

Jackson has a no-trade clause. There’s also a provision preventing the Ravens from designating Jackson as a franchise or transition player when the deal expires after the 2027 season.

Tough times for elite RBs looking to get paid

Three of the four franchise players without long-term deals are running backs: Saquon Barkley (Giants), Josh Jacobs (Raiders) and Tony Pollard (Cowboys). The cost to franchise each one was $10.091 million.

It has been a challenging year for high-priced running backs. The number of running backs making at least $12 million per year has dwindled. There were eight such running backs at the end of the 2022 season. Five running backs — Christian McCaffrey (49ers), Alvin Kamara (Saints), Derrick Henry (Titans), Nick Chubb (Browns), Joe Mixon (Bengals) — remain with deals at or above the $12 million per year mark.

The situation could continue to get worse in the coming weeks. There is plenty of speculation that the Bengals will ask Mixon to take a pay cut from his $10.1 million 2023 salary before the regular season starts in early September.

Other developments in the running back market since the trio received franchise tags haven’t been helpful either. Teams exercised fiscal restraint in free agency. Miles Sanders couldn’t capitalize on a 2022 season with the Eagles where he had career highs of 1,269 rushing yards and 11 rushing touchdowns, which were fifth and eighth in the NFL respectively. The four-year, $25.64 million deal he signed with the Panthers averaging $6.35 million per year was the best running back contract in free agency.

The most acrimonious franchise player negotiation has been between the Giants and Barkley. The Giants took the unusual step in late March of pulling the offer made to Barkley prior to the March 7 deadline for teams to use a franchise tag because an impasse was reached instead of just tabling discussions. Barkley reportedly turned down a $13 million per year deal worth as much as $14 million per year with incentives.

The NFL’s 2018 Offensive Rookie of the Year took issue with being portrayed as “greedy” last month because of “misleading” leaks about his negotiations. Barkley didn’t dismiss sitting out the season, which is likely just posturing, without a deal before the July 17 deadline.

Things have taken a turn for the better since Barkley’s comments. The Giants reportedly put the March offer back on the table. Whether an agreement is reached could hinge on structure (total guarantees, amount fully guaranteed at signing, cash flow, etc.).

The last running back to be given a franchise tag before this year was Derrick Henry by the Titans in 2020. He signed a four-year, $50 million contract averaging $12.5 million per year worth a maximum of $51 million through incentives. Henry had $25.5 million fully guaranteed, which was the first two years or 51% of the deal. Based on Henry’s contract, Barkley could reasonably expect around $27 million to be fully guaranteed in a four-year deal despite the depressed state of the running back market.

Jacobs to miss start of training camp if no deal by deadline?

Jacobs has publicly expressed frustration with his situation. He recently tweeted, “Bad business,” with the assumption being he isn’t happy about the franchise tag and the lack of a long-term deal. His financial demands are unknown.

Jacobs had a career year in 2022. He led the NFL in both rushing and yards from scrimmage (combined rushing and receiving yards), with 1,653 and 2,053 yards respectively to earn first team All-Pro honors.

Typically, when a player has a contract year performance like Jacobs’, financially capitalizing on the success is usually a given at most other positions. If Jacobs wasn’t a running back, he would have a legitimate chance at replacing McCaffrey as highest paid at the position because of his 2022 production. McCaffrey signed a four-year contract extension with the Panthers averaging $16,015,853 per year with $39,162,500 of guarantees in 2020. He has a running back-best $30,062,500 fully guaranteed at signing.

Jacobs, who is 25, is still a relatively low mileage running back despite being second in the NFL last season with 340 rushing attempts. During his three years at Alabama, he only carried the football 251 times.

It wouldn’t be a surprise for Jacobs to miss the start of Raiders training camp on July 25 if he doesn’t get a long-term deal by the deadline. Jacobs has yet to sign his franchise tender. Some unsigned franchise players have missed part or most of training camp and the preseason partially to protest not getting a long-term deal and to try to minimize the risk of a serious injury.

As an unsigned franchise player, Jacobs couldn’t be fined $50,000 for each day of training camp he missed. His attendance wouldn’t be required because of the absence of a signed contract. He wouldn’t be withholding services he is contractually obligated to perform.

Pollard quickly signed his franchise tender to secure his $10.091 million. Franchise tags are fully guaranteed once signed.

It was probably a smart move under the circumstances. Pollard suffered a high ankle sprain and broken left fibula in the Cowboys’ season-ending 19-12 divisional playoff loss to the 49ers in January. Pollard is expected to be ready for the start of Cowboys training camp on July 25.

Dallas arguably had the NFL’s best running back tandem last season with Pollard and Ezekiel Elliott. Pollard was the more consistent and effective of the two last season. He earned his first Pro Bowl berth by rushing for 1,007 yards while averaging 5.2 yards per carry, which was third in the NFL among running backs. It was Pollard’s first 1,000-yard rushing season.

Pollard becomes Dallas’ lead running back with Elliott’s departure. The Cowboys released Elliott in March after 2022 was the worst season of his seven-year NFL career. The two-time rushing champion had been the NFL’s second-highest paid running back at $15 million per year.

There doesn’t seem to be a sense of urgency in signing Pollard to a multi-year contract although new deals for core players, such as cornerback Trevon Diggs, wide receiver CeeDee Lamb and quarterback Dak Prescott, are on the Cowboys’ radar screen. Cowboys chief operating officer and executive vice president Stephen Jones indicated last month he would like to get at least one of the players signed to a new deal should the opportunity arise.

Franchise designation could be beneficial for Engram

The Jaguars are hopeful about getting a long-term deal done with tight end Evan Engram, according to ESPN’s Jeremy Fowler. Engram hasn’t signed his franchise tender.

A change of scenery did wonders for Engram. He signed a one-year, $9 million deal worth up to $10 million through incentives with the Jaguars in March 2022 after a disappointing 2021 campaign for the Giants. Engram had a career year in Jacksonville. He had 73 catches, 766 receiving yards and four touchdowns last season.

It may have been beneficial for Engram to get a franchise designation if the soft tight end free-agent market for 2022 franchise tag recipients Mike Gesicki and Dalton Schultz is any indication of what would have been in store for him in free agency. Gesicki and Schultz took “prove it” deals for less than Engram got to join the Jaguars. The Patriots signed Gesicki to a one-year, $4.5 million deal worth up to $9 million through incentives. Schultz got a one-year, $6.25 contract with an additional $3 million in incentives from the Texans.

Nonetheless, David Njoku’s $13,687,500 per year deal will likely serve as a salary floor for Engram. The Browns gave Njoku a four-year, $54.75 million contract worth a maximum of $56.75 million through incentives last offseason as a franchise player. Njoku was coming off a 2021 season in which he caught 36 passes for 475 yards and scored four touchdowns.

None of 2022’s four franchise players (Jessie Bates III, Orlando Brown Jr., Gesicki and Schultz) who hadn’t signed long-term deals heading into July reached agreements before the deadline. A second franchise tag wasn’t placed on any of them this year. All four went to new teams in March during free agency.

The best bet among this year’s remaining franchise players to get a multi-year deal is probably Barkley. He and the Giants have had the most extensive contract discussions dating back to last November. There reportedly is some optimism that a deal could be signed by the July 17 deadline.