NFL reveals 2024 franchise tag figures

The NFL has sent a memo to all teams with the final 2024 salary cap numbers, including this year’s franchise tag price points for players at each position. The 2024 NFL salary cap is now $255.4 million per club, an increase of more than $30 million from last season.

The franchise tag can be used to secure a player’s contract for an additional season at the pre-set value — a number determined by averaging the top five contract amounts at that position in the league. Though four players received franchise tags last season, only one player actually agreed to play on the tag after their team opted to use it – Cowboys running back Tony Pollard. The others either signed multi-year contracts or, like Josh Jacobs, a one-year deal.

These are the franchise tag amounts for the 2024 season by position:

QB: $36.3 million
LB: $22.8 million
DT: $20.9 million
WR: $20.7 million
DE: $20.2 million
OL: $19.9 million
CB: $18.8 million
S: $16.2 million
TE: $12.1 million
RB: $11.3 million
ST: $5.7 million

To franchise tag a player for a second year in a row, like the Cowboys have the option to do with Pollard, the player must receive a 20% increase over their previous salary.

Cincinnati Bengals to franchise tag Tee Higgins

A decision has been made regarding star wide receiver Tee Higgins‘ future in the NFL. The Cincinnati Bengals informed him they are using the franchise tag on him, according to NFL Network’s Ian Rapoport.

Higgins is the first player to receive the franchise tag since the window opened. He’s going to receive around $21.8 million of fully guaranteed money, Rapoport said.

The move comes after four very successful years for Higgins with the Bengals. He was originally drafted back in 2020 as the team’s second-round pick after they selected Joe Burrow No. 1 overall. Of course, before heading to the NFL, Higgins also enjoyed immense success at Clemson, and he and Burrow’s paths crossed in the national title game for the 2019-20 season, the first of many games where the two would share a football field.

With Burrow at quarterback for most of the first four seasons of his career, Tee Higgins put up 908 yards as a rookie, then 1,400 yards on the nose between the regular season and Super Bowl run in 2021-22, posted over 1,200 combined in 2022-23 and just 656 in an injury-limited season this past fall. He also has 27 total career touchdowns with two of those coming in the 2022 Super Bowl.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are will become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.

On3’s Alex Weber contributed to this report.