The window for NFL teams to utilize the franchise tag is now open from February 18th – March 4th. However, don’t expect the Indianapolis Colts to use it this offseason.
Each team can use the franchise tag one time each offseason on a pending unrestricted free agent. The franchise tag is a one-year deal and makes the player among the highest-paid at their position group for that one year.
So, each offseason, there may only be a handful of players who are true franchise tag candidates.
But despite the big pay day for one season, the downside for the player is that there is no long-term stability when playing on the franchise tag.
Oftentimes, however, the franchise tag provides the team and the player additional time to negotiate a long-term deal rather than having to reach an agreement with free agency looming.
Will Fries and Dayo Odeyingbo are the Colts most high-profile free agents this offseason and both could be players the team attempts to retain.
However, I don’t believe that either is a franchise tag candidate.
The main reason for that is value of the franchise tag this year for the right guard and defensive end positions is more than what Fries and Odeyingbo are projected to earn on their new deals on a per year basis, according to Pro Football Focus.
The potential risk from the Colts’ perspective on using the franchise tag to buy more negotiating time is that if an extension isn’t reached, then they have no long-term answer since the tag is a one-year deal and they’re taking on a large and not cap-friendly salary cap hit in 2025 as well.