Poinbank Exchange|NFL franchise tag deadline tracker: Recapping teams' plans leading into 2024 free agency

With NFL free agency beginning next week,Poinbank Exchange teams around the league had to face a pressing question of whether to pay a premium in order to keep one of their own players off the open market.

The window for using the franchise tag officially closed at 4 p.m. ET on Tuesday. By the end of the day, eight players - Cincinnati Bengals wide receiver Tee Higgins, Kansas City Chiefs cornerback L'Jarius Sneed, Tampa Bay Buccaneers safety Antoine Winfield Jr., Jacksonville Jaguars outside linebacker Josh Allen, Carolina Panthers outside linebacker Brian Burns, Indianapolis Colts wide receiver Michael Pittman Jr., Baltimore Ravens defensive tackle Justin Madubuike and Chicago Bears cornerback Jaylon Johnson - all had received the designation. And New England Patriots safety Kyle Dugger was given the transition tag.

Here's USA TODAY Sports' breakdown of how it all went down:

Jaguars franchise OLB Josh Allen

Josh Allen (the other one) and the Jacksonville Jaguars were unable to reach a long-term extension Tuesday, forcing the team to tag its star pass rusher with a $24 million franchise tag for the time being. Allen's 17½ sacks in 2023 tied for second in the league, trailing only Pittsburgh Steelers OLB T.J. Watt (19).

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With Allen franchised, Jags WR Calvin Ridley will likely now hit the open market. The team acquired him at the 2022 trade deadline.

WR Michael Pittman Jr. lands the tag from Colts

Anthony Richardson's top target isn't going anywhere.

The Colts are placing the franchise tag on wide receiver Michael Pittman Jr., according to multiple reports.

After recording 109 catches for 1,152 yards in 2023, Pittman is now set to make $21.816 million next season.

"The franchise tag is almost like a tag of respect because you get paid like the top five of your position," Pittman said in January.

Patriots issue transition tag to S Kyle Dugger

The first transition tag of 2024 has been handed down.

The New England Patriots plan to use the designation on safety Kyle Dugger, according to multiple reports.

The transition tag offers a lower overall one-year tender figure than the franchise tag, as the salary is determined by the average of the top 10 salaries at the player's position. Teams still have the right to match any offer sheet that the player signs with an outside club, but they will receive no compensation if they choose not to.

Dugger, who turns 28 on March 22, had been a versatile staple of Bill Belichick's defenses and now could help new coach Jerod Mayo and defensive coordinator DeMarcus Covington provide a smooth transition on defense.

Bears giving franchise tag to CB Jaylon Johnson

In what could be a momentous offseason for the Bears, GM Ryan Poles is keeping one of the team's top homegrown talents in place.

The Bears are giving the franchise tag to Pro Bowl cornerback Jaylon Johnson, according to multiple reports.

A second-round pick out of Utah in 2020, Johnson broke out this season with four interceptions.

With his contract up, Johnson made it known he thought he deserved to reset the market at his position.

"I feel like there's no reason why I can't be the highest-paid corner in the league," Johnson said in January on "All Facts No Brakes with Keyshawn Johnson." "That's what I'm aiming for. That's what I'm shooting for. That's what I think can be done and should be done."

Ravens hand DT Justin Madubuike the franchise tag

The Ravens have a rash of notable defensive players set to hit the open market. Justin Madubuike won't be one of them.

The Pro Bowl defensive tackle received the franchise tag on Tuesday, the team announced.

“We were unable to agree on a contract extension with Justin before the deadline and will use the franchise tag," Ravens general manager Eric DeCosta said in a statement. "Justin is a great player and person, and we will continue to negotiate a long-term deal with him.”

Madubuike led all defensive tackles with 13 sacks and tied an NFL record by recording at least a half-sack in 11 consecutive games.

The Ravens defense, which already lost defensive coordinator Mike Macdonald, could see several important defensive pieces depart in free agency, including pass rusher Jadeveon Clowney, linebacker Patrick Queen and safety Geno Stone.

Buccaneers give Antoine Winfield Jr. the franchise tag

The Tampa Bay Buccaneers' offseason is coming into focus.

One day after giving Mike Evans a two-year, $52 million extension, the Buccaneers are giving safety Antoine Winfield Jr. the franchise tag, according to ESPN.

Winfield is coming off an All-Pro season in which he recorded three interceptions and tied for the league lead with six forced fumbles.

The Buccaneers have several other key impending free agents, including quarterback Baker Mayfield and linebackers Lavonte David and Devin White.

Which teams might be interested in a Brian Burns trade?

Brian Burns receiving the franchise tag from the Carolina Panthers hardly resolves the star pass rusher's future.

The two-time Pro Bowler has been a staple of trade speculation for the last two seasons, most notably at the 2022 trade deadline, when the Panthers turned down the Los Angeles Rams' offer that included multiple first-round picks, per reports. And, unless Carolina quickly presents the long-term deal Burns has been seeking, it seems likely that he could be a tag-and-trade candidate.

So which teams might be interested in Burns?

Recall that at last year's trade deadline, ESPN reported that the San Francisco 49ers and Chicago Bears both expressed interest in Burns, as did the Jacksonville Jaguars, Atlanta Falcons and Baltimore Ravens.

The Bears eventually found their marquee pass rusher elsewhere in Montez Sweat, who was signed to a four-year, $98 million extension after being traded by the Washington Commanders. While Chicago could look to continue to build out a pass rush that ranked 31st in sacks with 30, it might not want to do so with another costly veteran.

The 49ers and Ravens each present intriguing options as contenders who could turn over a late first-round selection as part of a package to acquire Burns. And each could be losing top pass rushers in free agency - the 49ers with Chase Young and Ravens with Jadeveon Clowney.

No tag for Saquon Barkley

A star-studded group of free-agent running backs will officially be led by Saquon Barkley, who will not receive the franchise tag, a person with knowledge of the situation told USA TODAY Sports' Tyler Dragon. The person spoke on condition of anonymity because they were not authorized to disclose the team's plans.

Barkley, 27, officially hits the open market one year after he and the Giants clashed over his receiving of the franchise tag. The two sides eventually agreed to an adjusted deal worth $10.1 million fully guaranteed. Now, however, Barkley can try to seek out a more lucrative, long-term pact.

Giants GM Joe Schoen said last week Barkley is "a guy we would like to have back."

Brian Burns receives the tag from Panthers

The Carolina Panthers again won't be letting star pass rusher Brian Burns hit free agency, instead hitting him with the designation that would give him a $24 million payout for 2024.

This, however, could just the latest point in an eventful offseason for Burns and the Panthers. The two-time Pro Bowl selection last season sat out a string of practices leading up to the opener before returning to action. While he notched eight sacks, the total was his fewest since his rookie season in 2019.

But regardless of whatever is next, new coach Dave Canales and general manager Dan Morgan won't risk losing their top defender for nothing on the open market.

Which NFL players received the franchise tag in 2024?

Bengals WR Tee Higgins: Cincinnati will have the option of keeping its high-powered receiving corps largely in tact, though Tyler Boyd is set to become a free agent.

Chiefs CB L'Jarius Sneed: GM Brett Veach has reiterated that keeping Sneed and star DT Chris Jones are the top priorities. With Jones costing an untenable $32 million if tagged, however, the team opted to give the designation to its smothering cornerback. Sneed, however, has been granted permission to seek a trade.

Panthers OLB Brian Burns: After managing to keep defensive coordinator Ejiro Evero, new coach Dave Canales and general manager Dan Morgan also have their top defensive player back in the fold - at least for now.

Buccaneers S Antoine Winfield Jr.: Tampa took care of business with one of its top impending free agents in Mike Evans, who landed a two-year extension. With the team needing to pony up if it wants to keep QB Baker Mayfield, the tag is a sensible outcome for Winfield, who is coming off an All-Pro season.

Ravens DT Justin Madubuike: While Baltimore could be losing a number of key players from its defense, it's safe to say Madubuike won't be one of them.

Bears CB Jaylon Johnson: GM Ryan Poles has declared that his top cover man is "not going to go anywhere" and the team will "get something done."

Colts WR Michael Pittman Jr.: Until Tuesday, Indianapolis hadn't used the franchise tag since placing it on punter Pat McAfee in 2013, but GM Chris Ballard likely didn't want to risk losing QB Anthony Richardson's target.

Jaguars OLB Josh Allen: GM Trent Baalke has already insisted Allen "will be a Jaguar" in 2024 after the star pass rusher's breakout campaign.

When is the 2024 NFL franchise tag deadline?

Teams have until 4 p.m. ET on Tuesday, March 5 to issue the franchise tag, though they have the option to rescind it before a player signs the tender. The two sides will then face a deadline, typically in mid-July, to agree to a multiyear extension. If one is not reached, the player can only play on a one-year deal for the upcoming season.

What are the 2024 NFL franchise tag values for each position?

• Quarterback: $38.301 million
• Running back: $11.951 million
• Wide receiver: $21.816 million
• Tight end: $12.693 million
• Offensive line: $20.985 million
• Defensive end: $21.324 million
• Defensive tackle: $22.102 million
• Linebacker: $24.007 million
• Cornerback: $19.802 million
• Safety: $17.123 million
• Punter/kicker: $5.984 million

What is a franchise tag?

The designation is a tool that teams can use on one impending free agent per year. The "non-exclusive" tag, which is the much more frequently utilized of the two, affords its recipients a one-year tender at the average of the top five salaries at the player's position over the last five years (or 120% of the player's current salary if that figure is higher). While any player who receives the non-exclusive tag can sign an offer sheet with another team, his existing team can retain him by matching the terms. If the current team chooses not to match, the team signing the player must give two first-round picks in exchange.

The exclusive tag entirely restricts the affected player from negotiating with any other teams outside of their current club. But going that route is more costly for the team, as the salary for the one-year tender is the average of the top five salaries at the player's position for the current year (or 120% of the player's current salary if that figure is higher).

Players are permitted to be tagged up to three times, but each consecutive usage escalates the financial terms of the tender.