Chiefs To Sign RB Kenneth Walker
The Chiefs are changing course at running back. After many years with low-cost solutions, Kansas City will bring in this year’s top free agent prize at the position.
Kenneth Walker and the Chiefs are in agreement on a deal, NFL.com’s Tom Pelissero reports. Rumored as potentially not being ready to pay up for Walker, Kansas City is doing just that after its recent run games have underwhelmed. It is a three-year, $43.05MM deal, insider Jordan Schultz tweets. The Chiefs are authorizing $28.7MM guaranteed, per Schultz, who adds the contract can max out at $45MM.
This guarantee trails only Saquon Barkley‘s $36MM number among running backs, even if it represents the total guarantee figure rather than what is guaranteed at signing. This is a massive number for Walker, who split time with Zach Charbonnet last season as the Seahawks did not view their starter as a plus in the passing game. Pass pro is certainly not Walker’s strength, but he is coming off a Super Bowl where he finished with 161 scrimmage yards and became the first running back Super Bowl MVP since Terrell Davis 28 years ago.
Kansas City was believed to be set to come away with a running back during this year’s free agency, according to ESPN.com’s Jeremy Fowler, who also linked the team to Travis Etienne. Ranked higher on PFR’s free agent top 50, Walker represents the bigger prize due to being two years younger (25). He does bring some injury risk, having missed two games apiece in 2022 and ’23 before being sidelined for six games in 2024. But the Chiefs will pay up after Walker’s strong playoff performance punctuated a 17-game 2025.
The Seahawks were in touch with Walker leading up to the legal tampering period, per NFL.com’s Tom Pelissero, but recent rumors had pointed to the defending champs standing down if this market escalated beyond their comfort zone. Pelissero mentioned the Chiefs as a suitor today, and the team will deviate from its low-cost RB plans — which have been in place since Jamaal Charles‘ release nearly 10 years ago.
Following the Charles era, the Chiefs identified Kareem Hunt as a starter and saw him with the rushing title as a rookie. Hunt’s ugly assault on a woman at a Cleveland hotel being captured on video led the Chiefs to cut him during the 2018 season. After the team used Damien Williams as its RB1 in the wake of that separation, the team missed on a first-round pick (Clyde Edwards-Helaire). Isiah Pacheco bailed the Chiefs out on that whiff, but a 2024 leg fracture slowed the seventh-round pick. Both Pacheco and Hunt, who returned to Missouri in 2024, are unsigned.
Walker’s Seahawks tenure included two 1,000-yard rushing seasons. While Charbonnet outscored Walker 12-5 last season, the latter will become Kansas City’s unquestioned lead back in 2026. He figures to be the top running back Patrick Mahomes has played with since at least Hunt 1.0. Walker is also more elusive than even that version of Hunt, with Pro Football Focus ranking him first among RBs in 2025. Though, it will be interesting to see how the Chiefs get around Walker’s pass-pro limitations — which led the Seahawks to use Charbonnet in a near-equal timeshare.
The Chiefs do not have a big-ticket contract at wide receiver, though they are close to re-signing Travis Kelce on a one-year deal. Mahomes’ 10-year contract is continually restructured, moving cap hits down the road. That has helped the Chiefs, who just offloaded Trent McDuffie‘s fifth-year option salary to the Rams. In also letting Jaylen Watson sign with the Rams in free agency, the Chiefs are starting over at corner. But they will have a dynamic RB set to roll come September.
Tyler Linderbaum, Kenneth Walker Too Expensive For Giants?
Recent reports have linked pending free agents Tyler Linderbaum and Kenneth Walker III to the Giants, but an aggressive pursuit may be unlikely in both cases. Linderbaum and Walker are now out of the Giants’ price range, sources told Connor Hughes of SNY. For a team with $14.28MM in cap space, winning a bidding war for Linderbaum or Walker would be a challenge.
As the Ravens’ center since entering the NFL in 2022, Linderbaum has only played for head coach John Harbaugh during his four-year career. However, it does not appear their partnership will continue with the Giants in 2026.
Linderbaum, a three-time Pro Bowler and PFR’s top-ranked pending free agent, is poised to surpass the Chiefs’ Creed Humphrey as the game’s highest-paid center. Humphrey inked a four-year, $72MM contract with over $50MM in guarantees in 2024.
If the Giants want to upgrade over starting center John Michael Schmitz, established free agent choices are dwindling. Connor McGovern (Bills) and Tyler Biadasz (Chargers) have come off the market over the past couple of days. Cade Mays, Ethan Pocic and Lloyd Cushenberry are a few of the experienced names left.
Riding the momentum of a Super Bowl LX MVP win with the Seahawks, Walker will be the prize among free agent running backs this offseason. Five-year Jaguar Travis Etienne will not be cheap, but he will be more affordable for the Giants and other teams that lose out on Walker. The Giants are reportedly interested in Etienne. Rico Dowdle, Tyler Allgeier, Rachaad White and Kenneth Gainwell are in the next tier of unsigned veterans. It’s unclear whether the Giants will go after any of them. The team kept veteran Devin Singletary around for a pay cut on Sunday. New York also has Cam Skattebo and Tyrone Tracy under contract for 2026.
Along with their interior offensive line, cornerback and linebacker are among positions the Giants will prioritize, according to Hughes, who points to Buccaneers CB Jamel Dean as a name to watch. The Bucs are expected to move on from Dean after a seven-year run in which he mostly worked as a full-time starter. Dean, 29, is heading for the market after intercepting a career-high three passes in 14 games last season. He could replace pending free agent corner Cordale Flott in New York.
NFL Restructures: Singletary, Stingley, Packers, Banks, Bills, Browns, Jaguars
Teams need to move under the $301.2MM salary ceiling by 3pm CT Wednesday, and many will be completing restructures to create funds ahead of Monday’s legal tampering period. Here are the latest moves clubs have made to clear cap space:
- Devin Singletary loomed as a cut candidate, as the Giants have been linked to a Kenneth Walker pursuit. But the veteran running back is accepting a notable pay cut to stay. Singletary agreed to reduce his salary from $5MM to $1.3MM, according to ESPN.com’s Jordan Raanan. The former Bills and Texans starter has been a role player in New York, being usurped by both Tyrone Tracy and Cam Skattebo. But it looks like Singletary will be staying on the roster after this change, which Raanan indicates also comes with a $1MM incentive package.
- The Texans created roughly $20MM in cap space by moving the majority of Derek Stingley Jr.‘s $21.59MM 2026 base salary into a bonus, KPRC2’s Aaron Wilson reports. This move, which will inflate future cap hits on Stingley’s three-year, $90MM extension, has slid Houston past $33MM in cap room as of Sunday afternoon. Also contributing to that total: a Jalen Pitre restructure, per Wilson. The versatile DB’s base salary is at the veteran minimum, freeing up nearly $9MM.
- Tied to a four-year, $77MM Packers deal, Aaron Banks will see his contract restructured as well. It is not known how much cap space the Packers will save here, but ESPN.com’s Jeremy Fowler notes the team is adjusting Banks’ 2026 numbers to create room. This will make a future release a bit more difficult while freeing up funds now.
- Taking on D.J. Moore‘s salary in a trade with the Bears, the Bills are still nearly $13MM over the cap. They continue to move toward the limit, though, with OverTheCap’s Jason Fitzgerald noting Ed Oliver‘s deal has been restructured. That move creates more than $10MM in space.
- The Browns have been known to adjust a contract or two under GM Andrew Berry, who has completed four restructures on the disastrous Deshaun Watson deal. They are restructuring Denzel Ward‘s contract, but it is a limited change. This move will only bring Ward’s cap hit down $2MM, per Fitzgerald. It still sits at $30.89MM — second-highest on the team. Cleveland is using Ward’s $2.5MM roster bonus to make the conversion.
- The Jaguars adjusted three deals to create space recently. Patrick Mekari, Eric Murray and Jourdan Lewis‘ 2026 salaries have been reduced via simple restructures, according to Fitzgerald, Spotrac and the Florida Times-Union’s Ryan O’Halloran. The Mekari and Murray move created $10.72MM in cap space, per Fitzgerald. The Lewis restructure adds $7.7MM to that total. The Jags are barely $100K under the cap, however.
FA Notes: Pierce, Pats, Walker, Seahawks, Etienne, Jags, Broncos, Chiefs, Robinson, Giants, Titans, Cowboys
Prepared to make Stefon Diggs a one-and-done, the Patriots continue to be linked to A.J. Brown. The Eagles standout could be the team’s No. 1 option at receiver, but if the defending AFC champions are unable to strike a deal, MassLive.com’s Karen Guregian indicates a pivot to Alec Pierce could be in the cards.
Ranked as PFR’s No. 2 overall free agent, Pierce’s market will be competitive. Guregian points to a $25-$30MM-per-year number being required to close that deal. Pierce is the league’s two-time reigning yards-per-catch leader, topping 1,000 yards last season despite the Colts losing Daniel Jones in Week 13. We heard earlier this week Pierce would land at least $20MM per year. The Colts prioritized Jones via the transition tag, putting them at risk of losing Pierce on Monday.
Had the Colts made an effort to lock down Pierce before last season, Essentiallysports.com’s Tony Pauline notes the view at the Combine was he would have cost maybe half the AAV he is expected to command next week. Not much extension buzz existed last summer; that could be costly for the Colts soon. Pierce is preparing to hit free agency; he can officially begin talking to interested teams at 11am CT Monday.
Here is the latest coming out of the free agent market:
- Kenneth Walker making it past the tag deadline unattached makes him the top RB option this year. The Super Bowl LX MVP should be able to land a deal in the $12-$16MM-AAV neighborhood, SI.com’s Albert Breer notes. That would vault him into top-five territory at the position. The Giants have been tied to a Walker pursuit, with the Seahawks potentially ready to stand down after showing interest in retaining their four-year starter.
- If Walker scores a deal in that range, Breer estimates Travis Etienne winding up in the $10MM-per-year realm. The Jaguars are likely to let Etienne walk, with CBS Sports’ Jonathan Jones adding the team is prepared to move forward with 2025 fourth-rounder Bhayshul Tuten.
- The Broncos, who were set to pursue Breece Hall before his franchise tag, are a logical suitor for the longtime Jags starter, according to Jones. Walker could be on Denver’s radar as well, Jones adds, noting the Chiefs — who are believed to be interested in RB help (with Isiah Pacheco and Kareem Hunt unsigned) — are likely to be priced out of the Walker market. Kansas City does not believe Notre Dame’s Jeremiyah Love will be available at No. 9, per Jones, potentially pointing to an RB signing next week. Denver is looking for an RB to replace J.K. Dobbins alongside RJ Harvey, and it looks like the team is prepared to devote more resources to this position this offseason — with Russell Wilson finally off the books.
- Wan’Dale Robinson–Titans connections continue, but SNY’s Connor Hughes notes the Giants are still in on their homegrown slot receiver. That said, Tennessee is viewed as a very interested party for Robinson, whom Hughes pegs as more likely to leave New York than stay. A Nashville trek would reunite the 5-foot-8 WR with new Titans OC Brian Daboll. The Titans have been tied to a receiver pursuit for some time, as they are flush with cap space and expected to release Calvin Ridley. The Robinson market is expected to come in around $15MM per year, ESPN.com’s Jordan Raanan adds. With the Giants giving Darius Slayton a $12MM-AAV deal in 2025, how much will they be willing to spend here? Raanan views Robinson’s price tag as being a bit too steep for Big Blue.
- Two of Christian Parker‘s former charges may be on the Cowboys‘ radar. We heard Nakobe Dean‘s name connected to Dallas, which needs linebacker help, and the Dallas Morning News’ Calvin Watkins notes the team is in on the Eagles LB starter. The Cowboys are also interested in P.J. Locke, who has been an off-and-on starter at safety in Denver. Locke played under Parker previously, beginning as a starter under the new Dallas DC (after replacing Kareem Jackson in 2023).
Giants Interested In RB Kenneth Walker, Travis Etienne; Latest On New York’s FA Approach
While maybe not reaching Kirk Cousins– or Antonio Brown-level PFR volume, Saquon Barkley‘s final years as a Giant took up considerable space here. Giants brass could not extend him in 2022, franchise-tagged the Pro Bowler in 2023 and drew a hard line on his value in 2024 when no offer emerged. The Eagles benefited.
The Giants have since revamped their power structure, and it looks to be affecting their valuation of veteran running backs. With John Harbaugh calling the shots now and Joe Schoen losing considerable power, ESPN.com’s Jordan Raanan notes the Giants are believed to be interested in Kenneth Walker and Travis Etienne.
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New York is showing considerable interest in beefing up its ground game, with Raanan adding connections to Notre Dame’s Jeremiyah Love have emerged as well. Love is viewed by some as this draft’s top prospect. His positional value will naturally result in a bit of a drop, but the Fighting Irish standout should not need to wait too long before hearing his name called in April. The Giants, who hold the No. 5 overall pick, striking early for a high-end free agent RB would seemingly send Love elsewhere.
With Breece Hall officially franchise-tagged at today’s deadline, Walker is expected to fetch the top RB contract in free agency. Confirming the Giants are interested, The Athletic’s Dan Duggan wonders if the team would be willing to go where that market ends up considering the team has other needs. That could be where Etienne comes in, with some more affordable backs — from Rico Dowdle to Tyler Allgeier to Kenneth Gainwell — set to be available too. Though, SNY’s Connor Hughes adds a “strong” push for a veteran starter-level option should be expected.
Walker, 25, is looking likely to reach free agency. Mutual interest exists between the Super Bowl MVP and the Seahawks, but they lose exclusive negotiating rights at 11am CT March 9, when the legal tampering period begins. Etienne, 27, played out his fifth-year option in Jacksonville and has more career carries — after a higher-volume college career — than Walker. His market should not be as costly, but the five-year Jaguar is better in pass protection and as a receiver.
The Giants have Cam Skattebo signed through 2027, and Tyrone Tracy‘s rookie deal runs through 2026. But Harbaugh is now calling the shots. Schoen said he is still leading the football operation, but Duggan confirmed a recent report that indicates new hire Dawn Aponte reports directly to Harbaugh. Schoen also confirmed (via the New York Daily News’ Pat Leonard) the Giants’ analytics and video departments now report to Aponte, creating a strange dynamic for the contract-year GM. Schoen still oversees the scouting department.
The Giants have had their GMs report to ownership for eons, but they adjusted the long-held structure for Harbaugh, whose imprint on the roster will be felt soon. Schoen did not confirm he would solely run free agency; it can be expected Harbaugh and Aponte will have significant say in that effort. More cap cuts are coming, but the Giants are still interested in retaining some of their own.
Already mentioned as being interested in retaining Wan’Dale Robinson, the Giants are seeing what it will take to keep Jermaine Eluemunor and Cor’Dale Flott. Harbaugh said (via the New York Post’s Paul Schwartz) the team wants to keep all three UFAs-to-be. The Giants met with David Mulugheta, who represents Eluemunor and Flott, at the Combine, Duggan adds.
Eluemunor, 31, maneuvered for a two-year deal in 2024 — an underrated subplot in HBO’s captivating Hard Knocks: Offseason effort — and it looks likely to work to his advantage. Braden Smith appears to be this market’s top right tackle, but he is coming off three seasons shortened by either injury or illness.
Eluemunor played both RT and LT in New York, starting all 31 games he played from 2024-25. His health stands to create a solid market, as both Smith and Jack Conklin come with notable injury pasts. Eluemunor also began his career with the Ravens, playing for Harbaugh from 2017-18. If Eluemunor departs, Duggan notes the team will be expected to pursue a free agent RT replacement.
Flott, 24, overtook former first-rounder Deonte Banks in Big Blue’s cornerback hierarchy. He outplayed the 2023 draftee opposite Paulson Adebo last season and may do reasonably well on the market. He is one of the youngest corners available. Converted from a slot player to primarily a boundary defender, Flott started 37 games with the Giants.
While Banks’ rookie deal runs through 2026, he has been linked to trade rumors amid a disappointing tenure. Harbaugh’s team will likely pursue an outside replacement if Flott departs. He is expected to draw significant FA interest, per Hughes, which could put the Giants in the market for a replacement.
Schwartz adds the Giants have “varying degrees of interest” in retaining tight end Daniel Bellinger and linebacker Micah McFadden. The Giants are higher on third-year veteran Theo Johnson than most around the league, Duggan adds, to the point Isaiah Likely may not be a strong candidate to follow Harbaugh from Baltimore.
Still, Hughes indicates tight end should be considered a priority in free agency. If Likely is deemed too pricey, the likes of Cade Otton, Chig Okonkwo, David Njoku and Dallas Goedert are poised to be available. Will this pursuit be to replace Johnson or complement him?
A 42-game starter on his rookie contract, Bellinger has played at least 51% of the Giants’ offensive snaps in three of his four seasons. He was used more frequently before Johnson’s arrival, however. McFadden started 36 games during his rookie deal but was limited to one in 2025; a season-ending foot injury in Week 1 impacted his free agent stock. The Giants releasing Bobby Okereke tonight and having McFadden unsigned makes linebacker a key need, one of a few the team carries into free agency.
Trey Hendrickson Among Players Who Did Not Receive Franchise Tag
Tag deadline day in the NFL came and went on Tuesday without much action. The Jets placed the franchise tag on running back Breece Hall, and the Colts used the transition tag on quarterback Daniel Jones. Hall and Jones are rounding out a small 2026 class of tagged players that also includes Cowboys wide receiver George Pickens and Falcons tight end Kyle Pitts.
As PFR’s Sam Robinson wrote in an extensive rundown of tag candidates, Trey Hendrickson, Alec Pierce, Kenneth Walker, Travis Etienne, Odafe Oweh and Jaelan Phillips represented other possibilities. All of their teams passed before the clock ran out at 3 p.m. CT. Each of them will be free to talk to other teams when the legal tampering window opens March 9.
The Bengals “never seriously considered” tagging Hendrickson, according to Dianna Russini of The Athletic. Had they done so and Hendrickson signed the tender, it would have cost $30.2MM against the Bengals’ cap next season. The four-time Pro Bowl defensive end should encounter a “strong market,” per Russini.
For his part, Hendrickson appears to already have one foot out the door. The 31-year-old took to Instagram on Tuesday to post what looks like a goodbye message to the Bengals and their fans.
“To the organization: Thank you for the opportunity to play the game I love at the highest level,” Hendrickson wrote. “The last five years have been filled with great wins and tough losses. Personal achievements and humbling adversities.”
If this is it for Hendrickson in Cincinnati, it will wrap up an enormously productive half-decade in the organization. Hendrickson spent the first four seasons of his career with the Saints before accepting the Bengals’ four-year, $60MM offer in March 2021. He relocated on the heels of what was then a career-high 13.5-sack season, but Hendrickson went on to top that number three times with the Bengals.
During his first year in Cincinnati, Hendrickson piled up 14 sacks in 16 games. The Bengals advanced to the Super Bowl for the third time in franchise history, but they lost a 23-20 nail-biter to the Rams. Hendrickson’s sack total fell to eight in 2022, though he still made his second straight Pro Bowl. The Bengals were once again among the last teams standing. However, since ending that season with a loss to the Chiefs in the AFC title game, they have not returned to the playoffs.
Heading into 2023, the Bengals awarded Hendrickson a one-year, $21MM extension to keep him in the fold through 2025. Even though Hendrickson went off for 17.5 sacks twice in a row from 2023-24, the Bengals could only muster back-to-back nine-win seasons. Hendrickson and the Bengals then engaged in a contentious contract standoff last year. Then seeking a long-term pact, Hendrickson reportedly turned down a three-year, $95MM offer. The Bengals’ rejected proposal did not include any guaranteed money after the first year of the deal.
After a drawn-out fight, the Bengals and Hendrickson finally shook hands on a revised contract in late August. Hendrickson had been in line to earn $16MM, but Cincinnati upped it to $30MM. In hindsight, it was not money well spent for the Bengals. Injuries wound up holding Hendrickson and quarterback Joe Burrow out of a combined 19 games. Their absences proved far too much to overcome during a six-win year for the club.
In what will likely end up as his final year in Cincinnati, Hendrickson played in seven games and totaled four sacks. He did not take the field past Oct. 26, but the Bengals had chances to trade him before the Nov. 4 deadline. Although the Bengals dropped their asking price from a first- to a second-rounder, they kept Hendrickson after nobody offered better than a fourth. Hendrickson, then dealing with a nagging hip issue, underwent core muscle surgery in early December. With no tag weighing him down, he can now turn his full attention to free agency.
RB Kenneth Walker III Likely To Leave Seattle?
MARCH 3: Walker will not receive the franchise tag, Graziano’s colleague Peter Schrager reports. Barring an agreement over the coming days, he will thus be able to depart in free agency. Only three previous Super Bowl MVPs have changed teams immediately winning the award, but that number could soon grow.
MARCH 1: Seahawks running back Kenneth Walker III is just three weeks removed from being named Super Bowl LX MVP, but he won’t get to revel in the glory for too much longer as he’s set to hit free agency upon the expiration of his rookie contract in Seattle. According to ESPN’s Dan Graziano, Walker is reportedly generating so much outside interest that he could be pricing himself right out of Seattle.
Now, reasonably, one might question whether the Seahawks would allow their leading rusher in each of the past four seasons to walk in free agency, but there’s plenty to point to in order to explain how it might be the best situation for everyone. To start, Walker’s health has been an issue in the past. He missed two games in each of his first two years in Seattle and missed six games over the course of the 2024 season. While he bucked that trend in Year 4 by appearing in every game for the first time in his career, the Seahawks have been burned in the past by frequently injured running backs like Chris Carson and Rashaad Penny, and they may see Walker’s injury history as too risky to invest in long-term.
Secondly, a year after Seattle drafted Walker in the second round of the 2022 NFL Draft, the team went back to the same well, selecting second-round UCLA rusher Zach Charbonnet. Walker’s frequent injuries gave Charbonnet eight spot starts in his first two seasons of play, and he showed plenty of promise as a potential lead back in the opportunities he was given. Though Walker played in (and started) every game this season, Charbonnet continued to see increasing opportunities, posting career-highs in carries (184) and rushing yards (780) while leading the team with 12 rushing touchdowns. While Walker would certainly be missed, the Seahawks may be ready to pass the rock to Charbonnet.
The third factor would simply be price. Graziano believes that the Cowboys set the floor for the starting running back market when they extended Javonte Williams on a three-year, $24MM deal. He lists Walker as one of three backs who could surpass that annual average value of $8MM, citing increasing external interest as the driving factor. While the Seahawks’ salary cap puts them in a good position to spend in 2026, the franchise hasn’t invested long-term in a running back since the days of Marshawn Lynch.
Looking at all the factors together, it’s not looking good for fans that want to see the Seahawks run in back with their Super Bowl MVP. Retaining Walker would require Seattle to commit long-term money, and the combination of Walker’s injury history and Charbonnet’s capability make that option seem less than prudent. Instead, it appears that Walker could earn a big payday to try and take another team to the Super Bowl, while the Seahawks will get a good look at Charbonnet as RB1 as Charbonnet puts forth his best foot in a contract year for him.
2026 NFL Franchise Tag Candidates
We are now in Year 34 of the franchise tag, a retention tool that came about during the same offseason in which full-fledged free agency spawned. The NFL salary cap is rising at a rate allowing teams to hammer out more extensions than in previous periods. That has helped dilute free agency talent pools. This led to a 2025 landscape in which only two players — Tee Higgins and Trey Smith — received the franchise tag. The cap, which stood at $279.2MM in 2025, is expected to rise beyond $301MM this year.
This year’s free agent class looks to feature only one tag lock, but a handful of players make sense as candidates to be kept off the market. An antiquated NFL system regarding positional classifications also affects this year’s free agency crop, as a couple of high-end UFAs-to-be (Tyler Linderbaum, Devin Lloyd) would likely be kept off the market if the league modernized how it sorted positions with regards to tag prices.
Teams who use the franchise or transition tag have until July 15 to complete an extension; otherwise, negotiations cannot restart until after the 2026 season. The transition tag does not bring any compensation back for an unmatched offer sheet, but the two-first-rounder component associated with a franchise tag has not been especially relevant in ages. Although offer sheets have come out in previous eras (Sean Gilbert and Dan Wilkinson signed unmatched offers in the 1990s), clubs avoid these in fear of an unmatched proposal requiring two first-round picks to be sent to the tagging team.
The tag window opens at 3pm CT today. With clubs having until 3pm CT on March 3 to apply tags, here is who may be cuffed:
Likely tag recipients
George Pickens, WR (Cowboys)
Projected tag cost: $28.82MM
The Cowboys have regularly turned to the tag over the past decade. They cuffed DeMarcus Lawrence in 2018 and ’19 before locking down Dak Prescott in 2020 and ’21. The latter Prescott tag was procedural, as the quarterback used the threat of a lofty second tag number hitting Dallas’ cap sheet as leverage toward a player-friendly extension — one that laid the groundwork for his 2024 player-friendly extension. The Cowboys then kept Dalton Schultz (2022) and Tony Pollard (’23) off the market. After two years without unholstering their tag, the Cowboys appear all set to prevent Pickens from reaching free agency.
Acquiring Pickens in a May 2025 trade with the Steelers — which featured a 2026 third-round pick as the top asset going back to Pittsburgh –Dallas reaped immediate benefits from that swap. Pickens, 24, smashed his career-high receiving mark with 1,429 yards and nine touchdowns. That booked the former second-round pick his first Pro Bowl honor; more impressively, Pickens was named a second-team All-Pro. The mercurial ex-Steeler WR1 was more than 300 receiving yards clear of CeeDee Lamb for the Cowboys’ receiving lead; even though Lamb missed three games, Pickens’ per-game average (84.1) better Lamb’s (76.9).
A tag surfaced on the radar here in mid-November, and momentum has steadily built for Pickens to follow in Dez Bryant‘s footsteps as a Cowboy wideout being kept off the market. It will take a near-Saints-level odyssey for the Cowboys to create sufficient cap space for a Pickens tag and reasonable spending room; they are projected to be more than $30MM (per OverTheCap) north of the 2026 salary ceiling, but enough smoke has emerged here — after Pickens fit the tag profile upon arrival — to make it safe to expect this outcome.
The Steelers shipped out Pickens in part because of reliability concerns, but the 6-foot-3 playmaker outperformed — with a considerable QB upgrade in Prescott — his previous work. With Lamb tied to a $34MM-per-year deal and Prescott on an NFL-record $60MM-AAV extension, the Cowboys are far from certain to extend Pickens. A tag-and-trade play has surfaced as a possibility, but with negotiations not having begun as of early February, expect the Cowboys to use the tag to at least buy themselves more time on their ultra-talented WR2.
On tag radar:
Breece Hall, RB (Jets)
Projected tag cost: $14.54MM
The Chiefs offered a fourth-round pick for Hall at the deadline, but the Jets held onto their starting running back after having asked for at least a third-rounder. Hall denied a report he was seeking a New York exit — after the blockbuster deals involving Sauce Gardner and Quinnen Williams — but he could have a chance to explore his value on the open market soon. The Jets, however, have spoken highly of the 1,000-yard rusher. The tag has surfaced as a possibility.
Hall, 24, is more than two years younger than Etienne. He will thus command more in free agency. The former second-round pick is also more than three years removed from the ACL tear that sidetracked his rookie season. The Jets waited on a Hall extension, keeping him on his rookie contract while giving Gardner and Garrett Wilson big-ticket deals, but Aaron Glenn has spoken highly of the Iowa State alum.
Gang Green wants to retain Hall. The easiest way for that to happen would be to extend his negotiating window via the tag. A $12MM-per-year offer could await the fifth-year player, making a tag logical. If the Jets were to place the transition tag on Hall, it would cost them a projected $11.73MM. They would receive no compensation in the event of an unmatched offer sheet, thus allowing another team to dictate the contract structure a la the Packers’ Kyle Fuller offer sheet in 2018.
The Jets saw Hall sidekick Braelon Allen miss much of the season, but the former Joe Douglas-era fourth-round pick remains signed through 2027. Allen gives the Jets some protection against a Hall exit, with a mid-round 2027 compensatory pick possible as well. But Hall is a dynamic RB that will be an attractive FA commodity if unattached come March 9. The Jets have a big decision to make over the next two weeks.
Trey Hendrickson, DE (Bengals)
Projected tag cost: $34.8MM
The defensive end tag is projected to come in at $27.32MM, but because Hendrickson was attached to a $29MM salary (following a late-summer raise), he is the rare tag candidate to whom the 120% rule would apply. As PFR’s glossary indicates, “the amount of the one-year offer is determined by a formula that includes the salary cap figures and the non-exclusive franchise salaries at the player’s position for the previous five years. Alternately, the amount of the one-year offer can be 120% of the player’s previous salary, if that amount is greater.” In Hendrickson’s case, it would be.
Seahawks Unlikely To Tag Kenneth Walker
Kenneth Walker is one of the top pending free agents at the running back position. A mutual interest exists in this case for a new Seahawks deal to be worked out, while the franchise tag looms as a stopgap option. 
The window for teams to apply franchise or transition tags opens today. The Seahawks could be a team to watch with respect to Walker on that front, but it appears as though nothing is imminent. Seattle is “unlikely” to use either tag on the Super Bowl MVP, ESPN’s Adam Schefter reports.
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The franchise tag is projected to cost $14.53MM for running backs in 2026. That figure for transition tags is $11.73MM. Both one-year totals would be guaranteed in full in the event the tag were to be used and Walker were to play on the tender in 2026. Tagged players have until July 15 to work out a long-term deal, but the window for applying the tag will close one week before the start of the legal tampering period in March.
A report from last week indicated the Seahawks were likely to keep Walker in the fold for at least next season, either through the tag or a new contract. The running back market is currently topped by Saquon Barkley, and he is one of three backs with an average annual value of $15MM or more (a list which could grow if Bijan Robinson and/or Jahmyr Gibbs sign extensions this spring). Walker, 25, has shown an ability to operate as a lead back and thrived during the postseason; nevertheless, he does not have the resume of the league’s highest-paid players at the position.
That could land the former second-rounder in the group of backs attached to a deal averaging between $10MM and $14MM per year. Seattle also has Zach Charbonnet in place for 2026, but his status for the start of next year is uncertain as he recovers from an ACL tear. Walker will continue to be leaned on heavily in the event he finds himself in the Emerald City next season.
As Schefter notes, the Seahawks have a number of other priorities on the roster leading up to free agency. Retaining as many key members of their Super Bowl core, along with attempting to work out extensions with several ascending players, is a central goal at this point of the offseason. How that affects Walker will be interesting to monitor.
RB Kenneth Walker Expected To Stick With Seahawks
Kenneth Walker III set himself up for a lucrative payday thanks to this year’s playoff run, which culminated in him earning Super Bowl MVP following the Seahawks’ win over the Patriots. While it remains uncertain how much money the running back will earn on his next contract, there does seem to be a bit more certainty about where he’ll be playing in 2026. In his review of franchise tag candidates, CBS Sports’ Jonathan Jones said there is “little doubt” that Walker will stick with the Seahawks.
While there was once a belief that Walker may be trending towards a Seattle exit, things have changed dramatically over the past few weeks. First, Zach Charbonnet suffered a torn ACL that could sideline him for much of the 2026 campaign, putting extra reliance on Walker. The fourth-year player more than stepped up as a three-down back, averaging more than 100 rushing yards in his three playoff games. Even before his MVP-winning performance in the Super Bowl, Seahawks coach Mike Macdonald expressed interest in re-signing the RB, and Walker himself later stated his desire to stick with the team.
While Walker faced little competition for carries as a rookie, he ceded carries to Charbonnet over the past three years. The 25-year-old has also dealt with a handful of injuries, including a 2024 campaign where he missed six games. Those factors led to him generally being ranked third in this year’s free agent class behind Breece Hall and Travis Etienne.
Of course, outside of his standout playoff performance, there were still plenty of reasons to like Walker. The running back hauled in at least 25 catches for the fourth time in four NFL seasons, and his big-play ability (he finished sixth in 2025 with 33 rushes of 10-plus yards) is appealing to any team. Add in his 417 yards from scrimmage in three postseason games, and Jones estimated that the impending free agent has “earned himself millions” on his next contract.
However, while Jones is confident that the RB will re-sign with the Seahawks, he’s also wary of prolonged negotiations. Jones says Walker could point to Josh Jacobs‘ $12MM AAV, a number that ranks just outside of the top-five at the position. Jones also opines that the Seahawks front office could opt for the franchise tag, meaning Walker would earn roughly $14MM via a one-year contract.
Regardless of the terms of his next contract, it appears that Walker’s worth has taken a significant jump following his impressive playoff run.