Broncos Were ‘Shocked’ Travis Etienne Signed Elsewhere?
As part of a mass retention effort, the Broncos re-signed J.K. Dobbins by giving their primary 2025 starting running back a deal that nearly quadrupled his ’25 contract in terms of fully guaranteed money ($8MM). But Dobbins does not appear to have been Denver’s first choice at the position.
The Broncos were tied to Breece Hall, with a previous report indicating the Jets slapped the franchise tag on their four-year starter in part to avoid a potential bidding war with Denver. Travis Etienne then brought connections to the Broncos, who indeed pursued the five-year Jaguar. The Saints, however, ended up signing the former first-round pick on a four-year, $48MM deal that included $24MM guaranteed at signing.
Etienne’s full guarantee ranks fifth among RBs, and it would stand to reason the Broncos — as they did with 2025 Saints signee Juwan Johnson — helped drive this market. The Broncos were “shocked” Etienne went elsewhere rather than signing with them, an NFL exec informed The Athletic’s Mike Sando.
Had Etienne accepted the Broncos’ offer, he would have been positioned as the starter in a tandem with RJ Harvey. Although Etienne joined a Saints team still rostering Alvin Kamara, it is far from certain the former Pro Bowler will be part of New Orleans’ roster for a 10th season. The Saints have Kendre Miller and 2025 sixth-rounder Devin Neal rostered as well.
Sean Payton was in charge when the Saints gave Kamara his first extension — a five-year, $75MM pact in 2020 — and he also signed off on the team re-signing Mark Ingram in 2015. The Broncos have a recent history with lower-cost or rookie-deal backs, with Dobbins playing for barely $2MM last season. Denver let Javonte Williams walk prior to signing Dobbins. Before Dobbins’ second deal with the team, Denver’s most notable RB contract came when Melvin Gordon signed a two-year, $16MM deal in 2020. The Gordon contract did not pan out, and while neither Payton nor GM George Paton was in place when that contract was finalized, it certainly appears the current Broncos regime were prepared to make a sizable investment.
It just does not look like the Broncos offered $24MM guaranteed at signing. As it stands, Dobbins and Harvey will reprise a 2025 tandem; Denver also retained both Jaleel McLaughlin and Tyler Badie. It remains to be seen whether the Broncos will attempt to add a bigger back in the draft to complement Harvey beyond 2026 and/or serve as Dobbins insurance — which was lacking after the injury-prone back’s Lisfranc injury last year. But such a move would make sense for a Denver team with Super Bowl aspirations and few glaring needs.
NFC Contract Details: McDuffie, Eagles, Oweh, Lloyd, Etienne, Giants, Packers, 49ers, Bucs
Here are the latest details from contracts agreed to around the NFC:
- Trent McDuffie, CB (Rams). Four years, $124MM. Although McDuffie secured $100MM guaranteed, $50MM is locked in at signing. But a rolling guarantee structure is in place. If on the Rams’ roster by Day 5 of the 2027 league year, McDuffie will see his 2028 base salary ($26.32MM) shift to a full guarantee, according to OverTheCap. On Day 5 of the 2028 league year, the All-Pro cornerback will see $23MM of his $29.82MM 2029 base salary become guaranteed. A $5MM roster bonus is due on Day 5 of the 2029 league year.
- Odafe Oweh, DE (Commanders). Four years, $96MM. Oweh will receive $50.6MM guaranteed at signing, SI.com’s Albert Breer tweets. An additional $17.4MM is guaranteed for injury. A $1MM roster bonus is due by April 1, 2029, according to Spotrac.
- Jordan Davis, DT (Eagles). Three years, $78MM. Of Davis’ reported $65MM guarantee, OverTheCap indicates $38.94MM is the at-signing number. If Davis is on the Eagles’ roster by Day 3 of the 2027 league year, his 2028 salary and a $24.2MM option bonus become guaranteed.
- Laremy Tunsil, LT (Commanders). Two years, $60.2MM. Tunsil secured $52.66MM guaranteed at signing on his third career extension, KPRC2’s Aaron Wilson tweets. The Pro Bowl left tackle’s 2026 and ’27 compensation is fully guaranteed. An additional $8.85MM in 2028 compensation is guaranteed for injury.
- Travis Etienne, RB (Saints). Four years, $47MM. Etienne landed $24MM fully guaranteed, ESPN.com’s Katherine Terrell tweets. That is tied for fifth among running backs. The ex-Jaguar secured a $4MM injury guarantee on his $12MM 2028 base salary, Terrell adds.
- Devin Lloyd, LB (Panthers). Three years, $42MM. The initial reports of $45MM covered the deal’s max value, though the reported $25MM guarantee is a full guarantee (per Wilson). This includes an $8.54MM guarantee of Lloyd’s $11.25MM 2027 base salary.
- Isaiah Likely, TE (Giants). Three years, $40MM. Likely landed $20.5MM guaranteed, The Athletic’s Dan Duggan tweets. If the Giants move on after 2027, they would save $12MM.
- Chig Okonkwo, TE (Commanders). Three years, $27MM. The ex-Titan pass catcher scored $17.6MM fully guaranteed, Wilson tweets. The guarantee covers Okonkwo’s 2026 and ’27 compensation.
- Leo Chenal, LB (Commanders). Three years, $24.75MM. Chenal secured $12.4MM guaranteed, ESPN.com’s John Keim tweets.
- Javon Hargrave, DT (Packers). Two years, $23MM. Green Bay is giving Hargrave $10.5MM guaranteed at signing. ESPN.com’s Rob Demovsky confirms, per usual with the Packers, the only guarantee comes via a signing bonus. A $3MM roster bonus is due next March.
- Alex Anzalone, LB (Buccaneers). Two years, $17MM. Anzalone’s contract includes $12MM guaranteed at signing, Wilson tweets.
- Eddy Pineiro, K (49ers). Four years, $17MM. The deal includes $8MM guaranteed at signing, with ESPN.com’s Nick Wagoner indicating $10MM is guaranteed in total. Pineiro’s first two years are fully guaranteed; his 2028 base salary ($1.7MM) becomes guaranteed on April 1, 2027, Wagoner adds.
- Tyler Higbee, TE (Rams). Two years, $6MM. The initial $8MM number represents the deal’s max value, with Wilson adding $3.4MM of Higbee’s fourth contract is guaranteed.
Broncos Showed Interest In Travis Etienne, Romeo Doubs
Denver is the only NFL team that has not signed an outside free agent this year, but it did target at least a couple of high-profile names earlier this week. The Broncos were in on newly signed Saints running back Travis Etienne, the former Jaguar told Jeff Nowak of WWL Radio. They also inquired about wide receiver Romeo Doubs before he joined the Patriots, per Chris Tomasson of the Denver Gazette.
After the Jets placed the franchise tag on Breece Hall, Etienne and ex-Seahawk Kenneth Walker entered free agency as the best backs available. The Broncos eyed Hall before the Jets kept him off the market. They pivoted to Etienne as a result, but the Louisiana native took the Saints’ four-year, $52MM deal. Etienne said that it was an easy decision to return to his home state.
It is unclear if the Broncos made Etienne an offer, but his desire to go back to Louisiana suggests the odds were stacked against them. AFC West rival Kansas City also vied for Etienne before it inked Walker to a three-year, $43.05MM pact.
Once Etienne and Walker found new homes, the Broncos addressed the position by re-signing J.K. Dobbins to a two-year, $16MM arrangement and retaining Jaleel McLaughlin on a cheap agreement. Despite missing seven games with a ligament tear in his foot, the oft-injured Dobbins secured a raise over last year’s $5.25MM accord.
Production has never been an issue for Dobbins, who has averaged 5.2 yards on 582 carries during his six-year career. He added 772 yards and four touchdowns on 153 attempts (5.0 YPC) in 10 games last year. The problem is that the former Raven and Charger has missed 57 regular-season games with a laundry list of injuries.
Dobbins was not around past Nov. 6 last year, leaving the No. 1-seeded Broncos to finish the season with rookie second-rounder RJ Harvey as their lead back. Harvey scored an eye-opening 12 touchdowns (seven rushing, five receiving) and caught 47 passes, but he averaged a meager 3.7 yards on 146 carries. He managed just 37 yards on 13 attempts in the Broncos’ 10-7 loss to the Patriots in the AFC title game.
Barring further acquisitions, the Broncos will continue with Dobbins and Harvey as their one-two punch in the backfield next season. They also have all of their main receivers from 2025 – Courtland Sutton, Troy Franklin, Pat Bryant, Marvin Mims and Lil’Jordan Humphrey – under contract. Having averaged around 51 catches, 606 yards and five scores per season over his first four years, Doubs would have been a noteworthy addition to the group. But the Patriots, who had a greater need at receiver after releasing Stefon Diggs, pulled in the ex-Packer on a four-year contract worth up to $80MM.
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.
Saints To Sign RB Travis Etienne
Running back Travis Etienne is coming off the free agent market. The ex-Jaguar will sign with the Saints, Adam Schefter of ESPN reports. Etienne will ink a four-year, $52MM pact, per Ian Rapoport of NFL Network.
Former Seahawk Kenneth Walker III agreed to a three-year, $43.05MM deal with the Chiefs around 25 minutes after the negotiating window opened Monday. That briefly left Etienne as the No. 1 runner available. The five-year veteran will now return to his native Louisiana for a sizable raise.
Etienne’s new accord places him first among all running backs in total money, surpassing the Packers’ Josh Jacobs ($48MM). At $13MM per year, Etienne checks in at sixth in average annual value.
After a stellar career at Clemson, Etienne entered the league as a first-rounder (No. 25 overall) in 2021. A foot injury wiped out Etienne’s entire rookie year, but he showed no ill effects during his debut the next season. Etienne has logged three 17-game seasons and a 15-gamer since then. He is a three-time 1,000-yard rusher who has averaged around 43 catches and eight total touchdowns per season.
Etienne endured an uncharacteristically poor year in 2024, after which the Jaguars drafted fellow RBs Bhayshul Tuten (fourth round) and LeQuint Allen (seventh). It appeared Etienne’s touches would decrease then, but that did not end up being the case.
Etienne got off to a hot enough start in Week 1 last year that the Jaguars quickly traded another of their backs, Tank Bigsby, to the Eagles. In what went down as a rebound campaign for Etienne, he ran for 1,107 yards and seven touchdowns on a career-high 260 carries (4.3 YPC). The 5-foot-10, 215-pounder added 36 catches for 292 yards and another six scores.
With the 27-year-old Etienne heading to New Orleans, it is fair to wonder what the team will do with incumbent starting back Alvin Kamara. The five-time Pro Bowler still has another season left on his two-year, $24.5MM contract. However, the 31-year-old Kamara is coming off a disappointing 2025 in which an MCL sprain limited him to 11 games.
The Saints restructured Kamara’s deal this past weekend. Doing so could make it easier to trade or release the nine-year veteran, though it is unclear if he would be willing to continue with another team. Leading up to last November’s trade deadline, Kamara was adamant that he did not want to play anywhere else.
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.
[RELATED: Giants Aiming To Trade OLB Kayvon Thibodeaux]
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.
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.
Jags Not Expected To Tag Travis Etienne
The Jaguars are not expected to place the franchise tag on running back Travis Etienne, per CBS Sports’ Jonathan Jones, positioning the former first-round pick to hit free agency in March.
Etienne, 27, has been Jacksonville’s starting running back for the past four years and just finished a resurgent season following a disappointing 2024 campaign. He ranked 11th in the NFL with 1,107 rushing yards, 17th with 1,399 yards from scrimmage, and 10th with 13 rushing and receiving touchdowns. Etienne also registered the 14th-most missed tackles forced (46) and 10th-most yards after contact (831), per Pro Football Focus (subscription required), who also gave him strong grades as a pass blocker.
Those are strong numbers, but they do not justify a franchise tag projected to be $14.5MM (via OverTheCap), which would be the third-highest APY among NFL running backs. A transition tag at $11.7MM is more reasonable, but it will be difficult for the cap-strapped Jaguars to carry that number into free agency. It would also set a high floor on a potential extension.
The Jaguars also have 2025 draftees Bhayshul Tuten and LeQuint Allen on the roster, though neither had a major role as rookies. Instead of pursuing a more expensive Etienne extension, the team could opt for a cheaper veteran to add to their young backfield. This year’s draft class is less strong at the position.
Etienne said immediately after Jacksonville’s season ended that he was not focused on his contract situation. He later told reporters (via NFLonFOX) that he did not intend to sign with a cold-weather team. That would seem to rule out several teams, though Etienne could always change his mind once the contract offers hit the table.