The NFL franchise tag deadline is fast approaching, with significant implications for the upcoming free agent market. As of now, Kansas City Chiefs guard Trey Smith has received the non-exclusive franchise tag, allowing him to negotiate with other teams while the Chiefs maintain the right to match any offers. Meanwhile, the Cincinnati Bengals are set to tag wide receiver Tee Higgins for the second consecutive year as they work towards a long-term deal. The Dallas Cowboys are also eyeing a franchise tag for defensive tackle Osa Odighizuwa unless a deal is reached before the deadline.

The franchise tag serves as a mechanism for teams to retain key players who would otherwise become unrestricted free agents. Exclusive tags prevent players from negotiating with other teams, while non-exclusive tags allow such negotiations, providing teams the opportunity for draft pick compensation if they choose not to match an offer. The values for different positions vary, with quarterbacks receiving the highest at $40.242 million, while running backs are at $13.64 million.