The NFL's franchise tag deadline is fast approaching, set for Tuesday at 4 p.m. ET, with teams finalizing decisions on key players. The Kansas City Chiefs have placed the tag on offensive lineman Trey Smith, while the Cincinnati Bengals have tagged wide receiver Tee Higgins, ensuring he remains in Cincinnati. The Dallas Cowboys are also reportedly prepared to franchise defensive tackle Osa Odighizuwa if a long-term agreement isn't reached.

Understanding the franchise tag is crucial: it allows teams to keep a player who might otherwise enter free agency, binding them to a one-year contract that reflects either the average salaries of the top five players at their position or a fixed percentage increase from the previous year. There are different types of tags, including exclusive and non-exclusive options, each with varying implications for player movement and negotiation.