2024 NFL franchise tag tracker: Bengals tag Tee Higgins - ESPN

Before NFL free agency begins, teams are allowed to apply franchise tags to players beginning Feb. 20 through March 5 to give them a sense of what they need to do before the league year starts on March 13.

What is the franchise tag? The franchise tag is a designation teams can apply to a player scheduled to become an unrestricted free agent, and it binds the player to the team for one season. Franchise tag figures are based on the top five salaries at each position. The NFL has told its 32 teams that the 2024 salary cap will be a record $255.4 million, up from $224.8 million last year.

Last season, only six players were franchise-tagged. Among them was Baltimore Ravens quarterback Lamar Jackson, the 2023 NFL MVP. Here's a look at players who have been tagged, the reasons they were and the tag figure:

The two sides were unable to reach a long-term extension before the start of last season, and the tag designation was always the likely outcome for the 2024 season, per a source familiar with the situation. Tagging Higgins allows Cincinnati to keep the core nucleus of quarterback Joe Burrow, wide receiver Ja'Marr Chase and Higgins together for at least one more season.

Franchise tag salary: $21.816 million

Career highlights: Higgins led the Bengals in receiving in Super Bowl LVI with four receptions for 100 yards and two touchdowns. He had back-to-back seasons of 74 receptions and more than 1,000 receiving yards before dealing with injuries last year and being held to 12 games and 656 yards. Despite the injuries, he still finished second on the Bengals with five receiving touchdowns.

Why he was tagged: Higgins, a second-round pick in 2020, has been a pivotal part of Cincinnati's offensive overhaul. He arrived the same year