Sources: Seahawks unlikely to use tags on Kenneth Walker III - ESPN

The Seattle Seahawks are unlikely to use either a franchise or transition tag on running back and Super Bowl MVP Kenneth Walker III, league sources told ESPN's Adam Schefter on Tuesday.

The Seahawks have multiple free agents that they want to retain and sign, and the team would also try to extend the contract of wide receiver Jaxon Smith-Njigba.

Starting Tuesday, NFL teams can begin applying franchise or transition tags through March 3. However, there are enough Super Bowl tax costs for the Seahawks that now make using a franchise tag this offseason unlikely, sources told ESPN.

Walker rushed for 135 yards on 27 carries and caught two passes for 26 yards in the 29-13 victory over the New England Patriots in Super Bowl LX, becoming the first running back to be named MVP since the Denver Broncos' Terrell Davis won the award in Super Bowl XXXII following the 1997 season.

Walker is slated to be an unrestricted free agent for the first time in March after playing the final year of his rookie contract with a salary cap number of just under $2.7 million. The projected cost of the franchise tag for running backs would be $14.5 million, while the transition tag would come at a cost of $11.7 million.

The Seahawks have only used the franchise tag twice in 16 seasons under general manager John Schneider.

Walker rushed for 1,027 yards on 221 attempts with five touchdowns in a backfield platoon with Zach Charbonnet this season, and Walker's 33 rushes of 10 or more yards in the regular season ranked sixth. After Charbonnet suffered a torn ACL in the divisional round, Walker became the lead back and totaled 417 scrimmage yards to lead all players in the postseason.

ESPN's Brady Henderson contributed to this report.