Getty Saquon Barkley would welcome "a handshake agreement" with the New York Giants for 2024 NFL free agency.
The New York Giants are unlikely to place the franchise tag on running back Saquon Barkley following a report made by Paul Schwartz of the New York Post. The window for applying franchise tags opened today and won’t close until March 5 at 4 p.m Eastern time.
The 2018 second overall draft pick was tagged last season which gave him a guaranteed salary of $10.1 million. After a career year in his first season under head coach Brian Daboll, Barkley rejected an extension prompting the move.
His second season didn’t go as well as the first as he only averaged 3.9 yards per attempt and failed to reach the 1,000-yard mark.
If the team were to franchise Barkley for a second consecutive season, a 20% increase would be added. With an estimated $26 million in cap space, the Giants have enough space to tag Barkley and continue to work out a long-term contract extension.
The deadline for a long-term deal for franchise players is July 15. If no deal is made by that time, the player will be forced to play under that number for the entirety of the season.
Could Saquon Barkley Return After Checking the Market?
Even if he reaches free agency, a saturated running back market won’t preclude Barkley from returning. Names such as the Titans’ Derrick Henry and the Raiders’ Josh Jacobs to name a few, will make the market interesting.
If a big-name runner accepts a deal under projected market values, how does that affect the other backs looking for new contracts? For New York, planning for life after Barkley may already be underway as cheaper options are already being mentioned in case of a potential departure.
What About the Transition Tag?
The transition tag carries a guaranteed salary of $10.1 million. If applied, Barkley would still be permitted to speak with other teams and would allow him to sign an offer sheet.
The Giants would then have the right to match the contract or allow Barkely to leave via free agency. The issue with the transition tag is if that a team opts to decline, they receive no compensation, unlike the exclusive and non-exclusive tags.
Either way, it is only a temporary solution for a player who is seeking a multi-year extension.
Could Any Other Giants Player Receive a Tag?
With 26 free agents set to hit the market, it remains to be seen whether the Giants will use any of their available options. Cornerback Adoree Jackson signed a three-year contract with an annual average salary of $13 million per season. Spotrac estimates his market value to come in around $11.3 million per season.
The franchise tag for cornerbacks is expected to come in around $18.7 million, making it unlikely New York places it on Jackson. The transition tag is projected to be around $15.8 million in 2024, casting doubt the team will tag him.
Another name that could give pause before answering the tag question is safety Xavier McKinney. With a projected contract that would pay him $10.4 million per season, keeping him under the tag could be a way from losing him once the new league year begins.
With so many free agents and modest cap availability, it feels unlikely the Giants will use the tag this offseason.