Time is running out for NFL teams to sign long-term players who were given franchise designations. The deadline for franchise players to sign multi-year contracts is Monday, July 17 at 4 p.m. ET. After this deadline passes, players with franchise tags are prohibited from signing long-term deals until the end of the regular season on Jan. 7, 2023.
Six players received franchise player designations this year. Two have signed long term.
The Commanders didn’t waste any time in locking up defensive tackle Daron Payne, who had been given an $18.937 million franchise tag. Payne signed a four-year, $90 million contract to become the NFL’s second-highest paid interior defensive lineman at $22.5 million per year on March 14, a day before the 2023 league year started. The deal has $60.02 million in guarantees, of which $46.01 million was fully guaranteed at signing.
The Ravens took a calculated risk by giving a non-exclusive franchise designation to quarterback Lamar Jackson for $32.416 million, which allowed him to solicit offers from other NFL teams. Surprisingly, some quarterback-needy teams where Jackson would have been a significant upgrade were quick to publicly state there wouldn’t be any interest in him.
The 2019 NFL MVP received a contract, which was agreed to shortly before the start of the NFL Draft on April 27, making him the league’s highest-paid player. The NFL world had been closely monitoring Jackson’s contract situation because he represented himself.
Jackson signed a five-year, $260 million deal, averaging $52 million per year. There are $185 million of overall guarantees in the contract where $135 million is fully guaranteed. The $135 million fully guaranteed at signing includes an NFL record $72.5 million signing bonus.
Jackson has a no-trade clause. There’s also a provision preventing the Ravens from designating Jackson as a franchise or transition player when the deal…