Franchise tag deadline winners and losers: Kenneth Walker III gets to test free agency

Tuesday was a busy day in the NFL as teams had to decide whether or not to franchise tag any of their players before the 4 p.m. deadline. 

While it comes with a guaranteed salary for the 2026 season, being franchise tagged also prevents a player from testing the open market, an opportunity that may only come around once in a player’s career during their prime earning years. The silver lining, however, is that players who are franchise-tagged still have until 4 p.m. on July 15 to come to terms with their team on a long-term deal before the start of the upcoming season. 

Prior to Tuesday, Atlanta Falcons tight end Kyle Pitts Sr. and Dallas Cowboys receiver George Pickens were the only two players who had already been franchise tagged by their respective clubs. That number increased to three players after the New York Jets placed their franchise tag on running back Breece Hall. Indianapolis Colts quarterback Daniel Jones received a transition tag while becoming the first quarterback to receive that tag in over 30 years. 

Hall and Jones are among the following list of notable winners and losers from this year’s NFL franchise tag deadline day.

Winner: Kenneth Walker III 

The reigning Super Bowl MVP is on the precipice of testing free agency after the Seattle Seahawks opted not to franchise tag him. Walker is set to become only the fourth reigning Super Bowl MVP to become a free agent; the previous three signed lucrative contracts with new teams. 

Walker, 25, will immediately jump to the top of a competitive group of running backs who will also test free agency, a group that includes fellow draft classmate Travis Etienne and former Pro Bowler Najee Harris. Walker, who earned just under $8.5 million during his four years in Seattle, has an expected market value of just over $36 million over four years. 

There should be at least several competitive teams that will vie for Walker’s services, including the Jacksonville Jaguars and Kansas City Chiefs. There’s also a chance, although unlikely, that Walker and the Seahawks come to terms on a new contract before March 11, the official start of the new league year. 

Loser: Breece Hall 

While Walker is slated to shop his services in free agency, Hall won’t get that same chance after the New York Jets franchise tagged him on Tuesday. 

Instead of a fresh, new opportunity, Hall will have to continue to toil on a team that hasn’t had a winning season in over a decade. Despite the lack of help around him, Hall has had individual success during his time in New York. He’ll look to do so again in 2026. 

There is some good news for Hall, though. One is the fact that the Jets will reportedly continue to try to come to terms with him on a long-term deal. The other is that, if Hall plays under the franchise tag, he will receive $14.293 million, making him the fourth-highest-paid running back in the NFL in terms of annual salary. 

Winner: Trey Hendrickson 

Tuesday was probably a bittersweet day for Hendrickson, but probably more of the latter. Hendrickson was hoping to remain in Cincinnati on a long-term deal. While that doesn’t appear to be in the cards, he will get a chance to pursue his coveted multiyear deal in less than a week. 

Now 31, Hendrickson is slated to enter free agency for just the second time in his career and the first time since 2021. Back then, Hendrickson penned a four-year, $60 million deal that ultimately swelled to over $92.2 million during his five seasons in Cincinnati. 

If he departs next week via free agency, it’ll mark another notable member of the Bengals’ 2021 Super Bowl team who has left town in recent years. Hendrickson was a Pro Bowler during each of his four years with the Bengals. He led the entire NFL with 17.5 sacks in 2024. 

While injuries hampered him this past season, Hendrickson should still command a pretty big market in free agency given the position he plays and the number of teams that could use a proven pass rusher. 

Loser: Daniel Jones 

Jones became the first quarterback since Jeff George (way back in 1996!) to receive the transition tag. By getting transition-tagged, Jones loses out on about $6 million that he would have made had the Colts franchise-tagged him. He is slated to make $37.833 under the transition tag. 

The Colts’ decision to transition Jones also increases the odds of one of Jones’ favorite receivers, Alec Pierce, testing free agency, as teams cannot use multiple tags. Unless Pierce and the Colts come to terms on a new deal in less than a week, there’s a very good chance that Pierce plays somewhere else in 2026. 

The positive for Jones is that it only takes one team to make an offer competitive enough to force the Colts’ hand. That, however, is a risk the Colts were willing to take, and for good reason, given Kyler Murray’s financial situation. 

Shortly after the news broke on the Colts’ decision to place the transition tag on Jones, it was revealed that the Cardinals will release Murray when the NFL’s new league year begins. Because the Cardinals owe him $36.8 million, Murray will more than likely play somewhere else for the league minimum. That will undoubtedly impact Jones and the number of offers he may receive. 

Winner: Alec Pierce 

Because teams can only tag one player, Piece just got one step closer to free agency after the Colts decided to use their tag on Jones. There is also still the chance that the Colts and Pierce come to terms on a new deal before the start of next week. Either way, Pierce will have a new contract before the start of the 2026 season. 

Still just 25 years old, Pierce is entering his fifth season after spending the first four seasons in Indianapolis. One of the league’s premier big-play threats, Pierce led the NFL with a 22.3 yards-per-reception average in 2024. In 2025, Pierce again led the NFL in average yards-per-catch (he averaged 21.3 yards-per-catch) and also eclipsed 1,000 receiving yards for the first time in his career. 

After making $8.66 million on his rookie contract, Piece is in line for a big pay raise. His current projected market value calls for him to earn nearly $81 million on a four-year deal. That number appears to be very conservative, however, given the current demand for proven players at Pierce’s position, coupled with the fact that this is a relatively weak free agent class of receivers. 

Among the teams that will likely lobby for Pierce’s services are the Pittsburgh Steelers, who unsuccessfully tried several times last year to find a proven wideout to complement DK Metcalf.