Star wide receiver Tee Higgins will play out the 2024 NFL season under the franchise tag, earning a fully guaranteed $21.8 million. This development follows unsuccessful contract negotiations with the Cincinnati Bengals, which failed to produce a long-term extension before Monday's deadline.
Higgins, who will report to training camp when veterans convene on July 23, had requested a trade back in March. The Bengals, however, did not acquiesce to his request. Despite the standoff, Higgins remains a central figure in the Bengals' plans for the upcoming season.
Franchise Tag Fallout
The decision to use the franchise tag on Higgins was somewhat expected, yet it comes as a disappointment for fans who envisioned the wide receiver as a long-term target for quarterback Joe Burrow. "It was assumed he would be a top target of Burrow's for years to come." This sentiment echoes the excitement generated when Burrow, now the highest-paid player in the NFL with a five-year, $275 million extension, took the helm of the Bengals' offense.
The failure to secure a long-term deal has prompted speculation about Higgins' future in Cincinnati. The Bengals' choice to not yield to his trade request indicates their commitment to retaining his talents, at least for the coming season. However, with substantial cap space discrepancies across potential suitors, the landscape could shift dramatically.
Potential Landing Spots
The New York Jets, for instance, have only $6.254 million in cap space for the season. While this seems insufficient for a star like Higgins, there is room for creative accounting. "The New York Jets don't have a ton of cap space left to play with for this season, but they could get creative in their accounting for a Higgins extension by providing him with a massive signing bonus and backloading his contract to defer larger cap hits to future years." Such an approach could make New York an intriguing possibility should the Bengals reconsider their stance on a trade.
Meanwhile, teams like the Washington Commanders and the New England Patriots are in more favorable financial positions, with $37 million and $43.763 million in cap space, respectively. Both franchises could realistically afford to absorb Higgins' contract demands, potentially setting up a bidding war if he becomes available. Another franchise to watch is the Los Angeles Chargers, who have $20.656 million in cap space this season and are projected to have nearly $43 million in cap space in 2025. Their future financial flexibility might position them as a stealth contender for Higgins down the line.
Comparative Market Value
Adding another layer to the intrigue is the comparative market value Higgins holds against other elite receivers. One point to consider is how acquiring Higgins might stack up against other blockbuster trades. "A trade and contract for Higgins will most certainly cost less than trading for Adams." With teams weighing the balance of talent and cost, Higgins may present an appealing alternative for franchises aiming to bolster their receiving corps without breaking the bank on an Adams-level contract.
The Bengals' immediate priority is likely to maximize their window of opportunity with Burrow at the helm. Ensuring Higgins remains a top target for the star quarterback this season is paramount. However, the broader NFL landscape will keep a close eye on how this situation evolves, especially as training camps get underway and the season progresses.
For now, Bengals fans can look forward to seeing Higgins line up alongside Burrow for at least one more season. Whether this partnership extends beyond 2024 depends on a complex interplay of performance, financial maneuvers, and strategic decisions by both the player and the franchise. What is clear is that the NFL rumour mill will be buzzing with possibilities as teams assess how to navigate their paths to acquiring a receiver of Higgins' caliber.