The NFL franchise tag, explained

The NFL franchise tag allows teams to retain one impending unrestricted free agent per year. Players who receive the franchise tag sign a guaranteed one-year contract. There are two types of franchise tags: non-exclusive and transition tags. The transition tag is cheaper but offers no compensation if the player signs with another team. Teams have until mid-July to sign a tagged player to a contract extension. The Indianapolis Colts have used the franchise tag six times and the transition tag three times in their history. General manager Chris Ballard is open to using the franchise tag if necessary.

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