What NFL Franchise Tag Means for Josh Jacobs, Saquon Barkley, Tony Pollard

The NFL's deadline to extend franchise-tagged players came and went on Monday afternoon, and three of the six players who were tagged in 2023 passed it without a new long-term deal.

Unsurprisingly, those three—Saquon Barkley, Josh Jacobs and Tony Pollard—play running back.

The devaluation of the running back position took a new turn this offseason, as still-productive starters like Ezekiel Elliott and Dalvin Cook became cap casualties. Cook was a 2022 Pro Bowler, as was Miles Sanders, who only commanded a modest four-year, $25.4 million deal that includes $13 million in guarantees on the open market.

Jacobs, Barkley and Pollard were also Pro Bowlers this past season, but their respective employers weren't racing to hand out long-term contracts. Franchises have increasingly employed a strategy of heavily using running backs through their early-to-mid 20s and then looking for cheaper alternatives—often via the draft.

While it's not exactly fair for players who fill one of the most physically demanding roles on the field, it makes financial sense for teams in what is, more than ever, a pass-first league.

For Pollard, Barkley and Jacobs, there will be no long-term deals this year. They can play on the tag and collect their $10.1 million salaries or not play at all. The big unknown is what the tag means for these elite offensive playmakers moving forward.

Here's a look at each situation.

Josh Jacobs

According to NFL Media's Ian Rapoport, the Las Vegas Raiders and Jacobs did have "extensive negotiations" before the deadline. However, with no contract in hand, the 25-year-old faces the most uncertain situation of the bunch.

Jacobs clearly hasn't been happy about receiving the tag, and he shouldn't be. After leading the league with 1,653 rushing yards and 2,053 scrimmage yards in 2022, he's done everything possible to show that he deserves to be a Las Vegas cornerstone.

Jacobs' "reward" was a good (for a running back) 2023 salary but zero long-term commitment or financial security.

And this could lead to Jacobs sitting out for the next month or longer.

"Jacobs has yet to sign the franchise-tag tender and is already sending word that if the deadline passes without a deal, he will not report to training camp," Vincent Bonsignore of the Las Vegas Review-Journal wrote on Saturday.

Jacobs' potential holdout shouldn't come as a surprise. The two-time Pro Bowler hinted that he could take a stand for his underappreciated position group earlier this offseason.

Jacobs can't be any happier with developments after seeing himself, Barkley and Pollard receive no acceptable offers but watching franchise-tagged tight end Evan Engram receive a new deal that, according to ESPN's Adam Schefter, is worth $41.25 million over three years and includes $24 million fully guaranteed.

Engram's annual salary of $13.75 million is now higher than that of any running back aside from Christian McCaffrey and Alvin Kamara.

This means that Jacobs probably will hold out for at least part of camp, because he can. Since he's not technically under contract until/unless he signs his tender, he can't be fined for skipping team activities.

Theoretically, Jacobs could hold out into the regular season—as Le'Veon Bell famously did for all of 2018—though he'd be missing game checks and doing little to help his 2024 market value.

Jacobs could also hope Las Vegas rescinds his tag or trades him, but both outcomes also seem unlikely. No team trading for Jacobs could extend him until 2024, and the Raiders are under no obligation to set Jacobs free.

We should eventually see Jacobs in a Raiders uniform this season, though it may only happen after he demands and fails to receive a trade.

With head coach Josh McDaniels and general manager Dave Ziegler eager to turn over the roster and build "their team," Jacobs will likely be wearing a different uniform in 2024. McDaniels and Ziegler, it must be noted, came over from the New England Patriots, where shuffling through budget running backs was a trend even before it caught on league-wide.

Prediction: Jacobs holds out through camp, reports before Week 1 and departs in 2024 free agency.

Saquon Barkley

While it's unclear what Las Vegas ultimately offered Jacobs, we have a better idea of what the New York Giants were willing to pay Barkley.

Paul Schwartz of the New York Post reported an offer of about $13 million annually, which Barkley did not accept. Ryan Dunleavy of the New York Post reported on Monday that New York had made a new offer that included slightly more than $22 million in guarantees with a lower AAV.

As Dunleavy pointed out, that $22 million number is close to what Barkley stands to have guaranteed ($22.2 million) if he's franchise-tagged a second time in 2024. A second tag is ultimately where things could be heading for Barkley and the Giants.

After reaching the divisional round in 2022, the Giants are clearly in win-now mode. Barkley is their biggest all-around offensive threat, and he carried the offense at times in 2022, finishing with 1,312 rushing yards, 338 receiving yards and 10 combined touchdowns.

It would behoove the Giants to keep Barkley in the fold for the foreseeable future. However, they have good reasons for not wanting to commit a ton of guaranteed money over a long-term deal.

Barkley is already 26, and he has an extensive injury history. He's been special in his two fully-healthy seasons, but injuries have yielded mediocre production in his other three. In 2020, Barkley suffered multiple torn ligaments in his right knee and missed all but two games.

Using the tag twice would give New York a little bit of protection against another injury or a sudden drop-off by Barkley. It would still be paying him, but it wouldn't be saddled with a long-term commitment or faced with spending on Barkley in future years.

When those two years are up, Barkley will be approaching 28, which is getting up there for a running back.

While Barkley probably isn't thrilled with the notion of receiving the tag in consecutive years, he may not fight it either. He hasn't publicly hinted at a holdout and seemed to take not getting a new deal in stride.

Barkley may still wait to sign his tender and wait to report until just before the season to minimize his injury risk. However, fans shouldn't expect him to try forcing his way out of New York.

Should Barkley stay healthy through the 2023 season and have another elite campaign, the Giants may be more inclined to offer him a long-term contract—though a second tag won't come as a surprise before New York and Barkley engage in their contract dance again.

Prediction: Barkley reports before the end of the preseason and receives a second franchise tag in 2024.

Tony Pollard

Pollard is a bit of an outlier here, as he is the only one of these three running backs who has already signed his tender.

According to NFL Network's Jane Slater, Pollard and the Dallas Cowboys never engaged in significant extension discussions:

Pollard tallied an impressive 1,378 scrimmage yards and 12 touchdowns while earning his first Pro Bowl berth in 2022. However, Dallas' decision not to lock him up immediately after didn't come as a shock.

Pollard suffered a leg injury that required surgery in January, and Dallas will likely look to see how his recovery and his 2023 campaign unfold before going to the negotiating table.

The good news, according to Rapoport, is that Pollard is expected to be ready in time for training camp.

There's no chance for a holdout here. Since Pollard has signed his tender, he is under contract and is subject to fines if he misses camp—and if he had a serious issue with receiving the tag, he wouldn't have signed his tender all the way back in March.

The question is whether Dallas will be willing to extend Pollard next year if he returns to pre-injury form and successfully handles being the team's lead back. It's a role the Cowboys need Pollard to fill after releasing Elliott—though as long as Elliott remains available, a reunion is possible.

A lot is going to hinge on Pollard's performance in 2023, but he feels like a realistic extension candidate in 2024. Franchise owner Jerry Jones has traditionally rewarded his best players with long-term deals, and while Pollard is 26, he hasn't experienced the wear and tear of being an every-down back to this point.

Pollard may not be a true every-down back again this season, if the Cowboys can get reasonable production out of players like Malik Davis and rookie sixth-round pick Deuce Vaughn.

While Pollard probably isn't going to see a massive six-year extension like the one Elliott got in 2019, a two- or three-year deal would be entirely reasonable. The Cowboys are still in their playoff window, and if Pollard remains a Pro Bowl talent, they'll be inclined to keep him.

Using the franchise tag for a second time probably won't be an option for Dallas, which is projected to have just $8.9 million in cap space next offseason. Given the lack of demand for running backs in free agency, Pollard may be more than happy to accept a fair offer from the Cowboys instead of testing the market.

Prediction: Pollard plays in 2023 and signs an extension with Dallas in 2024.

*Cap and contract information via Spotrac.