Star wide receiver Tee Higgins is set to play out the 2024 NFL season under the franchise tag, a situation stemming from failed contract negotiations with the Cincinnati Bengals. Despite efforts to reach a long-term extension, the two sides could not come to an agreement before Monday's deadline. As a result, Higgins will earn a fully guaranteed $21.8 million for this season.
This development comes after a tumultuous off-season for Higgins. In March, he formally requested a trade, a move that shook the fan base and created ripples across the league. However, the Bengals did not acquiesce to his trade request, opting instead to keep one of their prized offensive weapons in-house for at least one more season.
While the franchise tag solidifies his spot on the Bengals’ roster for the time being, it also raises questions about his long-term future with the team. Many assumed he would be a top target of quarterback Joe Burrow for years to come, but the unresolved contract situation and recent trade request cast doubt over that assumption.
Financial Implications
The Bengals have made significant financial commitments elsewhere, most notably making Joe Burrow the highest-paid player in the NFL with a five-year, $275 million extension. This financial maneuvering leaves less room to accommodate top-tier contracts for other key players like Higgins, further complicating negotiations.
In contrast, other teams have varying levels of cap space that might influence the feasibility of a trade for Higgins. The New York Jets, for instance, have $6.254 million in cap space for the current season. While their cap space is limited, it's been suggested that they could get creative in their accounting by providing him with a massive signing bonus and backloading his contract to defer larger cap hits to future years.
The Washington Commanders, who have $37 million in cap space, and the New England Patriots, with $43.763 million available, are in better positions to accommodate a player of Higgins' caliber financially. The Los Angeles Chargers, another potential suitor, have $20.656 million in cap space this season and are projected to have nearly $43 million in cap space in 2025, providing them with the flexibility needed to potentially make a play for Higgins.
Trade Market Dynamics
Evaluating Higgins' trade market, it’s crucial to note that any prospective team would need both the cap space to absorb his contract and the willingness to meet Cincinnati’s presumably high asking price. The sentiment around the league suggests that a trade and contract for Higgins will most certainly cost less than trading for premium receivers like Davante Adams.
Higgins’ situation will undoubtedly be one to watch as the season progresses. His performance under the franchise tag could either bolster his market value or reinforce Cincinnati’s determination to sign him to a long-term deal. For now, all eyes will be on the upcoming training camp, where Higgins is expected to report when veterans convene on July 23.
As the Bengals navigate this delicate financial and strategic balancing act, they must weigh the immediate benefits of retaining Higgins against the potential long-term gains of a trade. For Higgins, the 2024 season serves as both a proving ground and a critical juncture in his career.