The NFL’s annual game of tag has come to an end – and four guys are it.
The league’s deadline to apply franchise and transition tags, mechanisms designed to reward pending free agents while simultaneously hindering their ability to test the market, expired March 3 at 4 p.m. ET. Aside from New York Jets RB Breece Hall, Indianapolis Colts QB Daniel Jones, Dallas Cowboys WR George Pickens and Atlanta Falcons TE Kyle Pitts, every other NFL player on an expiring contract is now free to test the free agent market – its negotiating window set to open March 9 (new deals can be signed March 11).
As for those who got tagged? Some will win, some will lose, some are born to sing the blues:
WINNERS
Daniel Jones
The Colts’ QB1 – at least until he ruptured his Achilles last December – received the transition tag Tuesday, the first quarterback to get one since 1996. And while it stands to reason Indy will find a way to keep a guy who had a career year in 2025, despite the injury, and had revitalized the club to that point, this development is also pretty good news for Jones. The tag ensures he will make $37.8 million in 2026 … if he plays on it. But given the Colts wouldn’t receive any compensation if another club tries to pry Jones away – little reason for other teams not to consider offer sheets that would only escalate his price point in a year when QBs should be in high demand.
Alec Pierce
Jones’ primary deep threat in Indy, Pierce avoided a tag altogether after the Colts were compelled to use it on the quarterback. A second-round pick in 2022, Pierce has led the NFL in yards per catch each of the past two seasons and is coming off his first 1,000-yard receiving campaign. Decent chance he re-signs … better chance he takes the opportunity to fully explore his market first given he could make north of $20 million annually.
Trey Hendrickson
Worth wondering if he likes George Michael’s music – if so, Hendrickson surely has “Freedom” blasting in the aftermath of his financial battles with the Cincinnati Bengals in recent years. Despite being injured and missing 10 games in 2025, the 35 total sacks he collected over the previous two seasons should still earn him a massive contract.
Tyler Linderbaum
Despite fielding what Ravens GM Eric DeCosta deemed “a market-setting offer,” the three-time Pro Bowl center is set to go free – if only temporarily – and gauge what could be the most lucrative market anyone explores this offseason, and almost certainly so among non-QBs.
Breece Hall
He stands to make $14.3 million on the tag − nearly $4 million more than he’s earned during the entirety of his four-year Jets career to date. Even better, Hall can sit back and watch peers like free agent Kenneth Walker III get paid − while superstar backs such as Bijan Robinson and Jahmyr Gibbs are positioned for massive extensions of their own. What does it mean? The longer Hall waits to sign his own multi-year pact, the more his price tag should rise.
Kenneth Walker III
The Super Bowl MVP was not tagged by the Seattle Seahawks. He’ll get (financially) bagged quite handsomely, likely by another team. If he moves on, Walker would become the fourth Super Bowl MVP to switch clubs in the subsequent season.
George Pickens
He’s guaranteed $27.3 million in 2026 if he plays on the tag!
LOSERS
George Pickens
If he plays on the tag, that presumably means a lengthy, failed negotiation with Dallas Cowboys owner Jerry Jones … and very likely an unhappy player expected to skip most, if not all, of the offseason.
Kenneth Walker III
Hard to believe the grass will be a brighter shade of Action Green (one of Seattle’s official colors) wherever he might head next – assuming he does. Also, much harder to believe he’ll be playing for another Super Bowl MVP next season in a different uniform.
Breece Hall
He obviously wasn’t thrilled to see high-profile former teammates Sauce Gardner and Quinnen Williams leave the Jets at last year’s trade deadline – when it seemed Hall might also get liberated. But remaining hitched to, arguably, the league’s worst outfit maybe isn’t so bad – even if Hall isn’t guaranteed Saquon Barkley-level lettuce. Maybe Hall even becomes a foundational piece of a much-improved roster if the NYJ can successfully convert all of their draft and cap capital over the next few years. If. At least Hall managed to keep any emotions out of his thumbs Tuesday.
Baltimore Ravens
Offensive line was a serious issue in Charm City last year, but now the team stands to lose Linderbaum, arguably QB Lamar Jackson’s most reliable bodyguard. But given tag values are formulated by the top-paid blockers, DeCosta couldn’t well franchise Linderbaum and effectively grant him left tackle-caliber compensation.
Kyle Pitts
Barring an extension, he’s assured of making $15 million next season. It’s a good chunk of change, but Pitts will have to hope new Falcons coach Kevin Stefanski – and he likes to deploy multiple tight ends – figures out how to optimize his estimable abilities. David Njoku was something of a Pitts-adjacent player in terms of ability but only had one season with Pitts-adjacent numbers in six years under Stefanski in Cleveland.
Indianapolis Colts
By failing to get extensions done with Jones and Pierce, they’ll be lucky to pay top dollar in order to retain both − and that will make it more challenging to import another stud, say Hendrickson. And, don’t forget, GM Chris Ballard has no first-round pick this year after obtaining Gardner.