The New York Giants will apply the franchise tag to Jason Pierre-Paul, per a report from Pro Football Talk. Based on an anticipated salary cap of $168 million for 2017, the tag will cost the Giants roughly $17 million.
Pierre-Paul, seeking a multi-year mega-contract, had previously said he would not sign a one-year deal.
ESPN’s Adam Schefter reported this:
Giants expected to use franchise tag on Jason Pierre-Paul by Wednesday if two sides cannot reach long-term deal by then, per league sources.— Adam Schefter (@AdamSchefter) February 27, 2017
In confirming the deal, Mike Garafolo of NFL Network reported this tidbit via Twitter:
The Giants don't want to do a deal with JPP at $17m but teams were lurking and they knew it. So franchise tag it is.— Mike Garafolo (@MikeGarafolo) February 27, 2017
The move, assuming the Giants are using the exclusive tag, keeps Pierre-Paul off the open market and gives the two sides until July 15 to work out a long-term deal. If no deal is worked out by then, Pierre-Paul could only play under the tag or a one-year contract.
The Giants, though, would certainly like to get a deal done by March 9 in order to have more cap room to pursue other free agents.
The Giants had also used the tag on Pierre-Paul in 2015, before his fireworks accident. They eventually worked out a one-year deal and Pierre-Paul was able to play in eight games. He played last season on a one-year, $10 million contract.
Paul Schwartz of the New York Post had reported just moments before this news broke that the Giants and Pierre-Paul were “nowhere close” to a long-term deal.
Using Spotrac’s estimate, dedicating $17 million to Pierre-Paul would seriously handicap the Giants’ effort to upgrade other position. That would be half of the roughly $34 million they have available.
Here is what Pierre-Paul’s agent, Doug Hendrickson, told the Post before the franchise tag news came out:
“I think it’s a high number to tag someone at – 17 million bucks,’’ Hendrickson said. “So I don’t think at the end of the day they want to do that. I wouldn’t think the Giants, if they do tag him, want a one-year deal.’’
So, we will see where this goes. We appear to know now that Pierre-Paul will be a Giant next season. We will just have to wait and see if the two sides can work out a deal that will satisfy both sides.