The deadline to use the franchise tag is tomorrow, Tuesday, at 4 PM and it appears the Carolina Panthers are in no rush to make a decision. According to Charlotte Observer's Joe Person tweet on Monday, the Panthers are still expected to use the franchise tag on cornerback Josh Norman however nothing has been made official.
There has been three players who have already had the franchise tag placed on them: Chicago Bears' Alshon Jeffery, NY Jets' Muhammad Wilkerson and Baltimore Ravens' Justin Tucker. However, teams appear to be waiting to use the tag in hopes that they can work out long-term deal with key players like Norman, Denver Broncos' Von Miller and the Buffalo Bills' Cordy Glenn.
On Monday, the NFL Players' Association announced what the salaries would be for the franchise tag for each position. If the Panthers do decide to use the tag on Norman, he will be offered a one-year contract worth $13,952,000. This one deal will account for over 47% of the team's projected $29,550,220 cap space this offseason, according to Spotrac.
While this will be a significant chunk of the team's space, it is a move that has to happen. Norman had a career year, that included Pro Bowl and First Team All-Pro selection, and the Panthers' secondary is severely lacking in depth.
The two sides work will not be done when the franchise tag is placed on Norman, as this just provides the Panthers more time to work out a long-term deal with their cornerback and not allowing him to reach free agency. The two sides will have until mid-July to work out a new contract. However, if they can't come to an agreement, no new negotiations can be discussed until after the season.