Contract Terms
According to NFL Network's Ian Rapoport, the Cincinnati Bengals have informed Tee Higgins they will use their franchise tag to retain him (the team subsequently made the move official on Monday, Feb. 26). The franchise tag number for wide receivers is $21.86 million, fully guaranteed. He becomes the first franchise tag player this offseason.
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Fantasy Football Impact
While the Bengals will use the franchise tag on Higgins, SI.com's James Rapien reports that doesn't mean they're ruling out a long-term extension. Indeed, long-time NFL insider Tony Pauline wrote before this news broke that is the goal. "Sources close to the Bengals tell me the team is trying to negotiate a contract extension with Higgins to lock him up for the next several years," Pauline explained. "Any way you cut it, the Bengals hope Higgins' long-term future resides in Cincinnati." Applying the franchise tag gives the two sides until July 15 to reach a long-term extension. Short of that, the former Clemson star will play on the tag. Either way, Higgins, who has 257 career catches for 3,684 yards and 24 touchdowns in four seasons in Cincinnati, will be a Bengal in 2024. Injuries limited him to just 12 games in 2023, but he had more than 1,000 receiving yards in the two seasons before.
This move ensures Joe Burrow and the Bengals offense will continue to benefit from the presence of one of the NFL's most dangerous receiving duos in Ja'Marr Chase, who has finished as fantasy's WR3, 12, and 13 over his first three seasons, and Higgins. Remember, Higgins finished as WR17 in each of his two full seasons (2021 and 2022) working alongside Chase with Burrow as their triggerman. Expecting a healthy Higgins to continue delivering at a similar level isn't unreasonable, but you'll currently find him at WR27 on the Footballguys 2024 Draft Rankings. Don't be surprised to see him move back into WR2 territory now that we know he'll remain in Cincinnati.
What this move will mean for teammate Tyler Boyd, who is an unrestricted free agent, remains to be seen.
The Fantasy Football Fallout
As NFL Network's Judy Battista pointed out, tagging Higgins gives the Bengals, the only consistent threat to the Chiefs, another chance to win the Super Bowl by keeping the high-powered trio of Higgins, Burrow, and Chase intact. Battista added Higgins would be a No. 1 receiver on many other teams, including Kansas City. As noted above, having Higgins working in tandem with Chase hasn't limited either player, and it's a positive for Burrow, who will be returning from a wrist injury suffered in Week 11 that ended his season early. Burrow is currently QB6 on our initial rankings, while Chase is WR3. At the very least, Higgins' presence solidifies those rankings.
Beyond all that, with other top receivers -- including Chase and Justin Jefferson, among others -- in line for new multi-year deals, the wide receiver market might be reset by the time Higgins hits the open market, and he could come out even further ahead this time next year. According to Pro Football Focus, the Bengals have the sixth most cap space for the 2024 season, the last season before Burrow's record-breaking five-year, $275 million extension takes effect. Factoring in the estimated figure on Higgins' franchise tag, the Bengals will have about $51 million in cap space remaining ahead of free agency on March 13.
Stock Watch
Risers
Fallers
Overview
Tee Higgins remaining on the Bengals, whether he plays on the franchise tag or the two sides get a long-term extension done before July 15, is good news for Higgins, Ja'Marr Chase, and Joe Burrow. While Higgins could produce at a higher level as a WR1 on another team, there are no guarantees. Staying in place gives us some history to fall back on when setting expectations for all involved. Also, Higgins rising from his current high-end WR3 ranking in the WR2 range is a reasonable expectation.