Tee Higgins Signs $21.8M Bengals Franchise Tag Amid Contract, NFL Trade Rumors

After skipping OTAs and mandatory minicamp while holding out for a long-term contract, Tee Higgins signed his one-year franchise tender with the Cincinnati Bengals on Monday.
ESPN's Adam Schefter previously reported on Saturday that Higgins was planning on signing the franchise tag.
The agreement comes after Higgins reportedly requested a trade early in the offseason. His one-year contract will pay him $21.8 million for the 2024 season.
The Bengals used the tag on Higgins on Feb. 26 to keep him from becoming an unrestricted free agent.
Even though the move extended Cincinnati's window to negotiate a long-term deal, there is no indication those talks have occurred. ESPN's Ben Baby reported in May the last time the two sides discussed an extension was more than one year ago.
Per Kelsey Conway of the Cincinnati Enquirer, the reason there haven't been talks is because the Bengals' initial offer "never approached" $20 million annually and wasn't close enough to what he was seeking for Higgins' camp to discuss the guaranteed money in a potential deal.
Despite the trade request and no indication a long-term deal was close, Higgins told reporters in April he did "anticipate" playing for the Bengals in 2024.
If the Bengals weren't going to engage Higgins in talks for a deal to his liking in March and April, things only got harder for them when other receivers started signing contracts this offseason.
Eight different receivers have signed new deals worth at least $23 million per season since the start of free agency on March 13. The group includes three extensions worth at least $30 million annually, including Justin Jefferson becoming the highest-paid non-quarterback in NFL history.
Even with a $21.8 million salary on the tag in 2024, Higgins is only the 16th-highest-paid receiver in the league. That ranking could go down if players like Brandon Aiyuk and CeeDee Lamb sign extensions before the start of the regular season.
It's not surprising that the Bengals have opted not to give a long-term deal to Higgins, at least so far.
Joe Burrow signed a five-year, $275 million extension prior to the start of last season. Ja'Marr Chase is eligible for a long-term extension right now, but he still has two years remaining on his rookie deal and could wait to sign a new contract next offseason.
As good as Higgins has been, the Bengals would seem likely to prioritize Chase because he's been Burrow's favorite target over the past three seasons.
Higgins posted back-to-back 1,000-yard seasons in 2021 and 2022. He had a career-low 656 receiving yards last season, but that was due in part to injuries that limited him to 12 games.
Signing the franchise tender will now allow Higgins to join the Bengals when training camp begins, putting him in a position to have a big season in 2024 and cash in with the long-term deal he is seeking next offseason.