There are a couple of types of franchise tag. An exclusive tag means the player is paid at the above rate and cannot negotiate with another team. Or a non-exclusive tag means the player is paid at the aforementioned rate but can negotiate a long-term deal with another team. If he signs with a new team, his old team receives two first round draft choices as compensation.
Teams can rescind the franchise or transition tag - as we saw with Josh Norman last year - if the offer sheet hasn't been signed. Once the sheet is signed, the player's salary is guaranteed for that season. A rescinded tag counts as a tag, meaning a team can't designate one player, rescind it and use a new tag on another player in the same year.
The current franchise numbers aren't available until the NFL's salary cap opens, but below is a rundown of the 2016 franchise tag salaries to use as a baseline (assume these numbers will get bumped up). Via the NFLPA:
- Quarterback: $19.953 million
- Defensive end: $15.701 million
- Wide Receiver: $14.599 million
- Linebacker: $14.129 million
- Cornerback: $13.952 million
- Offensive line: $13.706 million
- Defensive tackle: $13.615 million
- Running back: $11.789 million
- Safety: $10.806 million
- Tight End: $9.118 million
- Kicker/Punter: $4.599 million