The Pros and Cons of Franchise Tagging J.C. Jackson for the Patriots

Perry: The pros and cons of franchise tagging J.C. Jackson originally appeared on NBC Sports Boston

J.C. Jackson is eagerly anticipating his next contract.

Entering the league as an undrafted free agent, he's now made about $5 million in four seasons -- he made over $3 million in 2021 on a second-round tender -- despite being one of the most productive corners in the game the last two years.

He knows that now is his chance to cash in, whether that's in New England or elsewhere.

What the history of franchise tags and the Patriots means for J.C. Jackson

The Patriots have been interested in keeping Jackson in the fold. They offered him a new contract during the 2021 season but were rebuffed. They continue to have interest in making sure Jackson remains with the team, but finding common ground contractually could be a challenge.

Jackson is firmly in his prime and has more interceptions than any player in the NFL since he entered the league in 2018. In conversations with NBC Sports Boston, multiple NFL executives predicted that if Jackson hit free agency he would command a deal that pays him an average annual value ranking inside the five most expensive contracts in football at his position.

One way to keep Jackson from getting to the open market would be for the Patriots to use the franchise tag. That would pay him a fully-guaranteed amount of over $17 million in 2022. Jackson told NBC Sports Boston last week that he would be willing to play on the tag and not hold out.

But tagging Jackson isn't necessarily a quick-and-easy call. Here are some arguments for and against that course of action.

Argument for the franchise tag

Jackson's presence in the Patriots secondary is critical to the style of play Bill Belichick wants to play defensively. In order to play a lot of man-to-man coverage, Belichick needs man-to-man corners, and Jackson has been among the best in the league in that regard lately.

Next Pats Podcast: Mike Tannenbaum on J.C. Jackson: Patriots “GOTTA keep him” | Listen & Follow | Watch on YouTube

Tagging Jackson ensures the Patriots have a top-dog coverage corner, and it would allow others like Jalen Mills and Jonathan Jones to slot into roles more befitting of their skill sets.

Tagging Jackson also buys the Patriots some time in a couple of different ways.

First, the tag gives the Patriots exclusive negotiating rights with Jackson to come to terms on a new long-term contract. That's valuable in that the Patriots would be motivated to get Jackson on a long-term contract, which would reduce his salary-cap number from just over $17 million to something more manageable that would allow the team more financial flexibility this season.

Second, even if Jackson were to play at that $17 million tag figure in 2022, the Patriots would have time -- two offseasons -- to find Jackson's eventual replacement as their top corner. They could invest significant draft capital at corner in each of the next two drafts. They could potentially sign a corner in free agency next year. They could swing a trade in the next 18 months.

There are a variety of avenues they could pursue in the hopes of hitting on a talented enough piece to defend No. 1 wideouts in the AFC East and beyond. If they tag Jackson, that would alleviate the pressure of replacing him and building a competitive secondary in the next few months.

The franchise tag could also be worthwhile for the Patriots even if they didn't want him on the tag and the hefty price associated with it. If they feel as though a separation is inevitable but also feel they could find a willing trade partner with Jackson on the books for one year and $17 million, they could tag him and deal him away. That way the Patriots wouldn't let Jackson walk for a bigger deal elsewhere and only get compensatory pick value in 2023 in return.

Some of the tag-and-trade scenarios that have played out in the NFL in recent seasons have yielded valuable picks for teams trading away their franchised stars.

Argument against the franchise tag

The argument against the tag is fairly straightforward on its face: It's expensive, and the Patriots are coming off a 2021 offseason when they set spending records.

Though Belichick's club is currently in the bottom half of the NFL in terms of available salary-cap space this offseason, keeping a player on the books for over $17 million is certainly realistic. But it would present some team-building challenges as well.

The Patriots, at the moment, have about $8.3 million in cap space. They could fairly quickly get to over $30 million in space by making a handful of moves that would not rid them of any key pieces.

Converting salary to signing bonus money for Matthew Judon, Jalen Mills and Shaq Mason would free up $11 million. Extending Hunter Henry, Kendrick Bourne and Jonathan Jones would clear almost $9 million. Cutting Henry Anderson, N'Keal Harry and Joejuan Williams would open up over $3 million.

If the Patriots were able to execute each of those (not a given), giving them a shade over $31 million in space, Jackson's tag would wipe out over half that amount and limit the rest of New England's offseason dealings.

The Patriots could further free up chunks of cap space by cutting Kyle Van Noy (over $4 million), Nelson Agholor (over $4 million) and Jake Bailey (over $3 million). That would give them over $42 million in cap space and leave them with about $25 million in space after tagging Jackson.

That's not an impossible financial situation for Belichick and his front office to navigate. But the Patriots will need money to operate during the 2022 season. They'll likely want to consider giving Jakobi Meyers a restricted free agent tender that will pay him about $4 million. And they'll still have a number of holes on their roster to fill.

As it stands right now, the Patriots are set to see starters hit free agency at safety (Devin McCourty), linebacker (Dont'a Hightower, Ja'Whaun Bentley), right tackle (Trent Brown), left guard (Ted Karras), running back (James White, Brandon Bolden) and on special teams (Matthew Slater, Nick Folk). There are other role players (Brian Hoyer, Jakob Johnson, Gunner Olszewski) not under contract at the moment, either. And potential Van Noy, Agholor and Bailey cuts would have the Patriots looking to fill holes at outside linebacker, receiver and punter.

Would the resulting $15 million or so after tagging Jackson, paying Meyers and setting aside money for in-season expenses be enough for the Patriots to retain the free agents they want and sign new ones to address other needs? Does the team feel confident enough in some of its younger players to take over key roles on relatively inexpensive salaries? How important is it to be stocked with top-end talent in the secondary (or on defense in general) in today's NFL, anyway?

Those are questions Belichick and his staff will have to answer. Not tagging Jackson would likely mean he finds a long-term contract he likes elsewhere in free agency. It would give the Patriots yet another hole to fill. But it would also provide them some financial flexibility as they build for 2022 and beyond.