Monday is the deadline for NFL teams to use the franchise tag on one of their players. There are three types of franchise tags teams can use.
An exclusive tag limits the free agent to only dealing with that team. A non-exclusive tag will give the team a chance to match a contract offer from another team or they will get two first round draft picks as compensation. Finally there is the transition tag, which offers a lower price and gives teams seven days to match an offer with no compensation.
The franchise tag keeps a player off the free agent market and guarantees they will be paid an average of the five highest paid players at that position or 120 percent of their previous salary, whichever is higher.
The transitional tag carries an average of the top 10 players, so the money is a little lower. All of the tags are based off of the salary cap, which will be $142 million for the 2015 season.