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Source: Bengals inform Tee Higgins they will franchise tag him and here's what it means

Summary by Ground News
The Cincinnati Bengals have reportedly informed star wide receiver Tee Higgins that they will be placing the franchise tag on him. The franchise tag allows teams to have an additional year of contractual control with a player, while also allowing both sides to work toward a long-term contract extension. The 2024 is also the final year of wide receiver JaMarr Chase's rookie contract, though there is an option for the team to exercise.
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