The NFL's 2026 franchise tag window officially opened on February 17, initiating a two-week period of high-stakes poker between front offices and the league's elite talent. While the deadline isn't until March 3, the fireworks have already begun in Seattle. In a shocking twist fresh off their Super Bowl LX victory, the Seattle Seahawks are reportedly unlikely to place the franchise tag on Super Bowl MVP Kenneth Walker III. With the NFL salary cap 2026 projected to soar past $305 million, this decision could flood the free agent market with one of the league's most explosive playmakers.

Seahawks Unlikely to Tag Super Bowl MVP Kenneth Walker III

It is rare for a team to let a Super Bowl MVP walk out the door just weeks after hoisting the Lombardi Trophy, but the business of the NFL stops for no one. Walker, who was instrumental in Seattle's commanding 29-13 victory over the New England Patriots, rushed for 135 yards and secured his place in history. Yet, reports surfacing Tuesday indicate the Seahawks will decline the running back franchise tag, valued at approximately $14.1 million.

The decision appears to be financially motivated. Insiders cite a "Super Bowl tax"—the compounding cost of retaining a championship roster—as the primary driver. With the team also prioritizing an extension for star receiver Jaxon Smith-Njigba, allocating nearly $15 million fully guaranteed to the running back position is a luxury Seattle seemingly cannot afford. If Walker hits Kenneth Walker III free agency, expect aggressive offers from teams like the Chargers or Giants who are desperate for backfield production.

The Running Back Market Resurgence

Walker's potential availability highlights a fascinating shift in the 2026 NFL free agency rumors. After years of devaluation, the running back market is heating up. Walker's postseason dominance proved that an elite back can still drive a championship offense, potentially resetting the market value for top-tier rushers this March.

Cowboys Face Deadline with George Pickens

While Seattle looks to cut costs, the Dallas Cowboys are preparing to pay up. Coming off a career-best season where he hauled in 93 catches for 1,429 yards and nine touchdowns, receiver George Pickens is the prime candidate for the franchise tag in Dallas. The George Pickens Cowboys contract situation is tense; his agents have reportedly drawn a line in the sand, demanding long-term contract discussions begin immediately at next week's NFL Combine in Indianapolis.

The wide receiver franchise tag is projected to be around $28 million. Dallas, per usual, is up against the cap but can maneuver deals to make it work. The front office views Pickens as indispensable to their offense, meaning if a long-term deal isn't reached by the March 3 deadline, the tag is a virtual certainty to prevent him from testing the open market.

Breece Hall and the Jets' $14.5 Million Decision

Another headline dominating the NFL offseason news tracker is the standoff in New York. Jets running back Breece Hall is facing a similar situation to Walker, though the outcome may be different. Reports suggest the Jets are leaning toward using the tag on Hall if a long-term extension isn't finalized. valued at roughly $14.5 million, the tag would keep the offense's centerpiece in place for another year.

Hall's camp is likely pushing for a multi-year deal that offers more security than the one-year rental of the franchise tag. With the salary cap increase, the Jets have the flexibility to front-load a contract, but the tag remains their most powerful leverage tool to buy time for negotiations through July.

2026 Salary Cap Explosion: What It Means

Fueling all these decisions is the massive jump in the NFL salary cap 2026. The league informed teams this week that the cap is projected to land between $301.2 million and $305.7 million. This increase of over $20 million from the previous year gives teams significantly more breathing room to absorb franchise tag hits.

  • Buying Power: Teams like the Commanders and Seahawks (despite the Walker news) have more liquidity to restructure current deals.
  • Tag Affordability: The rising cap makes the fixed costs of franchise tags relatively cheaper as a percentage of total cap space.
  • Market Inflation: Agents for players like Pickens and Walker will use the cap jump to justify higher asking prices for long-term extensions.

What to Watch Before March 3

The franchise tag window closes strictly at 4:00 p.m. ET on March 3. Between now and then, expect a flurry of "tag-and-trade" rumors, particularly surrounding players like Walker who may be too expensive to keep but too valuable to lose for nothing. For fans tracking 2026 NFL free agency, the next two weeks will define the roster construction of the league's top contenders. Whether Seattle actually lets their MVP walk remains the biggest storyline to watch.