The confetti has barely settled from the Seattle Seahawks' thrilling Super Bowl LX victory over the New England Patriots, but the NFL business machine never sleeps. As of Tuesday, February 17, the NFL Franchise Tag 2026 window is officially open, launching the league into its most chaotic transactional period yet. With the salary cap projected to shatter the $300 million ceiling for the first time, front offices are operating with unprecedented financial ammunition. However, the spotlight this week isn't just on the money—it's on two polarizing stars facing uncertain futures: Dallas Cowboys wide receiver George Pickens and Indianapolis Colts quarterback Daniel Jones.

Cowboys Face $28M Decision with George Pickens

In Dallas, the honeymoon phase appears to be over, shifting strictly to business. After acquiring George Pickens from the Pittsburgh Steelers for a third-round pick during the 2025 offseason, the Cowboys watched their gamble pay off spectacularly. Pickens erupted for a career-high 1,429 yards and nine touchdowns, finally providing the explosive vertical threat the offense had lacked. But that production comes with a price tag that Jerry Jones must now address before the March 3 deadline.

Sources close to The Star indicate that Dallas is preparing to place the non-exclusive franchise tag on Pickens, a move that would cost the team approximately $28.8 million against the 2026 cap. While George Pickens Cowboys contract talks are ongoing, the tag serves as a critical placeholder. It prevents the 24-year-old from testing the open market where teams like the Raiders or Broncos—desperate for receiver help—would likely offer a blank check. The question remains: is this a bridge to a long-term extension, or will Pickens play on the one-year tender to force another move? Given his history of sideline volatility, negotiations could get tense.

"Indiana Jones" and the Colts' $47 Million Dilemma

Perhaps the most fascinating storyline of the NFL Free Agency 2026 cycle is the career resurrection of Daniel Jones. After signing a one-year "prove it" deal with Indianapolis last March, Jones shed his "Danny Dimes" moniker and embraced the local "Indiana Jones" nickname, leading the Colts to a surprising playoff berth before a torn Achilles ended his season in December.

General Manager Chris Ballard now faces a brutal calculus. Daniel Jones Colts rumors suggest the team is hesitant to commit to a long-term deal while Jones is still rehabilitating a major injury. However, letting him walk creates a massive void at the game's most important position. The quarterback franchise tag is projected at a staggering $47.4 million—a steep price for a player who may not be ready for Week 1. Insiders suggest a short-term, incentive-laden extension is the goal, but if talks stall, Ballard may be forced to use the tag to keep his QB1 from fleeing to a QB-needy team like the Minnesota Vikings.

The $300 Million Cap Era Changes Everything

This offseason operates under a new financial reality. NFL Salary Cap updates confirm the 2026 ceiling will sit between $301.2 million and $305.7 million, a massive leap driven by new streaming revenue streams. This influx of cash means the franchise tag is no longer the cap-crippling burden it once was.

Teams like the Tennessee Titans and Las Vegas Raiders, who are sitting on over $80 million in space, can now afford to aggressively pursue tagged players if the non-exclusive tender is used. This puts pressure on teams like the Cowboys and Ravens (managing Tyler Linderbaum's contract) to lock up their stars quickly. We are entering an era where paying $30 million for a receiver or $55 million for a quarterback is the new baseline, not an outlier.

Dates to Watch: 2026 NFL Scouting Combine & Deadline

The next two weeks are critical. The franchise tag window closes strictly at 4:00 p.m. ET on March 3. Immediately following the deadline, the league's focus shifts to Indianapolis for the 2026 NFL Scouting Combine, where agents and GMs will inevitably lay the groundwork for trades involving frustrated tagged players.

For fans tracking the NFL offseason news tracker, keep an eye on the "tag-and-trade" candidates. If Dallas or Indianapolis applies the tag but fails to make progress on an extension by the combine, we could see blockbuster movement before free agency officially opens on March 11.