4. Franchise tags can be withdrawn.
The amount of the franchise tender becomes fully guaranteed once the player signs it. Since signing the franchise tender puts the player under contract, requiring him to show up to all mandatory offseason activities and training camp, some players choose to wait deep into the preseason before inking the offer.
The risk is that the franchise tag can be withdrawn, at any time, before it has been signed.
It doesn’t happen often, but it’s not unprecedented. Especially in Philly. In 2002, the Eagles pulled the franchise tag from linebacker Jeremiah Trotter in early April. Three years later, the Eagles removed the franchise tag from defensive tackle Corey Simon in late August.
The move immediately converts the player to an unrestricted free agent. But if it comes after the big money has been spent, the player will have a hard time getting the pay day he would have realized on the first day of free agency.