I think it’s quite possible their plan is to hold him to his contract in 2025, franchise him in 2026, and let him hit free agency in 2027. That may be the smartest thing to do if he wants way more for a new contract than they feel he is worth.
Projected Franchise Tag in 2026 is $28 million. It's been rising steadily in the past 2 years while remaining flat for years prior. There's a chance it rises even further than that too as more guys sign extensions between now and February. Such as Garrett Wilson signing for $32.5 million a year (I believe he took less per year for a much higher guaranteed number).
New signings in rumored ballpark he wants
Metcalf - 28yo, $33m apy, $80m guaranteed (4 year deal)
Garrett Wilson - 25yo, $32.5m apy, $90m guaranteed (4 year deal)
AJ Brown - 28yo, $30.66m apy, guaranteed money is awkward as it's an extension and wraps up prior money. It's somewhere between $47 and $51m guaranteed, but totals $84m wrapping in his prior contract.
I think it's pretty clear after Wilson signed that McLaurin isn't getting that much. Age factors into it as he's 30yo here versus Wilson's 25 or the others 28.
Less guaranteed than the top group as they are only the #2 offensive option
Tee Higgins - 26yo, $28.75m apy, $40.9m guaranteed (4 year deal)
Brandon Aiyuk - 27yo, $30m apy, $45m guaranteed (4 year deal) [signed last season]
While Terry is the #1 option, you'd have to assume that if Terry gets similar potential money, his guarantees would be capped at those levels or probably even less due to age.
Age comparators and also #2 offensive option
Chris Godwin - 29yo, $22m apy, $44m guaranteed (3 year deal)
Davante Adams - 33yo, $22m apy, $26m guaranteed (2 year deal)
In 2024, Calvin Ridley, 30yo, $23m apy, $50m guaranteed (4 year deal) [signed last season]
Godwin said he took a big paycut to stay in Tampa as his wife/family did not want to relocate, he wants to retire there. The guarantees are high here given length, injury history, etc because the apy is so low.
What is a reasonable expectation? Best guess are two options on a 3 year deal.
- $30-31m apy, $30m guaranteed
- or...
- $26-27m apy, $45m guaranteed
He's going to get a good raise, as he has enough arguments in his favor.
- Franchise tag puts a guarantee floor at $28m. Also means Salary can't be too much lower than that.
- He is the #1 option, so he is a Franchise Tag candidate, and he'll get more than Godwin/Adams/etc and has a real argument to get more than younger #2 options.