Today is a key day in quarterback Lamar Jackson’s future. If he doesn’t finalize a new contract with the Baltimore Ravens by the end of the business day, the team will have to make a decision about whether or not to place a franchise tag on him (extremely like), and then if so, which type of tag (less clear).
There are two types of franchise tags: the exclusive and the non-exclusive. The exclusive costs significantly more, but the tagged player has no rights beyond either signing the tag or not playing. Under a non-exclusive tag, the player can seek a contract from another team.