The NFL enters the next phase of its offseason on Wednesday with the start of the franchise and transition tag period. Starting on Wednesday, February 15, teams will be able to place the franchise or transition tag on a player. Teams will have until 1 p.m. PT on March 1 to designate the tag.
They are essentially a one-year contract that provides a guaranteed salary for a player. There are exclusive and non-exclusive tags. If a player gets the exclusive tag, he cannot negotiate with other teams. If a player gets the non-exclusive tag, he can negotiate with other teams.