The Jacksonville Jaguars will most definitely benefit from the news that the salary cap this year will be around $20 million higher than originally thought. Before the news broke, they were around $21.9 million over the cap. The Jags still need to get out of the red, but the amount is substantially more manageable.
Once the Jags get under the cap, they'll need to turn their attention to re-signing their pending free agents. The truth is that they may not be able to bring all of them back, but if they truly want to keep one of them, they could use the franchise tag. The candidate to get it in 2026 is abundantly clear.
The Jaguars could use the franchise tag to keep Devin Lloyd
When discussing the tools the Jaguars could use to keep Devin Lloyd from leaving in free agency, one hasn't been brought up nearly enough: The franchise tag, which would ensure that the former Utah Ute stays in Jacksonville for at least another season. There are a few different tags the team's brass could use, though.
The transition tender is a bit cheaper, but it allows other teams to negotiate with players, and if they get an agreement done, the team that used the tag won't get any kind of compensation. There are also the exclusive and the non-exclusive tags.
Other teams can still negotiate with players who get the non-exclusive tag, but the original club has the right to match the offer or get two first-round picks if the player leaves. There's also the exclusive tag, the most expensive of the three, which pays the player the average of the top 5 highest-paid players at the position and ensures other teams cannot seek an offer sheet.
It's worth noting that Travis Etienne has also surfaced as a potential franchise tag candidate, but because it would cost more than $14 million, the Jags would be better off trying to get a deal done, as he has a projected value of less than $7 million for free agency (he may get a better contract than that, but still).
Why the Jaguars won't want to use the franchise tag on Devin Lloyd
The downside of using any of the tags is that it's not cheap. The transition tag for linebackers in 2026 costs $23.6 million, while the exclusive tag sits at $28 million. That would limit the Jaguars' ability to re-sign other players or make significant additions in free agency.
On the other hand, Jacksonville could spread the cap hit to future years if it agreed to a long-term deal with Lloyd. They could keep his salary low but still pay him handsomely by giving him a huge signing bonus. That said, the franchise tag would allow them to retain him if they want to keep him but can't reach an agreement.
Of course, players don't like the cap, because it doesn't provide the security that a long-term contract offers. Still, it gives teams a short-term option to either keep assessing a player or plan for the future.
And if it comes to that, the Jaguars may have no choice but to use the franchise tag if they really want to keep Devin Lloyd. At this moment, it looks like a distant possibility, but it shouldn't be ruled out just yet.