Bengals Smart to Hold Firm in Tee Higgins Contract Talks amid Latest NFL Rumors

The NFL's 2024 deadline for teams to extend franchise-tagged players will pass at 4 p.m. ET on Monday. Interestingly, this year's deadline is only relevant for the Cincinnati Bengals and standout receiver Tee Higgins.

Higgins remains the only franchise-tagged player who has not already received an extension. According to NFL Media's Ian Rapoport, the 25-year-old won't be getting one this season:

Playing on the franchise tag isn't the outcome for which Higgins had hoped. He initially requested a trade but eventually sign his one-year tender. At the time, he sounded interested in continuing his relationship with the Bengals beyond 2024.

"I've grown a love for Cincinnati that I didn't think I would. [I'm] looking forward to it," Higgins told reporters in April.

However, the Bengals haven't seemed as interested in locking up Higgins long-term. ESPN's Ben Baby reported in May that Higgins and Cincinnati hadn't discussed an extension in over a year.

Tagging Higgins without then extending him was a calculated risk by the Bengals, but it's one that makes plenty of sense. On one hand, they run the risk of losing the two-time 1,000-yard receiver in 2025 free agency for nothing more than a potential compensation pick. On the other, they head into 2024 with options on how to handle his future.

Cincinnati's biggest obstacle in keeping Higgins is the presence of No. 1 receiver Ja'Marr Chase. He became extension-eligible this offseason and could easily justify matching Justin Jefferson's new market-leading contract worth $35 million annually.

In only three seasons, Chase has racked up 3,717 receiving yards, 29 touchdowns and three Pro Bowls.

Paying both Chase and Higgins on long-term contracts will be a financial challenge, especially with Cincinnati also paying quarterback Joe Burrow a market-topping contract. The Bengals are projected to be a middle-of-the-pack team in terms of 2025 cap space with $49.1 million available.

However, it could be doable, and the Bengals need to first figure out how much they're going to be paying Chase in the foreseeable future. They'll then know what sort of an offer they can make Higgins between the end of the season and the start of 2025 free agency.

Extending Higgins first might have made it extremely difficult for the Bengals to give Chase the contract he wants—they probably should have moved on Chase's deal before Jefferson put pen to paper, but that's another conversation.

Allowing Higgins to play on the tag will also give Cincinnati a chance to evaluate whether keeping both him and Chase is a critical need. Higgins is expected to serve as the No. 2 receiver this season, but the Bengals will get an opportunity to see how players like rookie receiver Jermaine Burton and free-agent tight end Mike Gesicki fit into the equation.

Gesicki appears set to spend a fair amount of time as Cincinnati's slot receiver, a role previously held by departed receiver Tyler Boyd.

"Gesicki, that's a big slot receiver," cornerback Mike Hilton said, per Geoff Hobson of the team's official website. "So you get that 11 look. We know he can play on the line, But when he makes his money, he's split out getting those matchups."

If Burton and Gesicki flash enough potential this season, the Bengals may decide that keeping Higgins at a market price—likely in the $23 million annual range that Calvin Ridley got this offseason—isn't worth it.

And while the best chance to maximize Higgins' trade value would have been before the 2024 draft, Cincinnati can still gauge his trade value between now and the November 5 trade deadline.

Of course, by not acquiescing to Higgins' initial trade demands, the Bengals also ensure that their second-best pass-catcher will be on the field as Burrow looks to make his way back from a season-ending wrist injury. Cincinnati is hoping that a healthy Burrow will put it back in Super Bowl contention. Having Higgins along for the ride will certainly help.

The Bengals made the right move with Higgins as it pertains to the 2024 season, and they still have options when it comes to his future. For now, those options just don't include extending him ahead of Week 1.