Panthers place franchise tag on CB Josh Norman

The Carolina Panthers will place a franchise tag valued at $13.95 million on cornerback Josh Norman.

The Carolina Panthers have placed a franchise tag on cornerback Josh Norman, the team announced on Tuesday.

Ian Rapoport of NFL.com first reported the news.

The franchise tag for cornerbacks is valued at just under $14 million for one year.

Norman just completed the final season of the four-year, $2.3 million rookie contract he signed with the Panthers in 2012, and would have become a free agent if Carolina had not tagged him.

Rapoport reports the team is continuing to negotiate a long-term deal, which would need to be completed by the July 15 deadline.

Norman earned first-team All-Pro honors for the first time in his career in 2015 after logging 48 tackles with four interceptions, two of which were returned for touchdowns, in 16 starts for the Panthers.

• Dolphins place transition tag on DE Olivier Vernon

The deadline for teams to tag players is Tuesday at 4 p.m. ET.

- Erin Flynn