3 Observations on the Jaguars Franchise Tagging Evan Engram

What does the Evan Engram deal mean for the rest of the Jaguars' offseason?

The Jacksonville Jaguars and Evan Engram are officially locked in for Year 2. 

While it remains to be seen just what kind of deal Engram plays on in 2023, it is now a certainty that the veteran tight end will spend at least a second season with the Jaguars after the team franchise-tagged him on Monday. 

The tag means Engram now has until July 17 to sign a multi-year deal. If he doesn't, he will play on a one-year, $11.345 million deal. 

With Engram now officially in the plans for 2023, what does the Jaguars' decision to tag him mean for the rest of their offseason? We break it down below.

Jaguars, Engram should still work toward a long-term deal that offers a win for both sides

The fact the Jaguars used the franchise tag on Engram shouldn't mean a long-term deal is out of the picture. It makes sense for both sides to prefer a multi-year deal, after all. For Engram and his camp, it would give him more security and likely nearly three times the guaranteed money. For the Jaguars, it would give them the ability to significantly lower what is now set to be a nearly $11.5 million cap hit for a team that is already tight cap-wise. Since the Jaguars still want to bring back Arden Key, any money they could save is worth it. 

As a result, the Jaguars should spend the next 130+ days figuring out a way to make it work with Engram, even if lowering his cap hit in July wouldn't do much for them today. Still, finding a way to squeeze Engram onto the roster for multiple years without a large cap hit in 2023 is the ideal scenario, and one the Jaguars will now have to work toward.

It helps that the Jaguars and Engram have both said publicly that there is mutual interest in a long-term deal. To help avoid another situation like this next year, the Jaguars will need to find a way for both sides to win.

What this means for the future of Jawaan Taylor and other free agents

Like we mentioned above, the franchise tag isn't great for the Jaguars' current cap situation. The Jaguars obviously planned for this, but Engram's tag and Calvin Ridley's cap hit is north of $22 million. This means, as things stand today, the Jaguars have -$5,009,198 in cap space, according to OverTheCap. Releasing cornerback Shaqull Griffin would save $13,147,059, giving the Jaguars $8,137,861 to work with this offseason if no other moves are made.

Ridley's cap hit and Engram's tag (if it stays a tag) will cost a combined $22.461M. So, Jaguars still have some cap space to clear (Griffin, etc)

— John Shipley (@_John_Shipley) March 6, 2023

Now, the Jaguars still have other avenues of clearing money. They could restructure safety Rayshawn Jenkins, extend returner/receiver Jamal Agnew, and release 2020 first-round outside linebacker K'Lavon Chaisson. If the Jaguars do these three moves, they would have likely around $17 million to work with, which would allow them to make moves in free agency and sign their draft class with no issues. 

With that said, this does point to the reality the Jaguars are facing before March 15: with an expensive Engram tag on the books to start free-agency, the Jaguars don't have much wiggle room for their other free agents. This includes right tackle Jawaan Taylor, who is expected to be among the most sought-after free agents on the market this spring. Add in Arden Key, who the Jaguars want to retain, and the Engram tag and its resulting cap hit make a Taylor reunion seem far-fetched. 

How the tag changes pick No. 24 

The Jaguars were already expected to take the "best player available" approach at No. 24 overall. They have some big needs, but none that are glaring enough to the point that it would necessitate the Jaguars pulling the trigger on any specific position. With that said, having Engram guaranteed to be on the roster in 2023 does mean the Jaguars can avoid some players at No. 24. 

Namely, slot receivers and F-tight ends should now be out of the question with the Jaguars' first pick. Yes, the NFL Draft is about the future, but teams like the Jaguars can't waste picks when they have a window for today and now. Engram is a glorified slot receiver in the Jaguars' offense, so taking other players similar to him (Luke Musgrave, Dalton Kincaid) or players who would thrive in similar ways (Jordan Addison, Jaxon Smith-Njigba) would be a decision that would be unlikely to pay off in 2023 -- look at Dan Arnold's production last year for an example of why.