Some have speculated that the Packers would slap the franchise tag on Greg Jennings, but the deadline is Monday, today, at 3 p.m. CST.

Update: Green Bay Packers bypass franchise tag for Greg Jennings

Update: Published reports as of 2:55 p.m. CST have stated that the Green Bay Packers will not place the franchise tag on wide receiver Greg Jennings, opening the free agent door wide for the longtime Green Bay receiver.

The question now for the 29-year-old Jennings is whether he will get the $12 million per year contract he seeks from the market. He’s still one of the top receivers headed to the market, but there are others – Dwayne Bowe, Mike Wallace – who might be a notch above Jennings.

Either way, it’s an exciting time for Jennings and we wish him the best.

In a little less than two hours from the time of this penning, the deadline for slapping the franchise tag on players throughout the NFL will arrive – and that includes the scenario involving Green Bay Packers wide receiver Greg Jennings.

A bit more than a week ago, it was reported that the Packers may still franchise tag Jennings, but with the passing of each hour and day, the likelihood that the Packers would agree to dole out $10 million to Jennings is coming to a quick close. In other words, if the Packers were to decide in the next hour to slap the tag on Jennings, they would be required to pay him $10 million for one season – that would be nearly half of the money the Packers have at their disposal under the salary cap.

That would leave the team about $12 million to sign their restricted free agents, which is expected to be around $5 million to $6 million, their draft choices, undrafted free agents and any other free agents they may be interested in signing, such as defensive lineman Chris Canty who will be in Green Bay Wednesday to talk over the options.

Some have also speculated that the Packers may try to utilize a “sign and trade” deal where they would sign Jennings and then trade him to a team in waiting. However, why would another team agree to such a deal when they can simply wait until the free agency period starts next week March 12 and negotiate a contract with Jennings without giving up any compensation?

So, the clock ticks on the Packers, but don’t expect any last minute changes in philosophy by Ted Thompson and the Packers brass.

My guess is that they are targeting their own draft choices and a limited number of free agents as the league season gets into full swing next week.

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Tags: Franchise Tag Free Agency Green Bay Packers Greg Jennings NFL

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