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. Raymond T. Rivard photograph

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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If tagged with the franchise designation, would Jermichael Finley be considered a tight end or wide receiver? Raymond T. Rivard photograph

Today was the first day NFL teams could apply the franchise tag to a player of their choosing. Not any were done right away but this is to be expected as teams would prefer to see how free agency falls out before they make any large financial commitments.

So how should the Pack use their franchise tag, if they even choose to do so?

The most probable candidate will be tight end Jermichael Finley. At the beginning of last season, it was surely expected that the Packers would apply the franchise tag once the off-season came around. But after a disappointing year by the young tight end, it has made Packers fans somewhat uncertain as to using the tag on Finley – is he even worth it?

It’s only a one year deal, but it pays the player as being one of the tops at that position. There is an issue with Finley about this though. There has been some speculation that Finley may argue that he is a wide receiver and, therefore, would make double the money if he were to be considered a tight end. To determine this, they will have to review how many times Finley lined up as a wide receiver and compare it to the tight end. This would surely determine if the Packers decide to use the tag on Finley or not. If he is considered a tight end, then the Pack will most likely use the tag on him but if he is considered a wide receiver, then it would be more likely that the Pack decide not to use the tag and may have to let him go.

Obviously Packers fans would be saddened if this should happen but there would still be the chance the Packers could work out a 1 or 2 year deal. This is unlikely, however, and the Pack will be faced with either giving him the tag or letting him walk.

Another scenario the Packers could opt for is franchising quarterback Matt Flynn. This probably will not happen because if they chose to do so, they would be paying Flynn more money than MVP Aaron Rodgers next season. The benefit of doing this would be to get good trade value for someone who is considered by many teams as a franchise quarterback.

Last year the Philadelphia Eagles had Kevin Kolb and ended up trading him to the Arizona Cardinals for lots of picks and valuable players. It would be nice for the Pack to be able to get some nice pieces for Flynn but I just cannot see the Pack doing this.

The most probable scenario will be the Pack either franchising Finley as a tight end or letting him walk and the Packers opting not to use the franchise tag this year.

Though today was the first day teams were able to place the franchise tag on one of their players, the Packers’ crucial decision will still probably be a few weeks away.

Green Bay Packers defensive back Jarrett Bush is one of eight Packers free agents. Would you bring him back? Daniel Shirey-US PRESSWIRE

The Packers have eight on the free agent list. We all know one of them will most likely be franchised, some will be allowed to walk and at least a couple of them will be re-signed.

Put yourself in Ted Thompson’s chair and tell who you would like to see back in the Packers fold.

Take the poll and let us know who is most important in your mind: