At around 8:00 p.m. Easter Time, it was reported that Packers TE Jermichael Finley had signed a two-year deal worth $15 million.
This deal works out for both sides as Finley lined up at tight end and wide receiver a lot over the course of last season. The fact that there is no hybrid position tag would mean that one side would be somewhat unhappy with the tagging.
But now that that deal is done, Green Bay has a few options with their franchise tag.
One extremely unlikely situation would be for the Packers to franchise impending free-agent center Scott Wells.
It is known that Wells is seeking big money this offseason and that Green Bay probably won't match his asking price of a top-five salary in the league for centers.
This option would give the Packers one more year with Wells, but it is extremely unlikely due to the fact that the tag for offensive linemen is projected around $9.5 million.
The next option would be to franchise QB Matt Flynn.
If a team fails in the Peyton Manning sweepstakes, they will likely look to sign Matt Flynn.
The franchise tag for quarterbacks is around $14 million, so that would mean the Packers would sign Flynn and trade him.
This is an extremely risky move because if Ted Thompson can't find a willing trade partner, they're ultimately stuck with Flynn's big cap number. Still, a nice draft choice could be in order if it works out.
The last option would be not to use the franchise tag at all. Simply put, if they don't feel that anyone deserves the money under the franchise tag, they could opt not to use it.
The two most likely scenarios would be franchising Flynn or not using the tag at all.
It'll be an interesting offseason, and it looks like we'll just have to wait and see.