2012 NFL Free Agents: Tennessee Titans CB Cortland Finnegan to Hit Open Market

After a weekend of back-and-forth on whether or not the Tennessee Titans would franchise tag free-agent cornerback Cortland Finnegan, it appears as if we have our answer.

Finnegan will reach the open market on March 13 without the franchise tag or a new deal from the Titans. 

Jim Wyatt of the Nashville Tennessean reported early Monday morning that the Titans have had no new contract negotiations with Finnegan since they last spoke at the NFL Combine. The Titans are also expected to slap the franchise tag on safety Michael Griffin before today's 4:00 p.m. EST deadline. 

UPDATE: The Titans officially applied the franchise tag to Griffin on Monday.

Giving the franchise tag to Griffin would save the Titans over $4 million in 2012, as the safety tender is a very reasonable $6.2 million. Tagging Finnegan would cost the Titans $10.6 million on next season's cap.

However, that doesn't mean tagging Finnegan wouldn't be worth it.

Pro Football Focus, a site that grades every play from every player on every team, ranked Finnegan as the NFL's No. 3 overall cornerback in 2011. Finnegan allowed just 456 yards and two touchdowns over 1,142 snaps last seasons, and his 8.8 yards per reception average was near the league's top.

Finnegan also made 62 tackles and 26 "stops"—a number which tracks a tackle that constitutes a negative play for the offense. Both ranked among the best for cornerbacks last season.

Over six seasons in Tennessee, Finnegan has 14 interceptions and 77 starts. He was voted to the Pro Bowl and All-Pro teams in 2008, when he intercepted five passes for the 13-3 Titans. 

If Finnegan gets to the open market, he could command a multi-year deal worth $8-10 million per year in salary. Teams such as the Dallas Cowboys, St. Louis Rams, Detroit Lions and Washington Redskins all could make a run at Finnegan once free agency begins on March 13.

The Titans have scoffed at giving Finnegan that kind of money throughout the negotiation process. Now that their franchise tag is likely going to Griffin, a first-round pick in 2007, Finnegan's only chance at staying in Tennessee would be a long-term deal.

Given that the Titans decided against giving Finnegan the franchise tag, it's unlikely that they would stick their noses in a bidding war for the 28-year-old cornerback.

UPDATE: Wyatt tweeted later Monday that "re-signing Finnegan isn't going to happen, for those asking. He's hitting the free agent market and he's going to get paid elsewhere."

Once you hear that Griffin has officially received the Titans' franchise tag, consider Finnegan a lock to hitting the open market. Unless the Titans change their course suddenly, it looks like Finnegan will be playing elsewhere in 2012.