Josh Allen Receives $24M Jaguars Franchise Tag amid Contract Buzz

The Jacksonville Jaguars placed the $24 million franchise tag on linebacker Josh Allen, per a team announcement on Tuesday.

NFL Network's Ian Rapoport first reported he was expected to be tagged.

It's no surprise the Jaguars opted to use the franchise tag on Allen as he had been a rumored tag candidate since the end of the 2023 campaign. However, tagging Allen also gives the two sides more time to work out a long-term contract extension.

Cameron Wolfe of NFL Network reported the two sides have made progress in contract talks:

Spotrac listed Allen's market value as $119.9 million over five years ($23.9 million annually). It's unclear where the Jaguars stand on offering him such a hefty deal.

The Jaguars selected Allen seventh overall in the 2019 draft out of Kentucky and he made an instant impact as a rookie, finishing fourth in Defensive Rookie of the Year voting and earning a Pro Bowl selection.

Allen put together the best season of his career in 2023, posting 17.5 sacks, one interception, one pass defended, two forced fumbles, 66 tackles, 17 tackles for loss and 33 quarterback hits in 17 games.

He tied Cincinnati Bengals defensive end Trey Hendrickson for the second-most sacks in the NFL during the 2023 campaign and his 17 tackles for loss tied for seventh in the league with Tampa Bay Buccaneers linebacker Lavonte David and Cleveland Browns star Myles Garrett.

The 26-year-old earned his second career Pro Bowl selection as a result of a strong 2023 campaign.

In 74 games across five seasons with the Jaguars, Allen posted 45.0 sacks, two interceptions, eight passes defended, nine forced fumbles, three fumble recoveries, 251 tackles, 53 tackles for loss and 103 quarterback hits.

With Allen remaining in Jacksonville, he'll continue to start alongside Travon Walker at outside linebacker.

Considering how effective Allen has been during the early stages of his career, it's no surprise the Jaguars view him as a key piece of their defense moving forward as they aim to make deep playoff runs in the future.