Giants Insider: Saquon Barkley Likely to Test 2024 NFL Free Agency for New Contract

The New York Giants have the option of placing the franchise tag on star running back Saquon Barkley for the second straight offseason, but it sounds like they're willing to let him test free agency.

ESPN's Jordan Raanan said on this week's episode of the Breaking Big Blue podcast that he believes the most likely scenario is that Barkley its the open market.

"If you listen closely, if you're paying attention and following and connecting the dots, it sounds like the Giants are greasing the skids to at least letting Saquon Barkley test the open market," Raanan said at the 2:18 mark. "Yes, they want him back, but no, they don't want to pay him what they think he's worth."

After contentious negotiations last offseason, Barkley signed an adjusted franchise tag worth $10.1 million fully guaranteed, and up to $11 million with incentives for the 2023 season. Raanan noted that the Giants "already went last year past the point where they probably felt comfortable paying" Barkley.

The six-year veteran, who will turn 27 on Friday, played in 14 games this season and ran for 962 yards and six touchdowns on 247 carries while also adding 41 catches for 280 yards and four more scores.

While Barkley is a reliable source of production, the depreciation of the running back position in the NFL will likely hurt his prospective options in free agency. The new benchmark for running backs is the three-year, $42 million contract with $26.5 million guaranteed that Indianapolis Colts star Jonathan Taylor signed this season after his lengthy holdout.

Raanan added that Barkley is unlikely to receive an equivalent deal from the Giants or any other team on the open market. Barkley is believed to be seeking at least $24 million guaranteed.

Of course, there's always a chance that a team in need of a dependable ball carrier will meet Barkley's demands. While Barkley has expressed a desire to continue his career in New York, it sounds like things are unlikely to play out the way he's hoping.