Saquon Barkley Rumors: Giants Unlikely to Use Franchise Tag; Will Explore Contract

The New York Giants aren't expected to place the franchise tag on running back Saquon Barkley, according to ESPN's Adam Schefter.

Schefter added the Giants will reach out to Barkley's representatives and "explore a deal," so the door may not be closed on a reunion.

New York applied the franchise tag to the two-time Pro Bowler ahead of the 2023 season, but he declined to sign the one-year tender and ultimately agreed to a short-term pact with a slightly different structure.

Opting for the franchise tag would lock Barkley in for a $12.1 million salary in 2024, but the New York Post's Paul Schwartz reported on Feb. 19 "there is no real sentiment whatsoever that they are interested in doing that this time around."

Barkley's performance reinforced why the Giants declined to meet his asking price on a long-term extension despite him enjoying a return to form in 2022. The 27-year-old ran for 962 and six touchdowns, both of which were down from the season before, and his yards per carry fell from 4.4 to 3.9.

New York's 6-11 record and the dire state of its offense after quarterback Daniel Jones suffered a torn ACL also made a case for why Barkley isn't a major difference-maker at the end of the day. He can be a valuable piece on a playoff contender, but his presence alone doesn't guarantee that much.

Given their protracted standoff last offseason, the odds of Barkley staying with the Giants are probably low. They'll have quite a few options in free agency, and the NFL draft is routinely a fruitful route for teams in need of backfield help.

For Barkley, he could easily find himself again settling for less money or fewer years than he hopes thanks to how tight the running back market will inevitably be squeezed.