Saquon Barkley Rumors: 'Realistic Possibility' Giants Use Franchise Tag on RB

Despite some reports to the contrary, the New York Giants haven't ruled out using the franchise tag to retain Saquon Barkley if the two sides can't work out a new contract.

Per The Athletic's Dan Duggan, the Giants tagging Barkley is viewed as a "realistic possibility" after the salary cap for the 2024 season came in higher than expected.

ESPN's Adam Schefter reported on Monday the Giants were going to speak with Barkley's representatives about a contract, but they were "unlikely" to tag him with a $12.1 million price tag.

Barkley was given the franchise tag last season that would have guaranteed him $10.09 million, but he wound up signing a one-year deal worth up to $11 million prior to the start of training camp after the two sides didn't reach terms on a long-term contract and an offseason holdout from the two-time Pro Bowler.

General manager Joe Schoen told reporters on Tuesday he was "pleasantly surprised" the cap for next season was set at $255.4 million. That figure represents a $30.6 million increase from 2023, the largest single-season increase since the cap was implemented in 1994.

"He's a guy we'd like to have back," Schoen said of Barkley. "I wouldn't say the franchise tag is off the table."

The Giants aren't necessarily rolling in cap space because of the increase, but they have more than enough room to fit in a $12.1 million salary for Barkley. They are $32.6 million under the cap with more pressing needs than running back, but they also need as many playmakers as they can get on offense right now.

Barkley was the one reliable offensive option the Giants had last season. He racked up 1,242 yards from scrimmage and 10 touchdowns for a team that ranked 29th in total yards and touchdowns.

Since his rookie season in 2018, Barkley ranks 14th in the NFL in yards from scrimmage. He has surpassed 1,000 yards in four of the past six years.

The deadline for teams to use the franchise tag on a player is March 5 at 4 p.m. ET.