2012 NFL Free Agency: The Latest Buzz and Speculation in the AFC North for 2/17

Whether it's freeing up cap space in order to re-sign their own free agents, figuring out where to spend their copious dollars or determining whether a veteran or a rookie would be of greatest use, there's always news coming out of the AFC North about free agency.

Let's take a look at the top free-agency storylines in the division for today.

Will the Cincinnati Bengals Pursue a Free Agent Running Back?

It's already widely known that the Cincinnati Bengals have a ton of salary cap space with which to re-sign their own free agents as well as to spend on players who hit the open market next month. It's also widely known that the team will need a running back, as they aren't likely to retain Cedric Benson's services in 2012.

While the team could go after a running back in the draft, the team will likely kick the tires of a number of free agent veterans to fill the spot. They could go after the San Diego Chargers' Mike Tolbert or the New England Patriots' BenJarvus Green-Ellis, both players who have forceful styles and versatility in the passing game.

In a must-read breakdown of free agent running backs, Rotoworld's Evan Silva thinks the Bengals will likely end up signing the Oakland Raiders' Michael Bush to a four-year, $20 million contract. The Raiders cannot afford signing him to a contract like that, and if they were to franchise Bush this year, he'd end up with a higher 2012 salary than starter Darren McFadden.

Bush made quite a case for himself deserving a good paycheck, filling in for the injured McFadden for the second half of the season. Though he's 28 years old, he doesn't have the wear and tear of a back of that age, and could be productive for the Bengals throughout the duration of the four-year contract Silva projects he will get.

Who Will the Baltimore Ravens Put the Franchise Tag on?

When it comes to the franchise tag, the Baltimore Ravens can use it on one of two players: running back Ray Rice or guard Ben Grubbs.

Starting this coming Monday, teams can begin using the franchise tag, and though I don't suspect the Ravens will do it right away, it is my assumption they will end up franchising Grubbs and signing Rice to a long-term deal.

ESPN's Jamison Hensley disagrees, saying that Rice will likely be franchised by March 5. This year's franchise price tag for running backs has dropped to $7.7 million from $9.6 million in 2011 and Hensley sees Rice trying to get a deal comparable to the Titans' Chris Johnson's four-year, $53.5 million deal he signed last year.

That means franchising Rice in lieu of signing him to a deal next year would be the most financially prudent option.

Rice isn't opposed to being franchised if it ultimately results in a long-term contract, however I believe that if both sides commit to negotiating, they'll be able to come to a satisfactory resolution for both sides, even if that takes until June or July to happen.

Franchising Grubbs makes more sense. The team already spent big money on fellow guard Marshal Yanda last year, so it seems less likely they'll want to do the same this year for Grubbs. At the same time, they certainly don't want to lose him to a higher bidder; franchising him seems to be the only way to keep him around in 2012.

Pittsburgh Steelers RT Willie Colon Won't Take a Pay Cut

A good deal of the Pittsburgh Steelers' highest-paid players have been willing to restructure their contracts to save cap space, though none has yet to take a straight-up pay cut.

The team was hoping they could convince right tackle Willie Colon to shave some money off of the five-year, $29 million contract he signed in 2011, but he doesn't seem interested in doing so.

Colon, who missed the majority of the 2011 season with a torn triceps muscle he suffered in Week 1, also missed the entirety of 2010 with a torn Achilles tendon, is set to make $4.5 million in base salary in 2012, with a total cap hit of $5.7 million. 

However, if the Steelers cut him from the roster, they'd only save about $900,000 in cap space and leave them in a tough position at tackle, with his only backup being the underperforming Jonathan Scott, who himself is in danger of being cut from the team.

Restructuring Colon's contract would only save them $1.425 million, so they aren't likely to take that approach unless they're still in serious cap trouble down the line.

Colon clearly has benefited from the Steelers' shaky situation on the offensive line and the fact that his salary, while potentially too high, won't help the team's cap situation if it is restructured. He won't be going anywhere this year.

Could the Cleveland Browns Pick Up a Free Agent WR?

The Cleveland Browns have around $20 million in cap space to work with in the offseason, and aside from signing some of their own free agents to new deals, they will likely look to veterans to help boost their struggling offense.

Cleveland's list of "if-then" situations regarding both the draft and free agency is seemingly endless. There are a number of ways they can approach the next two months, and each move they do, or do not, make will help define what kind of team they'll be in 2012 and beyond.

If it seems like a lot hangs in the balance for the Browns this offseason, then you'd be correct. While the Browns have a number of options they can exercise in this year's draft, there's no way of knowing which way they are leaning until free agency gets underway in March.

If the Browns pursue and ultimately sign a veteran wide receiver, then one can more safely assume the team won't be targeting Justin Blackmon with their first-round pick.

Mario Manningham, Vincent Jackson and Devery Henderson are all very realistic options for the Browns, and it's likely the team will reach out to at least one—if not all three—of these players.

Regardless of how the Browns handle their quarterback situation this offseason, it's crystal clear the team needs to upgrade their receiving corps. If they don't at least make an overture at one or more free agent receivers, I will be surprised.

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