The Cardinals placed the franchise tag on Jones on Monday, which will keep him off the free-agent market. Albert Breer of NFL Network first reported the news and Kent Somers of AZ Central Sports confirmed the report. Mike Jurecki of Fox Sports 910 in Arizona reported the tag was "non-exclusive," meaning if Jones receives an offer sheet from another team, the Cardinals can match it or receive two first-round draft picks in return, per Jurecki.
The 26-year-old posted 49 tackles and 11 sacks in his first season in Arizona. It was his third time in five seasons with double-digit sacks.
Jones is seen as one of the building blocks of a defense that remained one of the NFL's best last season despite some shaky scoring numbers. The Cardinals were 14th in scoring defense but ranked second in yards allowed and third in Football Outsiders' defensive metrics.
Their plus-56 point differential was not properly reflected in their 7-8-1 record, and Arizona is among the teams most likely for a bounce-back in 2017. Coach Bruce Arians made it clear how important retaining Jones was after the regular season ended, saying there was no way the team would allow him to hit the open market.
"Chandler's not going anywhere because if we have to, we will franchise him," Arians told reporters. "Hopefully we will get it all done and be able to move on."
Jones' price on the open market could have put him among or made him the highest-paid edge rusher in football. Pro Football Focus ranked him seventh among all players with that distinction last season, and his ability to rush the passer or go into coverage makes him a devastating option on defense.
Given the massive contracts handed out to pass rushers in free agency in recent seasons—Olivier Vernon's $85 million deal comes to mind—the Cardinals knew they had to hammer something out before other teams got involved. With Larry Fitzgerald, Carson Palmer, Patrick Peterson and Jared Veldheer each having cap hits of more than $10 million, they may need to renegotiate deals in the coming weeks.
Jones' cap hold will put a tight squeeze on their cap, though it's likely they'll still try to hammer out a long-term deal. The Cardinals are not underselling him by any means, but it's always better to bid against yourself than 31 other potential suitors.