Chris Godwin, Carlton Davis, Buccaneers' Free Agents' Projected Contracts

The Tampa Bay Buccaneers made their first significant decision of the NFL offseason Tuesday by placing the franchise tag on Chris Godwin for the second straight year.

Godwin may not enter the 2022 campaign with just one year on his contract, though, as the Buccaneers could still negotiate a new deal with the star wideout.

According to ESPN's Dianna Russini, a "long-term deal with Tampa Bay could get done before Monday's legal tampering period kicks off."

The Buccaneers and Godwin did not come to an agreement on a contract before Tuesday afternoon's franchise-tag deadline, so a lengthy pact for Godwin is just one of the many priorities the Buccaneers have over the next few weeks.

Carlton Davis, Ryan Jensen, Alex Cappa, Rob Gronkowski and Leonard Fournette are among the free agents from the 2021 Tampa Bay roster.

The Buccaneers will not come to terms with all of those players, but they need to bring back a few to attempt to keep their spot atop the NFC South.

Chris Godwin

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Chris Godwin is scheduled to make $19.1 million under the franchise tag for the 2022 season.

Godwin's deal puts a $39 million commitment to two players on the Tampa Bay roster, with fellow wide receiver Mike Evans slated to make $20.6 million.

Tampa Bay could put even more capital into the position if it agrees to a long-term deal with Godwin.

Godwin could go somewhere else to become a No. 1 wide receiver after the 2022 campaign He was on track to have that option this offseason, but he tore his ACL late in the 2021 season.

His injury may have been a hindrance to Tampa Bay's side of the negotiations before Tuesday's franchise-tag deadline, and it may have been a factor had he hit the open market.

Tampa Bay should commit some time to getting a deal done with Godwin so that he can partner Evans for at least two more seasons. Evans is scheduled to become an unrestricted free agent in 2024. He is two-and-a-half years older than Godwin, so the Bucs may be more inclined to go with Godwin as their top wideout at that juncture.

Godwin is scheduled to earn the third-most total cash of any wide receiver in 2022. He could move to second on that list if the Dallas Cowboys release Amari Cooper.

The 26-year-old could get paid at a similar rate if a long-term deal gets done. Both parties would likely want that contract to last multiple years to give themselves security. Godwin would get a financial guarantee, and Tampa Bay would still have one of the best wide receivers in football on its roster.

Projected Contract: Four years, $80 million

Carlton Davis III

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Tampa Bay's other franchise tag option was Carlton Davis III.

Davis could be the most coveted cornerback on the free-agent market depending on what happens with J.C. Jackson and the New England Patriots.

He will command much more money in his new contract than the $4.4 million he earned over the past four seasons.

The top five cornerback deals in the NFL at the moment all have an overall value above $75 million. The top five base salaries at the position for 2022 are all over $13 million.

The Buccaneers are limited when it comes to salary-cap space, which is why it would have made sense to use the franchise tag on Davis and then work on a long-term deal in the future.

Tampa Bay may need to restructure some contracts or release a player or two to navigate this situation. Re-signing Davis should be a top priority regardless of the cap situation because of how valuable he can be to the Tampa Bay defense.

A group with Davis, Devin White, Vita Vea, Lavonte David and Shaquil Barrett could help ease the transition to a new quarterback by winning the NFC South with defensive play.

Projected Contract: Four years, $70 million

Rob Gronkowski

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Rob Gronkowski's free-agent situation is much different than any other one the Buccaneers have to deal with.

Gronkowski has long been attached to Tom Brady, but now that the quarterback is retired, the tight end has the option to stay in Florida or find another quarterback to play with at another franchise.

The Bucs should view any deal with Gronkowski as a short-term solution at the tight end position to help the transition to a new quarterback.

Tampa Bay will likely get younger at running back, with free agent Leonard Fournette probably looking for an expensive deal. Ronald Jones II and Giovani Bernard are also set to hit the open market.

Gronkowski's experience would be welcome in 2022 whether Kyle Trask takes over or the Bucs land a quarterback in the first round of the NFL draft.

He does not need to be paid as much as the NFL's top tight ends, but he will not sign for dirt cheap. Tampa Bay needs to find a nice price in the middle for the two sides to reunite for one more year.

Tampa Bay should pursue that because it will not cost a ton of cash and it would bring some consistency to an offense expected to go through some changes.

Projected Contract: One-year, $7 million.

Contract information obtained from Spotrac.