Quarterback Lamar Jackson received the non-exclusive franchise tag from the Baltimore Ravens on Tuesday.
Jackson and the Ravens failed in a last-ditch effort to reach a long-term contract agreement as the deadline for using the franchise designation arrived at 4 p.m. ET.
The non-exclusive tag brings multiple variables into play for either side.
If Jackson, 26, signs the tender, he's guaranteed $32.41 million for the 2023 season, unless the two sides agree to a new contract by July 17.
Until Jackson signs, he's open to meet with other teams and agree to terms on a long-term deal with any other team. The Ravens, by using the franchise tag, have refusal rights and can match any offer sheet Jackson receives. If the Ravens choose not to match a contract offer, they would command two first-round picks in exchange for Jackson.
Jackson is treated as a free agent meaning he can talk to teams with 2023 first-round picks starting March 15 at 4 p.m. ET.
General manager Eric DeCosta had another alternative available: the exclusive franchise tag.
The exclusive tag would cost the Ravens more -- $45 million in 2023 -- but risk far less. Under terms of the exclusive tag, only the Ravens can negotiate with Jackson.
DeCosta and Ravens head coach John Harbaugh said last week at the NFL Scouting Combine that Baltimore remains confident Jackson will be with the team long-term.
DeCosta said the Ravens are preparing for every possible outcome with Jackson and their other free agents.
"We've got four, five, or six different plans based on what happens over the next 10 days," he said.
Harbaugh rated the chances of Jackson coming back at "200 percent" in January but didn't sound as certain last week in Indianapolis.
"He's my quarterback. He's my guy. I love him," Harbaugh said. "As a coach I'm looking forward to seeing it get done. But it's not easy. It's never easy. It's the business part of it. But I'm hopeful. Really hopeful and excited. Fervently hopeful."
--Field Level Media