NFL Trade Rumors: Cincinnati Bengals Fail to Reach Extension With Wide Receiver Tee Higgins

The future of the Cincinnati Bengals passing attack just got a lot murkier. Per NFL Network's Ian Rapoport, the team will not reach an extension with wide receiver Tee Higgins before today's deadline, meaning the fifth-year pass catcher will play out 2024 on the franchise tag.

It has appeared evident for some time, but for clarity:

The #Bengals and star WR Tee Higgins will not do an extension by Monday’s deadline. He’s signed his franchise tag, he’ll play on it, then be one of the top free agents in the 2025 offseason. pic.twitter.com/kO8omw8Gol
— Ian Rapoport (@RapSheet) July 14, 2024

Of the nine players to receive the franchise tag this offseason, Higgins was the only one not to reach a lucrative, long-term extension. As things now stand, he'll earn $21.816 million on a one-year deal and will likely test unrestricted free agency in 2025, barring the rare (and expensive) second consecutive franchise tag.

Higgins was a tricky negotiation as far as wide receivers go. He's coming off his worst season as a pro, setting career lows in receptions (42), receiving yards (656), and touchdowns (5). Of course, there were mitigating circumstances: Higgins missed five games due to injury, and starting quarterback Joe Burrow missed seven starts due to a wrist injury.

At his peak, Higgins has definitely been an above-average receiver: He totalled 3028 receiving yards and 19 touchdowns at an efficient 9.3 yards per target over his first three seasons in the league. Still, that's difficult production to justify breaking the bank for, especially considering that the Bengals recently made Burrow the highest-paid player in the league ($55M per year) and WR1 Ja'Marr Chase is extension-eligible.

Given recent fluctuations in the wide receiver market, playing out the franchise tag could work out great for Higgins. A big year could help him land a deal somewhere in the neighborhood of the three-year, $84.75 million extension recently signed by Miami Dolphins wide receiver Jaylen Waddle. Whatever offers Higgins entertained this offseason were probably closer to the four-year, $92 million contract Calvin Ridley signed with the Tennessee Titans in March.

In any case, Higgins' time with the Bengals appears to be coming to an end. If the Bengals truly believed he had a future with the team, they would have tried to buy low on him sometime over the past year. Instead, they'll squeeze what value they can out of him in 2024. If the Bengals stumble out the gate in the regular season, he may even become a trade candidate.