When an NFL player is about to become an unrestricted free agent, the team he plays for can designate him with the franchise tag, which binds the player to the team for a year.
This tag allows a team’s general manager to retain valuable free agent talent while searching elsewhere, including the draft and free agency, with the ultimate goal of staying under the team’s total salary cap.
Of course, certain conditions must be met in order for the tag to be placed, including a certain amount of compensation.