The Tampa Bay Buccaneers seem to be running out of options to bring back Super Bowl champion and NFL All-Pro wide receiver Chris Godwin.
A lot of that malaise goes back to Godwin himself, who has seen his value skyrocket over the last week after the Cincinnati Bengals put the franchise tag on free agent wide receiver Tee Higgins for a whopping $26.1 million in 2025, making Godwin the de facto most valued free agent at his position in the 2025 cycle.
For the Buccaneers, the problem is with Godwin’s ever-escalating market value. That number has shot up by almost $30 million to a projected 4-year, $92 million contract — or higher — in recent weeks.
The Ringer’s Sheil Kapadia has Godwin as the No. 3 overall NFL free agent in his latest rankings, putting the nine-year veteran in the “Break the Bank” tier of free agents.
Godwin is coming off a season-ending ankle injury in Week 7, when he was second in the NFL in receiving yards behind Bengals superstar Ja’Marr Chase.
“Unless there are long-term concerns about how he’ll recover from the ankle injury, the floor for Godwin’s deal probably looks something like the four-year, $92 million deal (at $23 million per year) that Calvin Ridley signed with the Titans last offseason,” Kapadia wrote.
The floor, meaning the lowest deal Godwin might land. It’s not hard to see that money climb to a 4-year, $100 million if a team is desperate enough to add a WR1 or WR2 option. That could mean a team like the New England Patriots, who have a whopping $127.6 million in salary cap space along with a first year head coach in Mike Vrabel and a promising young quarterback in 2024 NFL draft No. 3 overall pick Drake Maye.
Franchise Tag Not Realistic Option for Godwin, Bucs
Fox Sports NFL reporter Greg Auman succinctly broke down why a franchise tag isn’t a realistic option for the Buccaneers and Godwin, who just played out the 3-year, $60 million contract extension he signed in March 2022.
Godwin has already been given the franchise tag by the Buccaneers twice in his career, playing on a 1-year, $$15.983 million franchise tag in 2021 before getting a 1-year, $19.1 million franchise tag in 2022.
“Bucs aren’t tagging Chris Godwin,” Auman wrote on March 3. “A third tag isn’t a 144 percent raise, it’s the higher of 144 percent of the previous salary (a 44% raise) or the franchise tag number for the highest position, QB, which is $40 million this year. They’re not tagging him, regardless.”
For the Buccaneers, who have just $7.75 million in projected salary cap space, Godwin might just be too expensive to keep — regardless of how bad they want him back.
Godwin’s Projected Value Continues to Climb
On December 30, Spotrac had Godwin’s market value projected at a 3-year, $66.7 million contract, meaning the last 2 months have been some of the most profitable of his career and happened without him playing a single down.
“(Godwin) is still just 28 and will be fully healthy for his new team,” Footballguys Fantasy Football’s Jeff Tefertiller said on December 30. “After Tee Higgins, Godwin might be the prize of free agent receivers this coming offseason.”
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