Giants RB Saquon Barkley set to become free agent

Giants general manager Joe Schoen has left the door open to a second Saquon Barkley franchise tag being used this offseason. That will not be the case, however; New York will elect not to tag Barkley, Ian Rapoport of NFL Network reports. 

This represents the expected outcome, as a free-agent spell has long been on the horizon for Barkley. The former No. 2 pick has played out his rookie contract (including the fifth-year option) and a 2023 franchise tag during his six years in New York. For the first time, though, he will be able to test the market. A deal keeping him with the Giants after doing so remains in the cards, CBS Sports’ Josina Anderson confirms.

A second Barkley tag would have checked in for $12.1M. Using it would have prevented the franchise (or, perhaps more likely, transition) tag from being applied to safety Xavier McKinney. Teams can use one tag in any given offseason, but not both. McKinney receiving the transition tag remains a “very strong possibility,” according to Ryan Dunleavy of the New York Post.

That route has been floated as a potential path for New York to keep the latter, who profiles as a higher priority given his age and the lack of high-end safeties set to reach free agency. Paying greater attention to McKinney will allow New York to avoid seeing a safety starter depart in free agency, as Julian Love did in 2023. Talks on a long-term McKinney agreement are ongoing.

Barkley is on track to headline the list of available running backs, which is notably long. Fellow 2023 tag recipients Josh Jacobs and Tony Pollard are also likely to reach the market, as are Derrick Henry, Austin Ekeler, D’Andre Swift and J.K. Dobbins. Of those, ESPN’s Dan Graziano writes Barkley is the likeliest to reach the $10M-per-year mark on a new contract. However, doing so will be difficult given the state of the RB market in general and the bulk of available options this offseason in particular. Like Jacobs and Pollard, Barkley did not help his case for a lucrative pact during the 2023 season.

The Giants came close to an agreement with Barkley last offseason, with guaranteed money coming up as the main sticking point. That will likely be the case again as he enters his age-27 season. New York’s offense will (at least temporarily) include a major hole at the RB spot if Barkley departs, but that is a risk the team is formally prepared to run.