Bengals star WR reportedly won't sign a contract extension

The Bengals could franchise tag Higgins again next offseason. However, he would be due a minimum 20% raise in his 2024 salary, meaning he will probably enter free agency in 2025. 

Of the eight players who signed the franchise tag this offseason, Higgins is the only one who didn't sign an extension, via CBS Sports' Tyler Sullivan and Garrett Podell.  

Vikings wideout Justin Jefferson — a three-time Pro Bowler — recently signed a four-year, $140M deal, making him the highest-paid non-quarterback in the NFL. As a result, WR prices have skyrocketed. Spotrac projects Higgins' market value is a five-year contract worth $19.7M annually. 

Higgins regressed slightly last season, which may dissuade the Bengals from giving him a massive contract. In 12 games last season, he set career lows in receptions (42), receiving yards (656) and touchdown catches (five).

To be fair to Higgins, he battled rib and hamstring injuries, likely contributing to his dip last season. More importantly, Bengals quarterback Joe Burrow wants him to remain with the organization. 

Per Geoff Hobson of the team website, Burrow recently said, "[Higgins and edge-rusher Trey Hendrickson] have earned everything that has come to them and more."

Not signing Higgins to a long-term deal carries risk for the Bengals. If Higgins signs elsewhere next offseason, that would likely upset Burrow. Still, Cincinnati may show him the money if he rebounds in 2024.