© Mark J. Rebilas-USA TODAY SportsChris Godwin has been stellar since Tampa Bay made him a third-round pick back in 2017.
The Tampa Bay Buccaneers' finances took a major hit on Tuesday after the defending champs placed the franchise tag on star wide receiver Chris Godwin. If signed, that tag will cost Tampa Bay a whopping $16 million against the 2021 NFL salary cap.
In no way does this mean Tampa Bay has given up hopes of signing Godwin to a contract extension to lower his 2021 cap number. At the very least, that's what we're hearing.
NFL Media's Ian Rapoport noted on Tuesday that the tag will act as a "placeholder" until Godwin and the Buccaneers are able to come to terms on a long-term contract.
An extension would make sense for both parties. By virtue of handing Godwin the franchise tag and signing linebacker Lavonte David to a new two-year contract, Tampa Bay finds itself $10.35 million over the cap. It also has core internal free agents such as Antonio Brown, Rob Gronkowski, Leonard Fournette and Ndamukong Suh to think about re-signing.
An impending Tom Brady contract extension will likely lower his cap number. However, general manager Jason Licht still has a lot of work to do. Getting Godwin locked up would help a lot.
What a Godwin contract with Tampa Bay might look like
Godwin has been stellar since Tampa Bay made him a third-round pick back in 2017. The Penn State product is averaging 70 receptions for 1,005 yards and eight touchdowns over the past three seasons. He's still only 25 and has yet to hit his prime.
Any potential extension would likely come in at north of $18 million annually. Odell Beckham Jr. of the Cleveland Browns and Kansas City Chiefs star Tyreek Hill have comparable contracts. In turn, the Buccaneers could back load massive cap hits, lowering Godwin's 2021 number in the process.
Something to the tune of five years for $90 million with a $10 million cap hit for the 2021 season could make sense. After all, the Buccaneers' Super Bowl window is wide open following last season's shocking run to the title. They will sacrifice future cap health for continued short-term contention.
Subscribe to Yardbarker's Morning Bark, the most comprehensive newsletter in sports. Customize your email to get the latest news on your favorite sports, teams and schools. Emailed daily. Always free! Sign up now ?
More must-reads:
Related slideshow: The best all-time receiving corps for every NFL franchise (Provided by Yardbarker)