They could sign him to a long-term deal or they could use a franchise tag to keep him from hitting the open market and extending the time to negotiate a new deal until mid-July. If no deal came before that point, Higgins would have the choice of sitting out or playing the 2024 season with a guaranteed salary that is projected to be $20.7 million.
Paul Dehner of TheAthletic.com reports that the team is expected to use the latter option and apply the franchise tag to Higgins. He notes that the team has the cap space to carry that salary in the 2024 season and that Joe Burrow’s cap number remains relatively low in 2024 before jumping up by nearly $20 million in 2025.
Report- Expectations are Bengals use franchise tag on Tee Higgins - NBC Sports