It's been less than four years since Ezekiel Elliott signed his record-setting contract extension with the Dallas Cowboys. Elliott's six-year, $90 million extension was thought to possibly reset the market for running backs going forward. Instead, the deal has become an outlier as the value of running backs has plummeted.
Elliott's teammate, Tony Pollard, and Saquon Barkley of the Giants are the only two running backs to receive franchise tags this offseason. Both players would make $10.09 million this season under a tag that is the second lowest among player positions (kicker is the only position that makes less money under the tag). Conversely, a quarterback would make $32.416 million under the tag, while receivers would pocket $19.743 million if tagged.
As you can see, the Cowboys and Giants are getting a bargain by tagging Pollard and Barkley, who both played integral roles in their respective teams making the playoffs in 2022. That said, it wouldn't cost either team much money should they try to sign both players to long-term deals.
Barkley's projected market value is a four-year deal that would pay him $12,315,421 annually, according to Spotrac. Pollard's projected market value is a three-year deal that would give him an annual salary of $9,041,522. Barkley's projected annual salary would account for less than 5.5 percent of the Giants' 2023 salary cap. Pollard's projected annual salary would make up just 4 percent of the Cowboys' total cap.
Theoretically, both teams have the means to sign both players to long-term deals. Both clubs have quarterbacks who are currently under deals that pay them $40 million annually. While that is a lot of money, $40 million is the floor as far as annual salaries for franchise quarterbacks.
It's safe to say the Giants and Cowboys would not have made the playoffs last year without Pollard and Barkley. With Elliott clearly not himself, Pollard took on a bigger workload and was named to his first Pro Bowl after scoring 12 total touchdowns and averaging 5.2 yards per carry.
Barkley's 2022 season was his best campaign since his 2018 rookie season. He ran for a career-high 1,312 yards and 10 touchdowns and was a receiving asset with 57 receptions. In the NFC wild-card round, Barkley's two touchdowns and 109 total yards helped the Giants defeat the Vikings to record the franchise's first playoff victory since winning Super Bowl XLVI.
Unfortunately for both players, their respective teams have all the leverage in contract talks, which is why players aren't exactly fans of the franchise tag. But based on what both players did last season and the impact they had on their teams, it would make sense for the Giants and Cowboys to further invest in Pollard and Barkley. Furthermore, long-term deals would be big wins for both players as well as other running backs who will be seeking their own deals in the coming years.
