The Jacksonville Jaguars are doing everything they can to keep their superstar defender, Josh Allen, in town for the foreseeable future by putting the franchise tag on him ahead of NFL free agency and the 2024 season.

“The #Jaguars are expected to place the franchise tag on pass-rusher Josh Allen, and he’s on the books for one year and $24M, source said,” NFL Network insider Ian Rapoport reported on Tuesday. “No surprise. The team has expressed confidence in getting a long-term deal.”

UPDATE: The Jaguars officially used the franchise tag on Josh Allen on Tuesday afternoon, per Bleacher Report's Jordan Schultz. 

This Jaguars-Josh Allen franchise tag deal comes on the heels of an incredible season for the 25-year-old two-time Pro Bowler. In 2023, Allen put up a staggering 17.5 sacks, good for second in the league, only behind the Pittsburgh Steelers’ TJ Watt’s 19.0.

Allen’s 2023 sack total was higher than his last three seasons combined. He had 10.5 QB takedowns as a rookie then 17.0 in his last three campaigns.

The $24 million franchise tag number for a pass-rushing outside linebacker is right in line with what Allen will likely make per season if/when he signs a long-term deal with the Jaguars in this NFL free agency period or next season. Spotrac estimates his market value at $23.9 million.

That said, edge rushers are getting more expensive in the NFL, and after his monster sack year, Allen may be looking for more than just top-10 edge rusher money. Currently, the top three pass-rushers in the NFL — Joey Bosa, TJ Watt, and Nick Bosa — make $27 million, $28 million, and $34 million per season, respectively.

To get a long-term deal done for Allen, the Jaguars may have to hit that $30 million mark. This could be tough for the team as star quarterback Trevor Lawrence is due for a massive extension that should eclipse $50 million per year soon.