The clock struck midnight and there is no long-term deal between Saquon Barkley and the New York Giants, an individual with knowledge of the situation told NorthJersey.com.
The pressure to find a way to compromise on a long-term deal seemingly mounted with each passing minute ahead of Monday's 4 p.m. deadline. With no deal agreed upon, Barkley and the Giants are not allowed to revisit talks for a new contract extension until after the 2023 season.
"It is what it is," Barkley tweeted at 3:54 p.m., with six minutes to go before the deadline. The expectation now is that Barkley will not sign the franchise tag worth $10.1 million guaranteed, and he will not report to training camp when the rest of the team's veterans show up next week.
Giants general manager Joe Schoen has been trying to thread the needle since the bye week of last season. when the process of extending contracts for his own players began.
Then Schoen stepped to the podium at the NFL Combine four months ago and faced an uncertain future for his best and most popular players head on. There were questions on Daniel Jones and Barkley, and Barkley and Jones, on contract demands, and how that played out would shape Schoen’s tenure moving forward.
Schoen has emerged as the front man for business decisions - still in lock step with coach Brian Daboll, for sure, but the buck stops with the GM - so his presence and voice have been seen and heard representing the Giants in the talks.
The job has been a delicate balance of offense and defense and a blend of calculation and compromise.
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Finding a resolution to the Jones' contract negotiation at the 11th hour (4 years, $160 million) had a ripple effect on the entire organizational approach for the remainder of the offseason.
We know the Giants are a better team with Barkley than without in 2023. What hurts Barkley now: the Giants have to move forward without him. When he shows, he shows, if he shows.
Schoen stated on several occasions that the team is prepared to have Barkley play this season on the franchise tag. The New York Post reported that the Giants' offer has included $19.5 million guaranteed in a multi-year deal, but an individual familiar with the situation told NorthJersey.com late Saturday night that it's believed the guarantees in the offer were increased to $22 million and "a smidge above that."
The expectation is that the guaranteed number would have to be in that range for Barkley to consider signing the long-term deal, given the fact that if the Giants used a second franchise tag on him next year, the total number of guarantees would be at $22 million.
If no deal was reached, Barkley could let the impasse linger through training camp and then even into the season. But if he starts missing games, the tag decreases by 1/17th and he'd lose $594,000 per week. In that case, if the situation reached post-Week 10, Barkley would not be allowed to play this season.
And this has to be on the table: if Barkley did not sign a long-term deal, there were no guarantees he would be tagged in 2024. The Giants could prepare as such with flexibility to commit to building this offense without him. They want him here, but their approach to 2024 can be different.
The Giants just shelled out more than $240 million in contracts to two of their best players at premium positions in Daniel Jones and Dexter Lawrence. They're going to eventually spend big on Andrew Thomas, potentially resetting the market at offensive tackle. The negotiation with Barkley because of the market, the position and the tag is not representative of the Giants being accused of not taking care of their own.
Barkley needed the Giants to believe he will not sign the tag until the first week of September, at the earliest, maybe longer. Did the Giants call that bluff? We're going to find out very soon, especially if Barkley and the Giants fail to beat the clock.