The NFL's franchise tag window opens today, Feb. 18, at 4 p.m. ET, marking the first day clubs can use the tender. The window closes on March 4 at 4 p.m. ET.

Even with the window opening, don't expect a lot of news off the bat. Most teams will wait until closer to the close of the window before executing the tag -- using the threat as a soft deadline to get a longer-term extension done before employing the one-year tender.

Once a tag is utilized, sides have until July 15 to work out a multi-year extension. If no agreement materializes, the player will work under the one-year tender. As we saw two years ago with Saquon Barkley and Josh Jacobs, the sides can negotiate a different amount or additional incentives after the deadline, but it must be within a one-year time frame.

Here are the three tender options.

1. Non-exclusive franchise tag: The most commonly used tag. When most discuss the "franchise tag," they generally refer to the non-exclusive version. This is a one-year tender of the average of the top five salaries at the player's position over the last five years, or 120 percent of his previous salary, whichever is greater. The tagged player can negotiate with other teams, but the current club owns the right to match any offer or receive two first-round draft picks as compensation if he signs with another team.

2. Exclusive franchise tag: Unlike the non-exclusive version, the tagging team retains the sole right to negotiate with the player. The exclusivity raises the pay scale, with this one-year tender offer being the average of the top five salaries at the player's position for the current year, or 120 percent of his previous salary, whichever is greater. We might call this the "franchise quarterback tag," as it's generally used only on players other teams would gladly give up two first-round picks to sign.

3. Transition tag: The transition tag is a one-year tender offer for the average of the top 10 salaries at the position -- as opposed to the top five for the franchise tag. It guarantees the original club the right of first refusal to match any offer the player might receive from another club. The tagging team is awarded no compensation if it chooses not to match a deal.

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