The franchise tag deadline came and went without the Green Bay Packers using theirs on free agent running back Aaron Jones. Jones’ rookie contract is set to expire next week, but the Packers can still workout a new deal before free agency begins March 17.

According to ESPN’s Adam Schefter, Green Bay is still attempting to re-sign Jones before he hits the open market. However, time is running out as the legal tampering period begins on Monday.

The Packers have reportedly sent multiple offers to Jones, but nothing has led to an official agreement. Rob Demovsky first reported that Green Bay’s offer didn’t contain enough guaranteed money.  Then, Ian Rapoport reported Tuesday that Jones was offered over $9 million annually.

Had the team used their franchise tag option, Jones would have made around $8 million in 2021 fully guaranteed. Say what you want about the franchise tag, but the Packers could have made a financially heads-up move by placing it on Jones while continuing to work on a new deal.

Jones is expected to get offered a lot more on the open market. So, even getting him on a one-year rental for $8 million could be viewed as a potential bargain. There’s some speculation Jones will receive upwards of $12 million per year. That would likely out price the Packers who still need to get under the salary cap.

The salary cap was confirmed to be $182.5 million on Wednesday, which means Green Bay needs to shed a little over $9 million to get under the cap.

When general manager Brian Gutekunst spoke to the media earlier in March, he mentioned the franchise tag as a possibility. The Packers haven’t used the franchise tag in over decade since one was placed on nose tackle Ryan Pickett in 2010. However, Gutekunst disagreed that it was a organization philosophy to not use the tag.

“If that’s the best situation for us, then we’ll go ahead and use it if we need to,” said Gutekunst.

When speaking specifically to the Jones situation, Gutekunst said, “We certainly could, I think it’s something we’re working through.”

However, he quickly followed that up with, “There’s usually better ways.”

In this case, actions speak louder than words and Jones did not receive the tag, which could have brought him back at a good price. After all, when a running back rushes for 1,000 yards in back-to-back seasons and scores 30 total touchdowns, he is going to want to be compensated. Either Green Bay is attempting to re-sign Jones last minute, or they will let him walk and try to get under the cap to make one or two moves in free agency.