With the deadline looming on Thursday for teams to designate players for the franchise tag, the Colts and wide receiver Reggie Wayne have agreed in principle to a six-year deal worth close to $40 million according to Jay Glazer at FoxSports.com.
The new contract, which must be approved by the NFL before it can be signed, reportedly includes a $13 million signing bonus. The deal would make Wayne the third highest paid wide receiver behind teammate Marvin Harrison and Randy Moss.
The resolution of Wayne's contract situation frees up the Colts from using the franchise tag on him -- something that Colts president Bill Polian said he would do if needed to keep Wayne from hitting the open market as an unrestricted free agent.
While this will likely fuel speculation that the Colts will use the franchise tag on running back Edgerrin James for the second consecutive season, one of our NFL sources told ColtPower that it simply isn't going to happen and that James will be playing elsewhere next season. To franchise James, the Colts would have to agree to pay him in excess of $8 million in 2006.
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