NFL Salary Cap, Buccaneers WR Godwin's Franchise Tag Salary Set

This story has been updated to include the adjusted salary cap for each NFL team, provided by the NFL Players Association on Wednesday afternoon.

Tuesday was an extremely busy NFL franchise tag deadline day, where players were tendered to various degrees, signed lucrative new contracts with their clubs, or were released amid a reduction in the league's yearly salary cap.

The Tampa Bay Buccaneers have been one of the fortunate teams - thus far - in terms of having to let go of talent due to their budget. That time can absolutely come before the new league year starts, but to this point, with the salary cap officially settling in at $182.5 million for 2021, Tampa Bay has yet to cut players in order to pay its stars.

Once you factor in salary cap carryover from 2020, the Buccaneers will sit at approximately $187.1 million in cap space, per the NFL Players Association. Previous figures from ESPN suggested the Buccaneers would lose $449,000 due to cap carryover.

The new salary cap has led to two key members of the franchise inking new contracts to return in 2021: Wide receiver Chris Godwin will play on the tag, while linebacker Lavonte David has agreed to a two-year, $25 million extension with $20 million in guarantees and a cap hit of $3.5 million in year one.

Shortly after the salary cap was finalized on Wednesday morning, Godwin's salary on the tag became available via NFL Network: $15.983 million. It had been projected to fall in the $15.8-to-$16.4 million range according to various salary cap tracking websites before becoming official.

Godwin's tag is non-exclusive, according to Buccaneers.com, so he is allowed to negotiate with other teams in free agency but Tampa Bay can match any contract offer he receives. Should Godwin sign such an offer and the Buccaneers refuse to match it, his new squad would have to send the Bucs two first-round picks.

Especially with another strong class of wide receivers in the upcoming NFL Draft, the odds are slim of an outside team making such a move, thus keeping Godwin in Tampa Bay in 2021 and perhaps longer. He is still allowed to negotiate a long-term contract with the Buccaneers until July 15.

However, although Tampa Bay is now in the red - $5.5 million over the cap after Tuesday's moves, not including David's extension - the franchise tag salary might be Godwin and the Buccaneers' best bet.

Once the Buccaneers do create some wiggle room, via potential cap casualty releases and/or contract restructures and extensions, Godwin's slightly sub-$16 million cap hit becomes a manageable number when you compare it to what the top receivers in the NFL are currently earning. In fact, his salary - before imminent 2021 free agents such as Kenny Golladay and Curtis Samuel have signed their next deals - ranks 14th among players at his position.

$15.983 million is also more than three times what Godwin has earned in his four-year career with the Buccaneers ($4.65 million), so while he doesn't have the comfort of long-term security right now from an NFL player perspective, he's undoubtedly cashing in this offseason.

Godwin is good enough to earn top ten receiver money, and that could come once the Buccaneers have the flexibility to lock him in long term. With edge rusher Shaq Barrett, defensive end Ndamukong Suh, tight end Rob Gronkowski, and other contributors still without a new deal, though, that contract will have to wait.