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Thanks for providing the details Dan.
MT, in simple terms (as explained by Gil Brandt and Kirwan), to rescind the tag on a player will negate any FA offer from the team. The player reverts back to his status at the end of the previous league year as a URFA and is able to sign with any team he chooses. If no new long term contract is made by the mid July timeframe, the team then loses that player in the FA compensation formula. Had they rescinded the tag before the date the player is still included in the formula. This is what happened to Carolina and Norman as explained above. Norman’s agent gave a number that CAR wouldn’t even come close to, and pulled their tag well before the deadline.
The tag is a poison pill for both sides. It forces the team and player to come to a fruitful solution...a long term deal. As the tag gives no security to the player and costs the franchise a substantial cap hit, which impacts filling their roster.
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Thanks for the explanation, I thought they had until cut down to rescind the tag and still get compensation