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The Tag Deadline Passed. Schneider Let It. KW3 Is Now The NFL’s Hottest Free Agent Running Back.
It’s done. The franchise tag window slammed shut at 4 p.m. ET today and Kenneth Walker III’s name was not on any tag tender. Peter Schrager confirmed it first, Adam Schefter piled on, and now the math is simple: the Super Bowl LX MVP is a pure unrestricted free agent when the legal tampering window opens March 9.
I don’t think Seattle ever seriously considered the tag. Not really. The franchise tag for running backs sits at $14.293 million. The transition tag? $11.323 million. Both numbers would’ve been the largest single-season expenditure on a running back in Seahawks history, and Schneider has always treated the tag like a fire extinguisher: it’s there for emergencies, not regular use. The last time he tagged anyone was… actually, has he ever? The point stands.
Here’s what NBC Sports’ Matthew Berry reported from the Combine about the Seahawks’ internal posture: essentially, the front office is telling Walker to test the market. If someone’s willing to pay $12 or $13 million a year, godspeed. If his market settles around $10 million, come back and talk. That’s not a team fighting to keep its guy. That’s a team that loves its guy but loves its cap sheet more.
And the suitors are already circling. The New York Giants are reportedly “very interested” under new coach John Harbaugh. The Texans just traded for David Montgomery but their RB room is still thin. The Chiefs, Jaguars, Jets (who just tagged Breece Hall, so scratch them), Panthers, and Broncos have all been previously linked. Even the Commanders make sense with their entire backfield hitting free agency.
The historical company Walker is about to join is telling: if he signs elsewhere, he’ll become just the fourth reigning Super Bowl MVP to begin the next season with a different team, joining Larry Brown, Desmond Howard, and Dexter Jackson. Not a Hall of Fame group. A cautionary tale with a ring on its finger.
The backup plan in Seattle? George Holani, who just got tendered to a minimum deal, and a Zach Charbonnet who won’t be off the PUP list until at least Week 7. That’s it. That’s the plan. Sleep well, 12s.
SOURCES →
Intel
The Giants Want KW3, Berry Says Seattle ‘Expects To Lose Him,’ And The Bidding War Is Officially On
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Berry’s most revealing nugget, though, was about the Seahawks themselves. He was told that Seattle is “expecting to lose him.” They love him. They’re just not willing to pay top dollar when JSN’s extension, Witherspoon’s extension, and the rest of a championship roster need feeding. As Berry translated the front office sentiment: the vibe is basically “Hey Ken, go get yours — but if nobody bites at $12M, we’ll be here.”
The Texans traded for David Montgomery this week, which some thought would cool Houston’s interest, but the SI Seahawks crew argues it might actually help Seattle’s chances of keeping Walker. Fewer bidders, lower price. The counter-argument: the Giants, Commanders, and others still have money and need. Walker’s postseason, 313 yards and four touchdowns on 65 carries across three playoff games, is the kind of résumé that makes GMs write blank checks.
Spotrac projects Walker’s market value at about $9 million per year. The real number will be somewhere between that and the $12-13M ceiling Berry cited. Wherever it lands, it’ll tell us exactly how much the NFL values a Super Bowl MVP running back in 2026.
SOURCES →
AROUND THE COOP
Around the Coop
The Jets tagged Breece Hall today, which means KW3 is officially the top running back on the free agent market. Congratulations to Kenneth Walker III on being the best available back in America, a distinction that comes with exactly zero guaranteed dollars. Yahoo Sports
The Bengals also declined to tag Trey Hendrickson, sending the All-Pro pass rusher to the open market. Hendrickson had 17.5 sacks in back-to-back seasons before an injury-shortened 2025. If you’re wondering why this matters for Seattle: it doesn’t, unless Schneider decides to ignore every established spending pattern he’s ever had. But a girl can dream about edge rushers. FOX19
The Seahawks tendered ERFAs Ty Okada and George Holani this week, locking both onto minimum one-year deals. Okada played all 17 games with 65 tackles and an interception. Holani is your emergency RB plan if KW3 walks and Charbonnet opens on PUP. The Seahawks’ backup plan is literally “the guy who had 22 carries last year.” Bold strategy. Heavy
Mike Macdonald said at the Combine that he has no indication DeMarcus Lawrence will retire, but also acknowledged that “any time you’re in double-digit years, that’s one of those things you have to factor in.” Translation: D-Law hasn’t told anyone he’s done, but the man is 34 and just won his ring. If he walks off into the Dallas sunset, nobody should be surprised. Or blame him. The Athletic
NFC WEST SCHADENFREUDE REPORT
RAMS
The Rams spent the bye week formally submitting two rule proposals to the NFL that would, and I quote, “fix what went wrong” during the Zachwards Pass game. Their first proposal would treat a defender-tipped backward pass the same as a fumble on conversion attempts, meaning only the passer could recover it. The second would impose a strict 40-to-60-second window for initiating replay reviews. In other words, Sean McVay is trying to legislate away the single most entertaining football play of the decade because his team forgot to play to the whistle. The league meetings vote is late March. Even PFT says it’s “hard to see it gaining steam.” Cry into your avocado toast, Los Angeles. The Zachwards Pass is eternal.
NINERS
The 49ers and Trent Williams are in their third contract standoff in five years. Williams carries a $39 million cap hit, has zero guaranteed dollars remaining, and his agent reportedly leaked a threatening report to ESPN roughly 90 minutes before John Lynch was scheduled to speak at the Combine. Lynch then smiled at reporters and said talks are “on the right track.” This is the most 49ers thing that has ever happened. Kyle Shanahan is out here trying to compete for a Super Bowl while his franchise left tackle holds a yearly auction for his own services. Meanwhile, they got boat-raced 41-6 in the Divisional Round at Lumen Field and their big offseason splash so far is being in play for Maxx Crosby along with a dozen other teams. Sure, Jan.
CARDINALS
The Cardinals went 3-14, fired their entire coaching staff, hired the Rams’ former OC Mike LaFleur as head coach, and are now reportedly interested in signing Jimmy Garoppolo as their starting quarterback. A league source described Garoppolo as LaFleur’s “guy.” Jimmy G hasn’t started a game since Week 18 of 2024. He was the Rams’ clipboard holder. This franchise is the “we have food at home” meme of the NFC West, and the food at home is a 34-year-old backup quarterback imported from their division rival’s bench. Kyler Murray reportedly wants out. Nobody is stopping him.
SEACHICKENS TRIVIA
If Kenneth Walker III signs with another team, he’ll become just the fourth reigning Super Bowl MVP to leave his team the following offseason. Name one of the other three.
Tap to Reveal the Answer
Larry Brown (Cowboys → Raiders, 1996), Desmond Howard (Packers → Raiders, 1997), or Dexter Jackson (Bucs → Cardinals, 2003). All three were defensive/special teams players. Walker would be the first offensive Super Bowl MVP to walk.
THE MAILBAG
Will Schneider use any of the cap space on a veteran QB backup or just roll with whoever is behind Geno… er, Sam?
— Cap Space Carl in Capitol Hill
First of all, Carl, I love that your muscle memory typed “Geno” before your brain caught up. It’s okay. We all did it for the first six weeks.
The honest answer is: probably not a big splash. The Seahawks have Sam Darnold locked in as QB1 after, you know, winning the Super Bowl. The backup situation is genuinely interesting though. Right now the QB2 is… well, it’s whatever is behind Door Number Mystery at the VMAC.
Schneider’s history says he’ll find a veteran minimum guy or a late-round draft pick to hold a clipboard. He’s never been a “pay $8M for a backup” GM. The Seahawks have roughly $56-60 million in projected cap space, and every dollar of that is earmarked for the JSN extension, the Witherspoon extension, replacing whatever KW3’s production was, and potentially shoring up the edge rusher room if D-Law and Mafe both leave.
My guess: a vet minimum deal for someone whose name will make you go “oh, he’s still in the league?” And then we’ll all forget about it until Darnold tweaks his ankle in Week 4 of preseason and the entire city collectively loses its mind for 48 hours. Budget accordingly, Carl.
Got Feelings About KW3 Leaving? We Want Them.
Submit your questions, hot takes, and emotional support requests to The Mailbag. We’ll answer the best ones in a future issue — and maybe offer a hug if the running back market gets weird.
See you tomorrow. — The Rooster