Seattle Seahawks Decline to Franchise Tag Super Bowl MVP Kenneth Walker III
In a significant development reported by NFL insider Adam Schefter, the Seattle Seahawks are not expected to use the franchise tag on running back Kenneth Walker III. This decision paves the way for the Super Bowl MVP to become an unrestricted free agent when the new league year commences on Wednesday, March 11.
New York Giants Emerge as Potential Destination
This move signals opportunity for franchises aiming to bolster their ground game, with the New York Giants prominently mentioned as a team with keen interest. According to Dan Duggan of The Athletic, the Giants currently roster two economical and productive running backs: Cam Skattebo, viewed as a complementary piece, and Tyrone Tracy Jr., who has filled the lead role but may not be seen as a long-term number one option.
Despite Giants General Manager Joe Schoen expressing "no regrets" over the departure of Saquon Barkley to the Philadelphia Eagles—where Barkley later secured a Super Bowl victory—the franchise is now reportedly targeting Kenneth Walker III. Walker himself boasts a Super Bowl championship with the Seahawks, positioning him to command the most lucrative contract among available running backs.
Projected Contract and Market Dynamics
Spotrac's market value analysis projects the 25-year-old Wake Forest alumnus to sign a four-year contract worth $36 million, averaging an annual salary of $9 million. However, Duggan notes that while the Giants are unlikely to be the highest bidder, the running back position remains a priority for investment. This aligns with head coach John Harbaugh's strategy to construct a run-heavy offense for the 2026 campaign.
Seahawks' Stance and Free Agency Outlook
ESPN's Jeremy Fowler and Dan Graziano report that Walker is generating substantial external interest, likely signaling the end of his tenure in Seattle. NBC Sports' Matthew Berry confirms the Seahawks anticipate his departure, especially with the absence of a franchise tag. "They love him, but due to other teams' needs, they are not prepared to pay top dollar," Berry stated, summarizing Seattle's position as encouraging Walker to test the market.
An insider revealed to Berry that if another team offers $12 to $13 million annually, the Seahawks would wish Walker well, but if the market settles around $10 million, they remain open to discussions for a potential return.
Giants' Strategic Focus Under Harbaugh
At the 2026 NFL Combine, ESPN's Jordan Raanan highlighted the Giants' active pursuit of elite running backs through both the draft and free agency, targeting prospects like Notre Dame's Jeremiyah Love, Travis Etienne, and Kenneth Walker III. This underscores a deliberate shift toward a more physical, run-oriented approach, influenced by Harbaugh's longstanding philosophy from his tenure with the Baltimore Ravens.
PFF's Sam Robinson notes that while mutual interest exists between Walker and the Seahawks, exclusive negotiating rights expire at 11 AM CT on March 9, when the legal tampering period begins. With Skattebo under contract through 2027 and Tracy Jr.'s rookie deal concluding after 2026, the Giants have flexibility. Robinson emphasizes that Harbaugh is steering decisions, with new hire Dawn Aponte reporting directly to him, potentially driving the need for a premier running back akin to the Ravens' Derrick Henry.
As free agency approaches, analysts and rumors increasingly point to Kenneth Walker III as a key target for the Giants, reflecting their commitment to revitalizing the run game under Harbaugh's leadership.
