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Props to Playoff Pride for beating me to the news. As expected, Dwight Freeney just got the franchise tag slapped on him. Now the Colts will continue to talk with Freeney and his agent in order to iron out a long term deal.
Update [2007-2-19 23:40:35 by BigBlueShoe]: For those worried about the cap, relax. John Clayton reports the Colts have a bit more cap room:
• Accouting work: The Colts converted Peyton Manning's $10 million roster bonus into signing bonus and lowered his 2007 salary cap number from $16.53 million to $8.2 million. The Colts also did the same with the $3.9 million roster bonus of defensive end Robert Mathis. That lowered his cap number from $7.11 million to $3.99 million. The dual savings of those deals now gives the Colts $14.8 million of cap room. Before making those moves they were right at the cap.
Nice! Does this still mean Simon and Stokley are getting cut? Stay tuned.