2. Steelers give Diontae Johnson the franchise tag
Excluding the possibility of finding a trade partner for Johnson (which I think is incredibly unlikely and out of character), my second favorite option for the Steelers when it comes to Diontae Johnson is letting him play out the 2022 season and slapping the franchise tag on him.
Right now, the projected number of the franchise tag for a wide receiver in 2023 is roughly $20 million, according to Over the Cap. This figure is potentially less expensive than the new yearly money Johnson could make on an extension.
However, there are certainly pitfalls to doing this. For one, the franchise tag has a way of tarnishing relationships between the team, player, and agent. It’s also possible that the franchise tag number goes up as more top-flight receivers sign new deals. Perhaps most importantly is that the Steelers don’t have the option of spreading out this cap hit and they would have to absorb all $20 million against the cap for the 2023 season.
The positives of going with the tag are that we would be able to get one more really good look at Johnson in 2022. If he takes a big step forward and is much more consistent, Pittsburgh could tag him and keep him around as they try to work something out long-term. If he takes a step back and looks like 2020 Diontae, they have the option to simply let him test the market following the season.