With the deadline having passed for franchise tag recipient Tee Higgins to sign a long-term deal, he will play out the 2024 campaign ahead of an expected free agent departure next offseason. By that point, fellow Bengals receiver Ja’Marr Chase will likely have an extension in place. 
The latter has played three years in the NFL, making him eligible for a second contract. With Cincinnati having made the obvious decision of picking up his fifth-year option, Chase is on the books through 2025. A multi-year commitment at or near the top of the receiver market is in the team’s plans, though.
When speaking to the media on Monday, Bengals owner and de facto GM Mike Brown said the team will “try hard” to ensure quarterback Joe Burrow is able to continue playing with his former LSU teammate for years to come (h/t Kelsey Conway of the Cincinnati Enquirer). Brown labeled Burrow as priority No. 1 for the franchise, something demonstrated by his $55MM-per-year extension signed last offseason. Chase, per Brown, is No. 2 on that list.
In spite of that remark, Brown notably added (via ESPN’s Ben Baby) a Chase mega-deal is not likely to be hammered out this summer. He said “the die has probably been cast” regarding an agreement not coming together until next offseason. It will be interesting to see if that stance alters negotiations once training camp opens.
The 24-year-old earned Offensive Rookie of the Year honors in 2021, and he has received a Pro Bowl nod in each of his three Bengals campaigns. Chase has seen the market move to new heights this offseason, with Justin Jefferson landing $35MM per year on his Vikings accord. That pact – which Chase waited to be finalized before taking part in Bengals negotiations – is the most expensive one ever given to a non-quarterback. Chase skipped OTAs, but he did participate in mandatory minicamp, suggesting he could elect to avoid a training camp holdout this week.
Brown also confirmed (via Conway) Cincinnati is hoping to work out an extension with kicker Evan McPherson. The 2021 fifth-rounder has had a consistent start to his career, putting him on the radar for a multi-year deal keeping him in the fold beyond 2024. McPherson, 25, resides in a division featuring three of the highest-paid players at the position. Justin Tucker (Ravens), Dustin Hopkins (Browns) and Chris Boswell (Steelers) are among the nine kickers attached to a deal averaging at least $5MM per year. The Bengals would likely need to make the Florida product a member of that group to keep him in place him via a second contract.
With almost $38MM in projected cap space for next offseason, Cincinnati has the flexibility to retain a number of impactful in-house players. Chase and McPherson are logical candidates for new deals, and it will be interesting to see if one or both have extensions in hand by the time the regular season starts.