With cap set, a look at franchise tags

With the NFL salary cap set at $123.9 million for the 2013 league year, per ESPN senior football analyst Chris Mortensen, we now have a clearer picture of the franchise and transition tag values at respective positions.

If the Patriots use the tag, which is far from a guarantee, receiver Wes Welker, cornerback Aqib Talib and right tackle Sebastian Vollmer are the top candidates.

Brian McIntyre, a cap guru and writer for Yahoo! Sport's "Shutdown Corner" blog, has updated the projected franchise and transition tag numbers based on the new salary cap total. They are slightly higher than previous projections.

For cornerbacks, the franchise tag is estimated at $10.853 million, while the transition tag would cost $9.095 million.

For offensive linemen, the franchise tag is estimated at $9.828 million and the transition tag is $8.71 million.

And because Welker was tagged last offseason, if he were re-tagged -- be it the franchise or transition tag -- he'd be entitled to a 20 percent raise from last year, resulting in an $11.4 million salary.

The deadline to exercise the franchise or transition tag is Monday.

More thoughts on this to come later in the day.