By rule, Pierre-Paul is now prohibited from signing a long-term deal until after the 2015 season concludes.
The Giants weren't inclined to sign Pierre-Paul long-term anyway, preferring to franchise him this year and evaluate whether it made sense for them as a long-term free-agent investment next offseason. But even if a slim chance remained, it disappeared on the weekend of the July 4 holiday, when Pierre-Paul suffered serious damage to his right hand in a fireworks accident. Pierre-Paul had his right index finger amputated and surgery performed to repair fractures in his right thumb.
Pierre-Paul's long-term future with the Giants has only become more uncertain since the incident. The Giants and Pierre-Paul also have questions to answer about this season. It is unknown when he'll be able to play, when he'll be able to practice and what form his compensation for this season should take.
Pierre-Paul still hasn't signed the $14.813 million franchise tender, which means he's not technically on the Giants' roster and they can't place him on the non-football injury list at the start of camp.
He is not planning to sign that tender until he's sure he can pass the team's physical, at which point they couldn't put him on NFI because he would no longer be injured. Pierre-Paul does not want to be put on NFI because that would mean the team would not have to pay him for games he misses. If he were on NFI at the start of the season, he'd have to miss at least the first six games.
It remains possible -- even likely -- that the Giants and Pierre-Paul come to some sort of settlement, perhaps one that reduces his franchise tag number but guarantees that he receives all of the new, lower number. But those discussions are a long way from happening, and at this point the Giants are giving Pierre-Paul time to heal physically and emotionally before addressing the financial aspects of his immediate future. The passing of Wednesday's deadline without a deal officially ensures that Pierre-Paul will be eligible for unrestricted free agency again next March.