Per the recent collective bargaining agreement, the compensation level for such a tender is around $1.4 million.
Other teams are able to make their own offers to the trio when the free-agency signing period starts next week, but because they own right-of-first-refusal privileges due to exercising the tender, the Bengals have a chance to match any offers the players receive.
Normally, if the Bengals decided not to match the respective offers, they would end up getting a pick in the draft that came in the same round as the player's original draft selection. But since all three of the Bengals' restricted free agents went undrafted, the Bengals won't be getting any draft compensation if they let them get away.
"Andrew, Vinny and Dane have earned the opportunity to look at the market, but we want them back with us. They are certainly in our plans," Bengals coach Marvin Lewis said Wednesday.
Rey is coming off the best season of his four-year career. He appeared in all 16 games, starting in three after middle linebacker Rey Maualuga suffered a midseason knee injury. As he starred as a replacement, Rey finished the regular season with a career-high 47 tackles, four sacks and two interceptions. He also forced a fumble and recovered another.
Hawkins was expected to have a strong year in 2013; however, a preseason ankle injury derailed him slightly. Forced to the injured reserve but on the designated-to-return list, he missed the first eight games of the season. After his Week 9 return at Miami, Hawkins went on to catch 12 passes for 199 yards across the final eight games. He also had three catches for 20 yards in the Bengals' playoff loss to San Diego.
The previous season, Hawkins was among the team's leading receivers, catching 51 passes for 533 yards and four touchdowns.
Sanzenbacher appeared in 10 games in 2013, catching six passes for 61 yards. He was targeted eight times. Like Hawkins, he is coming off his third year in the league.