Cincinnati used the franchise tag on Higgins, who wants to sign a long-term extension. It also needs to extend Ja’Marr Chase, so the financial constraints theoretically could have forced the Bengals to choose between one of the wide receivers. There was some speculation that a “tag and trade” deal could have been executed for New England to acquire Higgins.

However, according to NFL Media’s Ian Rapoport and Tom Pelissero on Friday, the Bengals “made significant progress” on contract extensions with Chase and Higgins. Chase is expected to earn a contract that will average $40 million a year, which would make him the highest-paid non-quarterback in the NFL. Higgins’ extension is expected to net him over $20 million a year.

The Bengals reportedly are trying to shop edge rusher Trey Hendrickson, so it seems like he could exit and not earn an extension, which would make things easier financially for Cincinnati.

But the overall point is that Mike Vrabel and the front office need to seek out more realistic options for a No. 1 wide receiver. Cooper Kupp reportedly signed with the Seattle Seahawks, but Stefon Diggs, Keenan Allen, Amari Cooper and Brandin Cooks are still available in the market.