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Greg Jennings not franchised by Green Bay Packers

Although NFL.com's Ian Rapoport previously reported the Green Bay Packers would consider slapping impending free-agent wide receiver Greg Jennings with the franchise tag, it's been Around the League's belief all along that the move was a long shot.

The Packers didn't place the franchise tag on Jennings on Monday, confirming an earlier report by Fox Sports' Alex Marvez that the team effectively was allowing him to float onto the free-agent market.

With Randall Cobb, Jordy Nelson and James Jones around for receiver depth, the Packers simply couldn't justify shelling out $10.537 million for Jennings this season. General manager Ted Thompson will need the salary-cap space with linebacker Clay Matthews seeking a monster contract, nose tackle B.J. Raji in need of a contract extension and quarterback Aaron Rodgers threatening to blow past Joe Flacco's record-setting deal.

Perhaps their reported interest in the tag was a veiled message to tight end Jermichael Finley in hopes of extracting a pay cut. If so, the threat came up empty.

As for Jennings' future, reports on his asking price have ranged from $12 million per year all the way up to $14 million annually. A more realistic guess is the $7 million to $9 million price range suggested by one AFC executive.

Jennings is expected to draw some level of interest from the Minnesota Vikings, St. Louis Rams, Miami Dolphins and Indianapolis Colts.

Follow Chris Wesseling on Twitter @ChrisWesseling.

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