Jessie Bates III and the Cincinnati Bengals did not come to a contract agreement prior to Friday's deadline. Bates, one of the Bengals' top defensive players since joining the team in 2018, will have to play under the tag after the two sides were unable to come to terms on a longterm deal. 

According to CBS Sports NFL Insider Josina Anderson, Bates has no intention to report to training camp or play on the franchise tag in 2022. The Bengals' final offer guaranteed Bates just $4 million more than what he would be paid if he signs the franchise tag, per NFL Media

It has been reported all week that Bates and the Bengals were not close on a long-term extension. If he were to sign his franchise tag, he would be paid a fully-guaranteed $12.9 million in 2022. Earlier this week, Bates tweeted "STAY DOWN. STAY GROUNDED," which appeared to indirectly address his current contract situation.

Bates recorded 88 combined tackles, one interception and four passes defensed in 2021, a step back from his 2020 All-Pro ways. The 25-year-old had better showings in Cincinnati's four postseason games, as the free safety recorded 11 combined tackles, two interceptions and six passes defensed.

Spotrac's market value tool predicts Bates is worth a five-year, $80.19 million extension that carries an AAV of $16 million. That hypothetical deal would make him the third highest-paid safety behind Jamal Adams of the Seattle Seahawks, and Minkah Fitzpatrick of the Pittsburgh Steelers, who signed a massive extension one month ago.