Wes Welker has signed his franchise tag with the New England Patriots and will be playing for the team this season, but his long-term future with the Pats is still up in the air. As Monday's deadline for franchised players to work out long-term deals approaches, the Patriots and Welker are still far apart on guaranteed money in their contract negotiations. The chances of a deal getting done are roughly 50/50, according to Jason La Canfora of CBS Sports.
A source with knowledge of the Patriots' talks with receiver Wes Welker put it at "50/50" whether they can reach a deal. They still have a pretty significant gap in terms of guaranteed money to bridge.
The Patriots can apply the franchise tag to Welker again next season if they wish, but they would like to work out a new deal before they get to that point. Welker would like about as much guaranteed money as he would get from having the franchise tag used on him this year and next, so backing out of a deal now and tagging him again next year would be counter-productive for the Patriots.