Bears reportedly declined Caleb Williams’ request regarding franchise tag

Despite reports that the Chicago Bears agreed to terms with No. 1 overall pick Caleb Williams on Tuesday, the 22-year-old quarterback remains unsigned as of Wednesday afternoon.

ESPN’s Adam Schefter reported that the Bears and Williams had agreed to a four-year, $39M deal with $25M of guaranteed money.

But Pro Football Talk’s Mike Florio told 670 The Score on Wednesday that the deal isn’t finalized yet because the two sides are negotiating the contract's language, specifically Williams’ request for the Bears not to franchise tag him after his rookie deal — an appeal the team declined.

“My understanding is the contract isn't signed,” Florio said . “They expect it to be; they're haggling over language. And what I think they're getting into is a situation where the lawyer who's handling this isn't as versed in the nuances of the contract as an experienced and competent agent would be.

“… One thing I'm told is there was an effort made to get the Bears to agree not to use the franchise tag on Caleb Williams after he would finish the fifth year of his contract, assuming they would pick up the option. But that did not go anywhere.”

Had the Bears given into Williams’ demand regarding the no-franchise tag clause, it would open a Pandora’s Box of headaches for any team negotiating with No. 1 overall picks in the future — something the NFL surely wants to avoid.

“If he had [gotten the no-tag clause], it would have created a precedent on which plenty of future first-round picks could have capitalized,” Florio wrote . “And that’s good news for the NFL. If a no-tag clause ever became commonplace in first-round contracts, teams would have them for five years at the most, with no way to keep the market from determining their value as of Year 6.”

Williams’ reported contract would be the richest with the most guaranteed money handed out to a No. 1 overall pick since the NFL implemented the rookie wage scale in 2011, besting Bryce Young’s $37.95M deal that included $24.6M guaranteed, per Spotrac .