What is the deadline for a franchise-tagged player to sign a multi-year deal?

A franchise-tagged player must sign a multi-year deal by July 15. This date is crucial because it is typically the cutoff for negotiations concerning long-term contracts for players who have received a franchise tag. If a player is tagged and does not sign a long-term contract by this deadline, they can only sign a one-year contract with their team for the amount of the franchise tag. This rule ensures that players have a defined timeline to secure a more beneficial long-term deal, and it creates a clear framework for both the team and the player to negotiate before the regular season begins.