Report: Giants Again Applying Franchise Tag To Jason Pierre-Paul

NEW YORK (CBSNewYork) -- For the second time in three years, the Giants are reportedly slapping the franchise tag on Jason Pierre-Paul.

Pro Football Talk reported Monday that the Giants have notified Pierre-Paul that they will use the tag that prevents him from hitting free agency but entitles him to a one-year contract for about $17 million -- the exact amount is contingent on the overall salary cap, which has not yet been finalized.

ESPN's Adam Schefter reported, however, that the Giants are trying to reach a long-term deal with the standout pass rusher by Wednesday.

The Giants also used the franchise tag on Pierre-Paul in 2015 and had offered him a long-term, $60 million contract. But after JPP lost part of his right hand in a Fourth of July fireworks accident that summer, the Giants pulled the long-term offer, and he played on the one-year deal.

MORE: Palladino: Pierre-Paul Should Be Giants' Top Priority This Offseason

New York then signed Pierre-Paul to a one-year, $10.5 million offer before last season.

In 12 games in 2016, Pierre-Paul, 28, had 53 tackles, seven sacks and three forced fumbles. He got off to a slow start but finally appeared to be regaining the form that made him a Pro Bowler in 2011 and 2012, registering 5½ sacks in his final two games.

But JPP missed the final four regular season games and the wild-card game at Green Bay after undergoing sports hernia surgery. He suffered the injury Dec. 4 against the Steelers.

JPP said last month that he has no interest in playing on another one-year deal.

"I've done proved it," Pierre-Paul said. "There's not a guy like me doing it with 7½ fingers."

JPP and the Giants have until July 15 to agree on a long-term contract. If they do not, Pierre-Paul would have to either play on the one-year contract or sit out the season.

Pierre-Paul can negotiate with another team, but that team would have to give up two first-round draft picks if the Giants do not match the offer.