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In response to "Is this an official term, or just a recognition of a player's ability and a reflection in their financial/contractual compensation? -- nm" by Mop (190 lbs)

If you get tagged, in most cases, it's a 1yr contract offer at the average of the top 5 at your position.

Depending on which type, you are either bound to that team, or just have stiff penalties to others seeking to sign you away.

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