Panthers rescind Josh Norman franchise tag

The Carolina Panthers have rescinded Josh Norman's franchise tag (lol what why) making him an unrestricted free agent and the Jacksonville Jaguars, who currently have eleventy billion dollars* in cap space, can sign him.

THIS JUST IN: Panthers rescind franchise tag on CB Josh Norman, immediately making him an unrestricted free agent. pic.twitter.com/LGQpErUvZg

— SportsCenter (@SportsCenter) April 20, 2016

Sure, Norman will be 29 years old when the season ends. Sure, Norman has what amounts to one big contract left. But the Jaguars have a ton of cap space and need elite players at every defensive position.

According to Spotrac.com, Josh Norman was scheduled to make $13,952,000 this year, but only in a one-year deal. Go take the money you would've spent on Olivier Vernon, sign Norman to as long of a deal as he wants, and profit, Jaguars.

"After a number of conversations with Josh's agent we realized that a long-term deal was not attainable," general manager Dave Gettleman said, according to NFL.com. "We have decided to rescind the franchise tag freeing Josh to immediately become a UFA. We thank Josh for all his contributions and truly wish him well."

Norman finished the 2015 season with four interceptions, two of which were returned for touchdowns. (Yes, one of those was against Blake Bortles.) He also had 48 tackles, three forced fumbles, and 18 passes defensed to earn first-team All-Pro honors and a spot in this year's Pro Bowl.

*According to Spotrac.com, the Jaguars currently have over $54 million in cap space