No franchise tag on Miles Austin, for now

Thursday is the first day NFL teams can place franchise tags on players before the Feb. 25 deadline and everyone's favorite wide receiver, Miles Austin, is a restricted free agent and highly coverted by the Cowboys.

But a source close to the situation said the Cowboys will not place the tag on Austin, at least not right now.

If the Cowboys place the franchise tag on Austin, it would have to pay him the average of the top five salaries at his position from the previous season. Austin's take home before taxes would be $9.5 million.

Austin's agent, David Dunn, did not return a phone call seeking comment.

Cowboys owner/general manager Jerry Jones said the organization would like to give Austin a long-term contract, probably five years, but if not Austin could get a first-and-third round tender offer. If that's the case, Austin's salary would be $3.168 million.

Any NFL team can match the contract, but it would have to give the Cowboys a first and third round pick.