Packers opt against using franchise tag on Randall Cobb

Monday's franchise tag deadline has come and gone, and the Green Bay Packers may now be in danger of losing a star wide receiver.

The Packers did not opt to use the one-year designation on impending free agent Randall Cobb, as multiple reports have confirmed.

Green Bay still has over a week to negotiate with Cobb in hopes of bringing him back on a new contract, but the 24-year-old will hit the open market and be free to speak with other teams barring a long-term agreement.

Cobb's camp could be looking for as much as $12 million a season, according to Tom Silverstein of the Milwaukee Journal Sentinel.

Though the Packers haven't shied away from making difficult decisions and allowing key players to walk away in the past, the dynamic wideout's playmaking ability has long proven key to the team's offensive success, and his relative youth suggests a long-term deal is a worthwhile investment.

Either way, Cobb is set to cash in on what should be a fairly substantial contract. After finishing the 2014 season with career highs in all major receiving categories - tallying an impressive 91 receptions for 1,287 yards and 12 touchdowns - he's in line to be the most highly sought-after free-agent wide receiver.