The Buffalo Bills announced they won't use the franchise tag to hold onto free safety Jairus Byrd.

At this rate, the Bills could wind up losing their franchise player from last season.

“We have negotiated with representation for Jairus Byrd for more than a year, but have yet to reach an agreement on a contract extension," Bills general manager Doug Whaley said. "We remain open to getting a deal done with Jairus, but we have chosen not to use the franchise tag on any of our impending unrestricted free agents.”

The Bills have made a substantial offer for Byrd. However, it evidently wasn't enough.

Using the franchise tag for Byrd again would cost them $8.3 million.

Byrd is expected to have a healthy amount of interest on the open market.

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Aaron Wilson covers the Ravens for The Baltimore Sun