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On the first possible day to use the franchise tag, the Miami Dolphins have used that designation to retain their rights to wide receiver Jarvis Landry.

The official figures for 2018 have yet to be released, but Landry is projected to earn just more than $16 million on the one-year deal, if he and the Dolphins don’t work out a long-term deal by the July 16 deadline.

Miami used the non-exclusive tag on Landry, which means he can still talk to other teams, though the Dolphins have the right to match any offer. If they decline to match, they would receive two first-round picks from the other team as compensation for him.

More: Franchise tag player options for all 32 NFL teams

A second-round pick out of LSU in 2014, Landry earned a base salary of $893,852 last season. He posted career highs in catches (a league-best 112) and touchdowns (nine) in 2017.

Placing the tag on Landry makes sense for the Dolphins given that this year’s free agent class doesn’t feature a wealth of talent at the wide receiver position. But on the flip side, $16 million seems rather steep considering Landry’s 987 receiving yards ranked 17th in the NFL and his 8.8 yard-per-catch average didn’t come close to ranking among the league leaders.

Meanwhile, playing on the franchise tag seems like a no-brainer for Landry. Not only is he set to receive a dramatic spike in salary for this season, but if he receives the franchise tag again in 2019, he will be set to earn just more than $35 million over two seasons before hitting free agency the following year at the age of 27 – still prime years for a wideout.

Teams have until March 6 to place the franchise tag on players. No other team had announced intentions to tag a player as of Tuesday evening.

Follow Mike Jones on Twitter @ByMikeJones.

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