The first day of franchise tag season has come and gone with no new developments in the contract situation with Panthers defensive end Greg Hardy.

Monday was the first day teams could tag players, and Hardy is thought to be a possible target for one on the heels of his franchise record-tying 15 sack season.

The Panthers have two weeks to decide whether to use the tag on Hardy, at the cost of approximately $12.5 million -- all guaranteed -- for one season.

Tagging Hardy would buy the Panthers another year to negotiate with Hardy, who as one of the league's premiere pass-rushers will be looking for a deal worth more than the six-year, $78 million contract Panthers defensive end Charles Johnson received three years ago.

But putting the tag on Hardy would consume all of the $11.6 million in unused cap space the Panthers are carrying into the 2014 league year -- a hefty price for a team that will be looking to lock up franchise cornerstones Cam Newton and Luke Kuechly with huge deals in the next two years.