Franchise player?

What is the definition of a "franchise player"? What does it entail? Long term contract obligations?

NE Patriots are rumored to make Matt Cassell a franchise player.

When a club franchises a player, the player gets a one year contract that is the average salary of the the top 5 players in his position.

If the players accepts the franchise tag, the club has the right to then trade the player or keep him.

If the player declines the franchise tag, a another team can sign him, but give up 2 first round draft picks.

If the player declines and no one signs the player, then the player sits out and doesn't play football.