Jeremy Fowler says that Le'Veon Bell values himself at $14.5 million per year or more and will not play at a lower price. (1:14)

The Steelers officially placed the exclusive franchise tag on running back Le'Veon Bell for the second consecutive year on Tuesday, the last day for teams to use the designation.

2018 Franchise, Transition Tags Pending free agents to officially receive franchise or transition tenders from their teams before the March 6 deadline: Franchise Jarvis Landry, WR, MIA ($15.982M) Ezekiel Ansah, DE, DET ($17.143M) DeMarcus Lawrence, DE, DAL ($17.143M) Lamarcus Joyner, S, LAR ($11.287M) Le'Veon Bell, RB, PIT ($14.554M) Transition Kyle Fuller, CB, CHI ($12.971M)

The exclusive designation means that Bell is only permitted to negotiate with the Steelers.

The tag for Bell is worth $14.544 million for the 2018 season. The Steelers and Bell have until July 16 to agree to a multiyear contract or he will have to play the season on the franchise tag.

The Steelers increased last year's long-term contract offer, but Bell adjusted his contractual floor to $14.5 million per year to align with his tag salary. He won't play for a contract that averages less annually, he said.

"We're not coming to a number we both agree on -- they are too low, or I guess they feel I'm too high," Bell told ESPN on Monday. "I'm playing for strictly my value to the team. That's what I'm asking. I don't think I should settle for anything less than what I'm valued at."

Bell said he wasn't bluffing when he told ESPN in January that he'll contemplate retirement if asked to play on the tag another year. All options are on the table for Bell, who says he doesn't plan to sign a tag anytime soon and would likely skip training camp once again.

"I just have to decide if I'm going to play when the time comes," Bell told ESPN.

That decision will be more impactful if he finds himself without a deal in late July. Bell said he may just stand pat until Week 10, at which point league rules require him to sign the tag in order to play this season.

"It'd definitely be hard to pass up," Bell told ESPN of the $14.5 million salary.

NFL Network first reported that the Steelers had officially used the tag on Bell on Tuesday.