With free agency approaching, the Los Angeles Chargers have several key players set to hit the open market. Some, like quarterback Philip Rivers, already know that they will not return to the team next season. Several others do not yet know whether they will reach free agency at all.

One of those players, tight end Hunter Henry, faces perhaps the most uncertainty of anyone in the group. As a premier talent at a position with little depth elsewhere, he could realistically reset the tight-end market should he reach free agency. At the same time, the Chargers could effectively lock him into another season with the franchise tag for less than he would probably make otherwise.

At the moment, only one tight end in the league earns an average salary of eight figures: the Green Bay Packers' Jimmy Graham. Unlike other position groups where the market annually resets, Graham signed his deal two years ago and no one has truly threatened to usurp his status as the highest-paid tight end. As a direct result, the franchise tag for players at that position hasn't grown at the same rate as others, providing a relative bargain for the Chargers should they choose to use it with Henry. Over the Cap projects that tag to cost a little over $11 million in 2020. Only special-teamers cost less to franchise.

As of last Thursday, NFL teams could begin applying tags to their impending free agents. Though the Chargers have not moved on Henry, they appear headed in that direction. A report from NFL Network's Ian Rapoport suggested that the team "would love to get a long-term deal done with Henry" but notes that complications with free-agency leverage and the proposed collective-bargaining agreement have made it difficult to reach an agreement. Accordingly, Los Angeles will likely use the franchise tag if extension talks prove unfruitful.

All of which makes sense from the Chargers' perspective. Entering a critical year of Anthony Lynn's tenure as head coach, the team cannot afford to lose a talent as integral as Henry. Securing him for at least next season would also help whomever starts at quarterback in 2020, whether incumbent Tyrod Taylor, a free agent such as Tom Brady, or a rookie from the upcoming draft.

-- Jason B. Hirschhorn is an award-winning sports journalist and Pro Football Writers of America member. Follow him on Twitter: @by_JBH