CINCINNATI -- What has been trending for months is finally official.

The Bengals and Tee Higgins did not reach a long-term deal ahead of Monday's 4 p.m. ET deadline, leaving the wide receiver to play for Cincinnati on the one-year franchise tag in 2024.

It also puts Higgins in a unique category. Of the eight NFL players who were designated as franchise players in March, Higgins is the only one who did not receiver a multiyear deal by Monday's deadline for players who received the franchise or transition tag to reach long-term deals. Two of those players were traded before reaching deals -- Brian Burns to the New York Giants and L'Jarius Sneed to the Tennessee Titans.

Higgins is set to earn $21.8 million this season via his franchise tender.

According to the collective bargaining agreement between the league and the NFL Players Association, Higgins will not be eligible to sign an extension until after the final regular-season game of the season.

The expiration of Monday's deadline is the latest development in Higgins' contract situation.

The Bengals officially placed Higgins under the franchise tag on Feb. 26. A few weeks later and just before the start of free agency, ESPN's Adam Schefter reported that Higgins had requested a trade from the team.

However, at his youth football camp in April, Higgins told reporters that he intended to play for the Bengals in 2024. And once Cincinnati wrapped up its offseason workouts, Higgins signed the franchise tag on June 17.

"I'm excited to move forward with Tee," Bengals coach Zac Taylor said in a statement announcing the transaction. "He's done a great job handling his situation, and we are happy to get him back in the fold so we can start working toward a great 2024 season."

A former second-round pick in 2020, Higgins has been a crucial part of Cincinnati's offense over the past four years. In his first three seasons, Higgins amassed 3,028 receiving yards and 19 touchdowns in the regular season. That doesn't include his performance in Super Bowl LVI in February 2022, when he caught both of Cincinnati's touchdowns in a 23-20 loss to the Los Angeles Rams.

In 2023, injuries hampered Higgins throughout the season. A rib injury and a hamstring issue limited Higgins to a career-low 12 games. He caught 42 of 77 targets for 656 yards and five touchdowns.

ESPN's Dan Graziano contributed to this report.