Peppers makes a clear statement

No, he would sign the tag (thus placing him under contract so we can trade him) then presumably sign a new deal in wherever EDIT: After the trade. In your scenario we would carry the full and immediate hit of the signing bonus on the new deal since trading accelerates the bonus and it would be prorated 0 years.

FURTHER EDITING:
Here is how this can play out:
1.Someone signs peppers to an offer sheet (that is if we use the non-exclusive tag) we can choose to match or let him walk for 2 #1 picks.
2. Peppers signs and plays, for the Teal and black, under the tag, possibly with a Haynesworth style clause where if he makes the pro bowl or plays a certain number of snaps we agree not to tag him again- this is a good way to prevent a season of poor effort, BTW- guaranteeing that he will be UFA next season.
3. Peppers talks to the Jets, who say they wish to fuck their cap further and agree to sign him to a 50 million dollar 3 year deal if the panthers will accept a trade- this trade does NOT have to be 2 #1s; it could be a player, pick, or possibly a coach. Peppers signs the tag, we trade him, he signs with them, we walk away fat dumb and happy, new pick(s) in hand.
4. Peppers holds out, but he must show up by the 10th week of this season and sign the tag or else this doesn't count as an 'accrued season' and we retain his rights since it is as though that year of football never happens.
5. Peppers retires.
if anyone can think of a scenario I missed, speak up please.

 

We're not $17 million under the cap, so I don't think we even have the option of tagging Peppers without cutting some other players first. Plus if the team wants to keep Jordan Gross and franchise Peppers, then they have to work out a deal with Gross before the February deadline, and I'm sure that Gross' agent is exploiting this situation (plus his undeserved '08 awards) to demand that Gross be made the highest paid offensive lineman in the NFL.

 

They don't disolve the contracts. They just cut players for the team until the team is under the cap. The tag can be removed at any time by the team, unless the player signs the tender offer. If Pep had not signed the tender, the league would most likely just rescind the tag on the team's behalf. I think the deal is to make the least number of moves to bring the team under the cap.

 

What I find amazing is that most of the people that didn't want to sign Peppers last year are now thinking that if we franchise him teams will give up a high draft pick for him, plus an huge salary. If I'm a GM and Peppers is tagged, I'd just wait till next year.