Fox Sports' Alex Marvez confirmed Monday afternoon that Jennings will not receive the franchise tag, sending him to the open market.

Whilst Greg Jennings has not yet put his home in Green Bay on the market, perhaps it is now time to call the real estate agent as Mr. Jennings is now on the free agent market merry-go-round.

With Randall Cobb, Jordy Nelson and James Jones around for the receiver depth, the Packers simply couldn't justify shelling out $10.537 million for Jennings this season. General manager Ted Thompson will need the salary-cap space with linebacker Clay Matthews seeking a monster contract, nose tackle B.J. Raji in need of a contract extension and quarterback Aaron Rodgers threatening to blow past Joe Flacco's record-setting deal.

Perhaps their reported interest in the tag was a veiled message to tight end Jermichael Finley in hopes of extracting a pay cut. If so, the threat came up empty.

As for Jennings' future, reports on his asking price have ranged from $12 million per year all the way up to $14 million annually. 

Such figures mean that Jennings can expect to draw some level of interest from the Minnesota Vikings, St. Louis Rams, Miami Dolphins and Indianapolis Colts.  Jennings has to admit that with his age and poor injury history over the last few seasons, he needs to be realistic with his financial demands.