With less than two hours to go before the deadline for using the franchise tag expires, NFL observers are casting an eye toward Foxborough, where the Patriots could be applying the franchise tag to receiver Randy Moss.

Because Moss restructured his deal to take less money in April 2007, he can’t do another contract with the Pats until the start of the next league year.  But this means that he’ll technically hit the free-agent market before he can re-sign with the Patriots.  Even if he has a verbal deal with the Pats, he can still entertain offers that might come in at 12:01 a.m. EST on February 29.

If the Pats don’t use the tag, it’s safe to assume that there is a verbal deal in place, and that Moss has promised to make it official at midnight sharp on February 29.  If the tag is applied, then there’s likely no deal in place — and Randy’s specific makeup could make it harder for a deal to ever get done.

A list of all tagged players is right here.  In all, twelve players have been slapped with the franchise tag, and one player has been hit with the transition tag.