As the first wave of 2008 free agency continues to fade into the rear-view mirror, the next phase (if it ever happens) will be the assault on players whose contracts contain a right of first refusal.

Surprisingly, however, there have been few offer sheets signed this year by restricted free agents, the twelve franchise players, and/or the sole player with the transition tag.

There have been only two offer sheets signed, both by restricted free agents.  Colts tight end Ben Utect recently signed one with the Bengals, and former Bucs safety Kalvin Pearson signed one with the Lions.  Because neither player was drafted, no compensation is available.  (The Bucs opted not to match the Pearson offer.)

Steelers tackle Max Starks is this year’s lone transition player, a designation for otherwise unrestricted free agents that provides only the ability to match the offer within seven days.  To date, no one has shown any interest in Starks, even though the Steelers likely would not match an offer that even remotely reflects the market value for a marginal starting tackle (i.e., $6 million per year).

If/when Starks signs the one-year tender, he’ll be guaranteed to receive $6.9 million in 2008.  Until then, he’s not under contract and has no obligation to attend any mandatory team activities. 

As more time passes with no offers coming Starks’ way, there could be a chance that the Steelers will yank the transition tag and then try to sign him to a deal worth far less than $6.9 million this season.  At some point, then, it might be wise for Starks to sign the tender. 

Regarding the franchise players, teams in many cases use the tag as a vehicle for getting value for the player via a trade.  Under the CBA, it’s a realistic option through July 15.  To date, however, there’s no indication that any of the franchise players will be traded soon.

The reasons for the lack of activity aren’t clear, and maybe things will pick up.  Restricted free agents usually can sign offer sheets until eight days before the draft.