The four players who got franchised -- the Saints' Jimmy Graham, the Panthers' Greg Hardy, the Jets' Nick Folk and the Redskins' Brian Orakpo -- all received non-exclusive tags. That means they can sign offer sheets with any team.
However, the signing teams would have to give up two first-round draft picks if the tagging team decided not to match. It's highly unlikely any team would give up that much, even for superstars like Graham or Hardy.