Analysis: What Would Re-Signing Ken Walker III Look Like For Seahawks?
The Super Bowl MVP trophy is freshly etched with Ken Walker III’s name after his heroics in Super Bowl LX. His 135 rushing yards against the New England Patriots earned him the first Super Bowl MVP for a running back since Terrell Davis in 1998 as the Seattle Seahawks raced to a 29-13 victory.
Now, he is set to be a free agent. He certainly enters the market on the highest of high notes, rushing for a whopping 313 yards in three playoff games, including three rushing touchdowns in that blowout win over the 49ers in the Divisional Round. He amassed 771 scrimmage yards, averaged 5.2 yards per carry, and scored five touchdowns across Seattle's final six games overall.
Needless to say, Walker has some negotiating leverage and the Seahawks have plenty of motivation to bring him back.
According to reports, first by Adam Schefter, the Seahawks are “unlikely” to use the franchise tag on Walker. The tag would have cost Seattle roughly $14.5 million.
It’s unlikely the Seahawks will use their franchise tag on running back and Super Bowl MVP Kenneth Walker, per league sources. The Seahawks have multiple free agents they want to retain and sign. They also will try to extend WR Jaxon Smith-Njigba. There are enough Super-Bowl tax… https://t.co/9xbtIgLNn7 pic.twitter.com/XdfkNk16kf— Adam Schefter (@AdamSchefter) February 17, 2026
$14.5 million for a running back would have been Walker between Jonathan Taylor and Derrick Henry as far as average annual value. That’s likely higher than what the Seahawks would feel comfortable paying him. However, there certainly is an interest to reunite Walker with the Seahawks.
First, there is motivation for the Seahawks to secure their running back room as soon as possible. Zach Charbonnet suffered a torn ACL during the Seattle Seahawks' playoff win over the San Francisco 49ers. That is usually a healing timetable of around 9-12 months. Meaning, Charbonnet likely won’t be available for a large chunk of the 2026 season.
Not counting Walker, the Seahawks have just Kenny McIntosh, Cam Akers, Velus Jones Jr., and Jacardia Wright on the roster for 2026.
The Seahawks need Walker. Or at least, they need someone who can carry the load as an experienced NFL back to be that main back. There is motivation to bring Walker back.
So if the Seahawks aren’t going to franchise tag him, what will it cost?
Past running back contracts may help us figure it out. He certainly will not approach the top running back contract on the market right now, which is Saquon Barkley, who will make roughly $20 million in 2026. A more comparable situation is that of Josh Jacobs. He signed a four-year, $48 million deal ($12 million AAV) before last season. Granted, Jacobs has been more productive than Walker over the last few seasons in regards to overall season stats. However, given that Walker will be two years younger than Jacobs when the Packers back got his deal will likely be baked into the deal.
The other one on the spectrum for comparable deal is the Rams’ Kyren Williams. He signed a three-year, $33 million deal ($11 million AAV). Buffalo’s James Cook sits at four years, $46 million ($11.5 million per season).
It seems like between $11 million and $12 million is a sweet spot to get a deal done with Walker, which is still much cheaper than the $14.5 million franchise tag.
Another option is the transition tag, which is much riskier. Per the NFL Operations page, “a player who receives the transition tag is free to negotiate with other teams. The player receives a one-year deal for the greater of: (a) the Cap Percentage Average of the top 10 greatest PYS at the player's position OR (b) 120 percent of his own PYS. Should such a player sign an offer sheet with a new team, his former team has five days to match the offer sheet. However, should his former team decide not to match, there is no draft-pick compensation tied to the transition tag”
Per OvertheCap.com, the transition tag is $11.7 million, which is right in the ballpark of where Walker may land with a free agent deal.
At this point, if the Seahawks are willing to do that, they might as well offer him a full deal of perhaps, three or four years, at around $12 million to avoid the potential of losing him without compensation.
The Seahawks need Walker. He was exceptional during their playoff run. The patience and vision he displayed down the stretch is an elite skill that is hard to coach and even harder to find in the draft. While he isn’t a perennial All-Pro back, Walker fits in Seattle.
Given that he won’t even be 26 years old until during the 2026 season, the Seahawks should offer him a four-year deal for $48 million, averaging $12 million per year. That is cheaper than the franchise tag but still would pay him like a top six running back in the NFL. He certainly looked the part of one as the Seattle Seahawks rode on his broad shoulders to a Super Bowl title.
