The franchise tag for QBs is so enormous that it would make more financial sense to just get a deal done than to strap their cap by $30+ million next year with a franchise tag
Elite QBs are incredibly rare to have just stumble into your lap. Cam is an elite QB who has shown he's completely recovered from his past injuries and is playing at a high level. There is no more risk with Cam than there would be with any other QB in terms of injury risk, i mean Cam's might be slightly higher with his running game but most of his serious injuries were sustained in the pocket, not while he was scrambling
If we lose Cam to FA, we'll be in QB purgatory searching for another and hoping we can find one sooner rather than later.. not a great spot to be in