OLB Daryl Smith
Smith is one of the best outside linebackers in the league, but the linebacker franchise tag value (8.8 million in 2012) is inflated by the salaries of rush linebackers and thus non-rush linebackers rarely get tagged. After an offseason in which Curtis Lofton, Stephen Tulloch, and David Hawthorne got 27.5 million, 25.5 million, and 19 million respectively over 5 years, the Jaguars are unlikely to commit over 8.8 million to Smith over just one season.
CB Derek Cox
Cox is an interesting case. A 3rd round pick in 2009, Cox stunk it up his first two years in the NFL, but looked like a legitimate #1 cornerback in 2011 before getting hurt, allowing just 9 completions on 28 attempts (32.1%), 105 yards (3.8 YPA), while deflecting 3 passes and committing 1 penalty. If he can stay healthy and play well for an entire season, the Jaguars might consider using the franchise tag on him, but those are big ifs and the franchise tag value for cornerbacks was tied for the 2nd highest in 2012 (10.6 million).
Likelihood: Somewhat unlikely