What is a franchise player in the NFL?

Its a player that you can build your team around, to have success in the next decade or so...This player is usually a Nose Tackle, LB, or QB.

A franchise player is a designation given to a player who otherwise would become a free agent and available to every other team in the league(Available to the highest bidder). Each team gets to name one of their players their "franchise player" every season in order to prevent that player from becoming a free agent.

Players don't want to be designated a franchise player, because they would like to have their talent bid upon and their salary increased or they simply want to go to another team.

Basically the franchise player designation is a contract extension that is forced upon a player by his team.

A franchise player technically means that was not going anywhere as a free agent since he is bound by a contract. However, many people use it to designate a current and historical player. Current is you played with that team for all your career. For example, Peyton Manning has always played for the Colts since 1998.

Historically, it means you are associated most with a certain team. Joe Montana played with the Chiefs and 49ers, bet he played most of his career with the 49ers and when most people think him, they think of all his years with them, not his 2 years stint with the chiefs.

A player that a franchise can very well without build a team around,a true difference maker.