Question: does the franchise tag count against the salary cap

Context: Perhaps originally designed to reduce player movement to bigger markets, which is often evidenced in the other major pro sports leagues, the NFL revenue sharing and a hard salary cap have placed teams on an even playing field relative to salaries. The tag options allow NFL franchises an extended bargaining period for a player that they feel is key to their success. Usually reserved for players of great skill or of high importance to the team, a franchise tag allows a team's general manager the privilege of strategically retaining valuable free-agent players while seeking talent through the NFL draft or other acquisitions without exceeding the League's salary cap.
