This article proposes that the NBA adopt a franchise player designation system in specifically defined circumstances—for first-round picks who last played under a four-year rookie salary scale contract and for players who last played under a multi-year contract signed in free agency with an average annual salary of at least $10 million. Part I of this article summarizes the use of franchise and transition player designations in the NFL. Part II of this article explains why the NFL franchise tag model would not be effective in the NBA, and details preliminary issues to consider with respect to developing and implementing a franchise player designation system in the NBA. Part III of this article highlights the NBA’s restricted free agency and qualifying offer rules, and analyzes the core purpose and function of a franchise tag system in relation to these rules. Part IV of this article provides several case studies that demonstrate the viability and sustainability of a franchise tag system, along with possible limitations and challenges of such a system. Part V of this article outlines the proposed new franchise player designation model and provides several case studies illustrating how the system would operate. The article concludes with a recap of the proposed model as well as a discussion on the likelihood that the NBA and its players will adopt the proposed NBA franchise player designation framework.