The Giants rarely use the franchise tag and will probably not exercise it again this year again. Since the rule was implemented in 1993, the Giants have only used it three times: Jumbo Elliott (1993), Brandon Jacobs (2009) and Steve Weatherford (2012).
This season, the team has only one viable candidate: UFA WR Hakeem Nicks, who if franchised, will cost the club approximately $11.6 million for the 2014 season. After that, if no long term contract deal is struck, Nicks will become an unrestricted free agent again in 2015.
As stated, the Giants will probably not use the tag on Nicks unless they can subsequently get him re-signed after they apply the tag and before the season begins.