I just saw where the Rams will likely franchise Sammy Watkins. They have a different situation (having just traded for him).
However, in my opinion, we got Jarvis for free the past four years. In my opinion, he is worth two Sammy Watkins (to us). I would see the franchise amount primarily reimbursing Landry for the past four years of production and fire.
I personally think franchising him is a no-brainer if we don't work out a long term deal. And I'm good with that. I don't think there's any way he hits FA this year (unless the team's view of his emotional shenanigans is much more negative than we know).