What is the consequence of applying a transition tag to a player?

When a team applies a transition tag to a player, it allows that player to negotiate with other teams. This means the player can seek offers from other organizations, and if they agree to a contract with a team other than their own, the original team has the right to either match the offer or let the player leave without receiving any compensation. The transition tag does not guarantee a trade or result in the player being signed for an extended period, nor does it provide the team with complete rights over the player as they would remain eligible to discuss potential new contracts with other franchises. Instead, it creates a situation where the player has the opportunity to explore the market while still being associated with their current team until the contract situation is resolved.