That's how I've read it as well. Franchising Revis would be much much cheaper than a new contract, plus you are not stuck with a player for years if he starts to slack. Revis' rookie deal basically gives us two years at $20 as a buy back option. You can consider those franchise tags at $5mil and $15 mil if you like, but we are already getting TWO more years out of Revis for much less than the tag value.
After this season, I could easily see the core 4 contracts being worked out. Money talks, but I still believe that emotions can influence contract signings. Everyone talks about how football is "fun again" with this team and how the chemistry is perfect. Rex may overvalue his players, but I'm sure it'll have a positive effect in the long run.
