This is an interesting change for the current regime, which has been extremely reluctant to use the franchise tag in years past. The Falcons seem hellbent on bringing Grimey back, which would give them a fairly formidable depth chart at the position again in 2012. With Darrin Walls, Dominique Franks and Chris Owens all getting better, it could actually be one of best 10-15 in the NFL, even with Dunta Robinson's shaky play the last couple of years.
For all those fretting about bringing Grimes back in the new scheme...well, I share your concerns. You usually like your press corners to be a little bigger, but we know that Grimes plays taller than he is and is a pretty sure tackler. Keep in mind that Mike Nolan will have a major say in this, so if he didn't love Grimes, the urgency wouldn't be here. He'll fit in fine as the team's best cover cornerback, as he has been for the last few seasons.
Hopefully, a long-term deal would follow the franchise tag. Spending close to $16 million in cap on two corners is not an extremely productive use of cap space. A three or four year deal at $7-8 million per or even a shade less might be enough to get it done, so I hope the Falcons are taking the long view here.
And yes, I should address the fact that I said they'd never use the franchise tag on Grimes. The lesson here: I should never make predictions about anything ever.