I talked about it on the podcast. The Rams can tag Joyner and sign him to a long term deal and then can use the tag to tag Watkins.
Actually no, once used it is used. If the tag is withdrawn...with or without a contract, it is used and can not be reapplied. The signing of the contract would be a withdrawal of tag, and count as such. Note that the tag offer doesn't need to be signed by player, withdrawal after offer made uses it up.