NFL free agency is set to open in less than a month. There are several teams in great positions to land top-end targets due to the large amount of room they boast under the 2023 NFL salary cap.
The Chicago Bears will have north of $100 million to spend when all is said and done. Meanwhile, the Atlanta Falcons could end up being big-time players in both NFL free agency and the trade block with the surplus of room that they have.
Below, we look at five teams in the best salary cap situations with the market set to officially open March 15.
Related: Top 400 NFL free agents of 2023
Chicago Bears
- Chicago Bears cap room: $98.84 million
It’s a good thing that the Bears have money to spend in NFL free agency. Despite the often-electric play of quarterback Justin Fields, this team won just three games a season ago. It ended the season on an ugly 10-game losing streak.
While a lot of the talk right now focuses on what general manager Ryan Poles plans to do with the No. 1 pick in the 2023 NFL Draft, Chicago is expected to be active in free agency. It currently has the most cash to spend by a wide margin.
Poles and Co. can also create more cap room by moving off the likes of veteran safety Eddie Jackson and kicker Cairo Santos. These two moves would save another $17.1 million. With the excess in cash, it’s now going to be all about Chicago finding Fields actual weapons at the skill positions. It was a major issue during his first two seasons and can’t go unacknowledged during NFL free agency.
Related: NFL salary cap situations for all 32 teams
Atlanta Falcons
- Atlanta Falcons cap room: $66.72 million
Atlanta’s decision to release Marcus Mariota ahead of NFL free agency saved north of $11 million in cap room. It also creates a major hole at quarterback with Desmond Ridder as the only somewhat viable in-house option.
Falcons general manager Terry Fontenot is reportedly high on Baltimore Ravens quarterback Lamar Jackson. Right now, it does seem to be trending in the direction of Jackson being dealt in a blockbuster ahead of the 2023 NFL Draft. From a financial standpoint, this would obviously cut into the Falcons’ cap room in that Jackson is looking for a deal that will pay him well north of $40 million annually.
From an on-field standpoint, this would make Atlanta the odds-on favorite to come out of a pedestrian NFC South next season. It would also entice several free agents to join Jackson in Atlanta, creating more talent for head coach Arthur Smith and Co. Short of this happening, expect Atlanta to either go with Ridder or another stopgap option under center in 2023. Either way, there’s several avenues to upgrade a roster that won seven games a season ago.
Related: Bold predictions for NFL free agency
Las Vegas Raiders
- Las Vegas Raiders cap room: $46.28 million
Quarterback. Quarterback. Quarterback. Raiders head coach Josh McDaniels spoke at the NFL Scouting Combine, detailing what Vegas is going to do at quarterback following the release of Derek Carr. It seems as if the Raiders are going to add a veteran to the mix during NFL free agency as well as a youngster in the coming draft.
Vegas is slated to pick seventh overall. Short of trading up for Bryce Young or C.J. Stroud, its options include Will Levis (Kentucky) and Anthony Richardson (Florida). Meanwhile, McDaniels and Co. have been linked to four-time NFL MVP Aaron Rodgers in trade talks.
While all of the talk in Sin City is about the quarterback position ahead of NFL free agency, the Raiders have other moves they must make in order to become relevant. This team is coming off a disastrous first season under McDaniels and doesn’t have the talent to compete with the Kansas City Chiefs and Los Angeles Chargers in the AFC West.
The good news? Vegas can save roughly $17 million against the cap by trading tight end Darren Waller and wide receiver Hunter Renfrow. Both are on the trade block right now. Restructuring the contracts of Maxx Crosby, Chandler Jones, Kolton Miller, Davante Adams and Andre James would save another $40 million or so. This would enable Vegas to be extremely active during NFL free agency with as much as $103 million available to spend.
Related: Potential cap casualties ahead of NFL free agency
New York Giants
- New York Giants cap room: $43.15 million
New York’s presence on this list is a bit generic in that a lot of this money could be used to retain quarterback Daniel Jones and running back Saquon Barkley ahead of NFL free agency. Jones is said to be entering a market that could pay him north of $40 million annually. Meanwhile, placing the franchise tag on Barkley would cost the Giants north of $10 million against the 2023 NFL salary cap.
In no way does this mean general manager Joe Schoen and Co. can’t be active on the open market after a surprising trip to the playoffs last season. The idea would be to sign both Jones and Barkley to long-term contracts while pushing back large cap hits to later years.
Related: Blockbuster NFL trades we’d love to see this offseason
New England Patriots
- New England Patriots cap room: $36.41 million
We’re fully expecting the Pats to move off from some high-priced veterans ahead of NFL free agency. Designating the likes of Hunter Henry, Jonnu Smith, Trent Brown, Kendrick Bourne and DeVante Parker post-June 1 cuts would save a whopping $35 million against the 2023 NFL salary cap.
Bill Belichick and Co. have not been afraid to go big-game hunting in free agency. Having missed out on the playoffs two of the past three seasons, that will likely be the case once the new league year opens.
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In particular, we’re expecting New England to go after capable receivers for struggling young quarterback Mac Jones. That could very well come via the trade block with the team already linked to San Francisco 49ers star Deebo Samuel. The likes of DeAndre Hopkins and Tee Higgins could be possibilities as well.