Matt Johnson
The legal tampering period is in the rearview mirror and the first days of NFL free agency have passed, with many of the deals made now becoming official. With pen to paper and announcements made, plus the all-important physicals out of the way, we can now reflect on some of the action that went down.
Let’s dive into our analysis for the biggest winners and losers from the early days of NFL free agency.
Winner: Tennessee Titans
Robert Saleh and the Tennessee Titans certainly opened up the checkbook in NFL free agency, handing out more than $160 million guaranteed in total contracts. Tennessee helped out quarterback Cam Ward and offensive coordinator Brian Daboll, adding slot receiver Wan’Dale Robinson and center Austin Schlottman. Naturally, an even bigger investment was made on the defensive side of the ball. Saleh now gets to run his defense with John Franklin-Myers and Jeffery Simmons causing havoc on the interior, all while Tennessee upgrades at cornerback with Alontae Taylor and Cor’Dale Flott. One beauty of all these moves is that the club didn’t truly have to break the bank for any of them, and it doesn’t feel like they overspent. After having an abysmal roster in 2025, the Titans now have a stronger unit that can at least be competitive next season.
Related: NFL Free Agency Predictions for Top Free Agents on Offense
Loser: Dallas Cowboys
When the Cleveland Browns realized the Green Bay Packers were going to release Elgton Jenkins, they waited for him to be cut rather than trade for him. Meanwhile, the Dallas Cowboys saw Rashan Gary’s farewell post last weekend and decided they would trade a 2027 fourth-round pick to Green Bay. Dallas also signed Gary to a contract extension, reducing his cap hit for 2026 but adding six void years into the deal. Let’s remind everyone how Gary performed in 2025. He didn’t record a single sack after the season-ending injury to Micah Parsons, and he was one of the least effective pass rushers in the NFL this past year. We do like the acquisitions of P.J. Locke and Cobie Durant, but this offseason hasn’t exactly delivered the defensive improvements we expected from Dallas and the Gary trade is one of the most dumbfounding NFL moves this offseason.
Winner: Baltimore Ravens
What did keeping two first-round picks and adding All-Pro edge rusher Trey Hendrickson cost the Baltimore Ravens? Only money and a lot of respect around the league. From a pure rules perspective, Baltimore had the right to back out of the Maxx Crosby trade, and pivoting to retain both first-round picks while adding Hendrickson is a smart football move. That is the focus here: the Ravens added what this defense desperately needed for first-year head coach Jesse Minter, and they still have the 14th overall pick in the 2026 NFL Draft to use. Did they go about it the right way? Certainly not. With that said, you don’t have to look hard to find examples throughout the NFL of teams doing questionable things as long as it makes them slightly better on the field. Baltimore did just that.
Read More: Fantasy Football Winners, Losers from NFL Free Agency
Loser: Indianapolis Colts
This is what happens when you let a general manager who knows he is on the hot seat stick around another year and make all the decisions in NFL free agency. Rather than lose Alec Pierce to the open market, Indianapolis Colts general manager Chris Ballard gave him the largest contract ever for a free-agent receiver. That deal in itself felt like an overpay. However, we could justify the decision to use the transition tag on Daniel Jones. What makes less sense is giving 50 million guaranteed to a dual-threat quarterback who is dependent on his athleticism, coming off a torn Achilles, when he already has a history of durability issues. Ask the New York Giants how it worked out when they paid Jones for a small sample size of success. With all of the money spent on Jones and Pierce, Indianapolis had nothing left to make meaningful additions elsewhere.
Read More: Worst Contracts from Day 1 of NFL Free Agency
Winner: San Francisco 49ers
We understand that Mike Evans and Dre Greenlaw are no longer the premium impact starters they were in their prime. It also doesn’t help that they have a history of durability issues and will now be playing for the perpetually snake‑bitten San Francisco 49ers. With that said, Evans is an absolute upgrade over Jauan Jennings as a red-zone threat, vertical option and third-down target for Kyle Shanahan’s offense. Health isn’t a given, but Evans could deliver production that puts him on a 1,000-yard and double-digit-touchdown pace. As for Greenlaw, he’s still a very effective starter and he has been at his best when paired with Fred Warner. San Francisco addressed two positions of need and it didn’t cost much money, plus it handed out new deals to Jake Tonga and Eddy Piñeiro.
Loser: Denver Broncos
Coming off a season where seemingly everything went right for the Denver Broncos until the Bo Nix injury, the inactivity this offseason has been peculiar. The Russell Wilson contract is off the books, but Denver lost John Franklin-Myers to the open market, cut Dre Greenlaw and hasn’t done anything to improve the receiving corps. We do like the re-signing of J.K. Dobbins, as he was extremely effective in Sean Payton’s offense when healthy. However, the Broncos’ roster looks noticeably worse on paper than it did at the end of the regular season, and that could prove costly with so many AFC contenders getting stronger this offseason.
Winner: Carolina Panthers
Did the Carolina Panthers overspend with the Jaelan Phillips contract at 30 million dollars per season? Absolutely. However, the move also addressed their most glaring defensive need with the best player who fits their long-term timeline. Carolina helped out defensive coordinator Ejiro Evero even more by signing Devin Lloyd to a contract (45 million dollars over three seasons) that should prove fairly reasonable. That’s two high-end defensive starters added, acquisitions that give the Panthers a lot more flexibility early in the 2026 NFL Draft. Plus, with the Tampa Bay Buccaneers not doing much, this division could be Carolina’s to lose.
