Agent's Take: 10 contract-related thoughts and observations from early in the NFL offseason
Spending sprees, reunions and a nixed blockbuster trade headlined a wild week in free agency
NFL owners were operating like they had money to burn when teams could officially begin contacting agents for players with expiring contracts once the two-day negotiating window -- a precursor to the start of free agency -- opened Monday. Players collectively signed contracts worth $2.3 billion during the first eight hours of the negotiating period, per NFL.com.
The pendulum has swung in the other direction with the first wave of free agency over. It's no longer a seller's market. Teams are exercising more fiscal restraint and beginning to sign players at much better value.
The NFL's annual owners meetings, scheduled for March 29-April 1 in Phoenix, typically signify the end of free agency for all practical purposes. Teams will devote most of their attention to the 2026 NFL Draft, which will be held April 23-25, after the meeting wraps up.
Here are 10 contract-related thoughts and observations from free agency and the early part of the offseason.
For more 2026 NFL free agency coverage:
- Live updates: Latest rumors, signings and updates
- Team-by-team signings: Full list of every transaction this offseason
- Team grades: How has your favorite squad fared?
- Top 100 tracker: Updates on Pete Prisco's top free agents
1. The Opera Ain't Over Until The Fat Lady Sings
The Baltimore Ravens shocked the NFL world by pulling out of an agreement with the Las Vegas Raiders to acquire Maxx Crosby for 2026 (14th overall) and a 2027 first-round pick at the eleventh hour because of medical concerns about the All-Pro edge rusher's left knee. Crosby is recovering from left knee surgery he had in January for a meniscus tear.
Trades agreed to during the early part of the offseason couldn't be formally executed until the 2026 league year started Wednesday at 4 p.m. ET. Similarly, verbal agreements by impending unrestricted free agents with new teams during the negotiating window couldn't be finalized until the free agency signing period began on the first day of the 2026 league year.
The Ravens pivoted to Trey Hendrickson after failing Crosby on his physical. Hendrickson received a four-year, $112 million contract worth a maximum of $120 million through incentives with $60 million fully guaranteed.
This isn't the first time the Ravens have pulled out of a transaction because of a failed physical. The Ravens refused to go forward with a four-year, $29 million contract -- including $14.5 million guaranteed -- for wide receiver Ryan Grant in 2018 because of an ankle injury he suffered late in the 2017 season. Grant quickly signed a one-year, $5 million deal with the Indianapolis Colts.
The Bears nixed a three-year, $40.5 million contract containing $26.35 million in guarantees with defensive tackle Larry Ogunjobi during 2022 free agency because of a foot injury he suffered with the Cincinnati Bengals during the 2021 playoffs. Ogunjobi subsequently signed a one-year, $8 million deal with the Pittsburgh Steelers during the latter part of June. He started all 17 games for the Steelers in 2023.
Passing a physical is subjective. Most notably, the Miami Dolphins' doctors weren't comfortable with the torn labrum Drew Brees suffered in his right (throwing) shoulder with the then-San Diego Chargers during the 2005 regular-season finale when he was a free agent in 2006. The New Orleans Saints didn't have the same concerns about Brees' shoulder surgery. He became a first-ballot Hall of Famer after the Saints signed him in March 2006.
Crosby publicly recommitted to the Raiders after the trade fell through. A Raiders spending spree in free agency likely helped Crosby change his mind about wanting to be traded. It remains to be seen whether the Raiders renew efforts to trade Crosby before the 2026 NFL Draft, which begins April 23.
2. The Linderbaum Leap
It was assumed that Tyler Linderbaum would become the NFL's highest-paid center in free agency. Nobody expected him to get a three-year, $81 million contract averaging $27 million per year from the Raiders. Linderbaum's $27 million per year resets the center market by a whopping 50%. The previous standard was the four-year, $72 million contract extension averaging $18 million per year that Creed Humphrey received from the Kansas City Chiefs during the 2024 preseason.
Linderbaum's deal includes $60 million fully guaranteed. The entire $81 million is practically fully guaranteed because his injury-guaranteed $21 million base salary in 2028 becomes fully guaranteed next March on the third day of the 2027 league year.
Linderbaum clearly had his sights set on becoming the league's highest-paid interior offensive lineman. That distinction belonged to Dallas Cowboys offensive guard Tyler Smith, who signed a four-year, $96 million extension averaging $24 million per year in September shortly after the 2025 regular season began.
The last time a center was the NFL's highest-paid interior offensive lineman was in 2015. Mike Pouncey's five-year extension with the Dolphins averaged $8.95 million per year. Logan Mankins led offensive guards at $8.5 million per year after signing a six-year, $51 million contract with the New England Patriots in 2011. It should be noted that the Tampa Bay Buccaneers released offensive guard Carl Nicks from the five-year, $47.5 million deal averaging $9.5 million per year that he signed during 2012 free agency in August 2014.
3. Spending Sprees
Free agent spending sprees paid big dividends for the Patriots and the Seattle Seahawks, the Super Bowl LX participants, last year. The Raiders and Tennessee Titans, who tied for the NFL's worst record last season at 3-14 along with the Arizona Cardinals and New York Jets, entered free agency with the most 2026 salary cap room.
The Titans have spent nearly $295 million in free agency. The biggest contracts went to defensive tackle John Franklin-Myers, wide receiver Wan'Dale Robinson and cornerback Alonte Taylor. Franklin-Myers signed a three-year, $63 million deal averaging $21 million per year with $42 million in guarantees. Taylor signed a three-year, $60 million contract averaging $20 million per year with $42 million fully guaranteed. Robinson received a four-year, $70 million contract worth up to $78 million through incentives with $38 million fully guaranteed.
The Raiders agreed to contracts with several players worth $281.5 million on the first day of the negotiating period. Most notably, Linderbaum dramatically reset the center market with a three-year, $81 million deal. Interestingly, the Raiders joined the Jets as the only NFL teams with two off-ball linebackers on contracts averaging more than $10 million per year. Quay Walker and Nakobe Dean signed three-year deals worth $40.5 million and $36.03 million, respectively. Walker's contract includes $28 million in guarantees, while Dean has $23 million in guarantees.
4. Super Bowl Or Bust
The Los Angeles Rams surely view the 2025 season as a missed opportunity after the Seahawks won Super Bowl LX. With a win over the Seahawks in the NFC Championship Game, the Rams would have been overwhelming favorites to defeat the Patriots in the Super Bowl.
The Rams are trying to capitalize on reigning NFL MVP Matthew Stafford, who is 38, returning at quarterback for an 18th NFL season rather than retiring. The Rams doubled down on the defense's biggest weakness by significantly upgrading at cornerback. Trent McDuffie was acquired from the Chiefs for a 2026 first-round pick (29th overall), a 2026 fifth-round pick, a 2026 sixth-round pick and a 2027 third-round pick. He received a four-year, $124 million contract extension with $100 million in guarantees to become the NFL's highest-paid cornerback at $31 million per year in connection with the trade.
The Rams also signed unrestricted free agent Jaylen Watson, McDuffie's Kansas City counterpart, to a three-year, $51 million deal averaging $17 million per year with $34 million in guarantees.
5. Resurgent Free Agent Running Back Market
The free agent running back market has bounced back in a big way from 2025. Najee Harris' one-year, $5.25 million deal worth up to $9.25 million through incentives with the Los Angeles Chargers was the top contract in free agency last year.
Javonte Williams got the ball rolling ahead of free agency by returning to the Cowboys for $24 million over three years with $16 million fully guaranteed at the end of February. Kenneth Walker III left the Seahawks for the Chiefs on a three-year, $30.5 million contract worth up to $45 million through incentives with $28.7 million in guarantees. Travis Etienne Jr. received a four-year, $48 million deal worth a maximum of $52 million with $28 million in guarantees from the Saints.
These deals could just be the tip of the iceberg. The Jets want to keep Breece Hall, who was given a $14.293 million franchise tag, long term. Bijan Robinson and Jahmyr Gibbs, who are eligible for contract extensions as 2023 first-round picks, will likely look to join Saquon Barkley in the $20 million-per-year running back club with respective new deals from the Atlanta Falcons and Detroit Lions.
6. Danny Gets His Dimes
The Colts didn't take any chances of another team making a run at quarterback Daniel Jones despite the right Achilles tear he suffered in a Week 14 loss to the Jacksonville Jaguars last season. Jones received the seldom-used transition tag for $37.833 million to ensure he remained with the Colts for at least the 2026 season. The transition tag gave the Colts matching rights if Jones signed an offer sheet with another team.
Jones' contract demands raised some eyebrows when they became public. The Colts initially offered Jones a contract similar to the three-year, $100.5 million deal worth up to $115.5 million through incentives that Sam Darnold signed with the Seahawks in free agency last March. Jones' camp countered with a long-term deal in the $50 million-per-year neighborhood.
Jones and the Colts ultimately agreed to a two-year, $88 million deal worth up to $100 million through incentives. The contract includes $60 million in guarantees, with $50 million fully guaranteed at signing, including a $44 million signing bonus. Jones' $44 million per year approximates the 2025 average salary for starting quarterbacks, excluding those on rookie contracts, which are strictly determined by draft position according to NFLPA data. That number was $44,067,508 per year in 2025.
7. Familiarity Brings Comfort
A strong tie or positive experience between a player and coach or team executive has led to some reunions during the offseason. This has been especially true with the Titans. Head coach Robert Saleh acquired edge rusher Jermaine Johnson II from the Jets for nose tackle T'Vondre Sweat. Johnson had a career-high 7.5 sacks in 2023 under Saleh, who was the Jets' head coach from 2021 until the middle of the 2024 season. Saleh also coached defensive tackle John Franklin-Myers for three years with the Jets (2021 through 2023).
Offensive coordinator Brian Daboll leaned heavily into his connections from being the New York Giants' head coach from 2022 until the middle of the 2025 season. Wide receiver Wan'Dale Robinson, cornerback Cordale Flott and tight end Daniel Bellinger were part of Daboll's first draft class as head coach in 2022 as second-, third- and fourth-round picks, respectively.
The Giants hired John Harbaugh in January after his 18-year tenure as Ravens head coach ended. Harbaugh is bringing tight end Isaiah Likely, fullback Patrick Ricard, punter Jordan Stout and special teams standout safety Ar'Darius Washington with him to New York via free agency.
It also isn't a coincidence that Malik Willis signed a three-year, $67.5 million deal containing $45 million fully guaranteed to replace Tua Tagovailoa as the Dolphins' quarterback. The new regime of general manager Jon-Eric Sullivan and head coach Jeff Hafley previously served as the Green Bay Packers' vice president of player personnel and defensive coordinator, respectively, where Willis was the backup quarterback for the last two seasons.
8. Tunsil's Trifecta
Laremy Tunsil, who represents himself, became the NFL's first $30 million-per-year offensive lineman. The left tackle received a two-year, $60.2 million extension from the Washington Commanders with $61.5 million in guarantees, including $52.655 million fully guaranteed at signing. His $32.5 million signing bonus is a record for offensive linemen.
Tunsil was also the first offensive lineman to hit the $20 million-per-year and $25 million-per-year marks in 2020 and 2023, respectively. His preference has been to sign shorter-term deals (no longer than three-year extensions) so he can continually reap the benefit of changing market conditions. By contrast, Tristan Wirfs, who is elite at both left and right tackle, signed a five-year, $140.625 million extension with the Tampa Bay Buccaneers in 2024. If Tunsil continues to play at a high level, he will be in line for another big payday in 2028 when he is 33.
9. Chiefs' Cornerback Philosophy
The Chiefs have a history of letting cornerbacks with expiring contracts walk in free agency. Kendall Fuller and Charvarius Ward departed for the Commanders and San Francisco 49ers, respectively, as free agents in 2020 and 2022. L'Jarius Sneed went to the Titans in 2024 via trade after being designated as a franchise player.
This trend continued with Trent McDuffie's trade to the Rams for multiple draft picks, including a 2026 first-rounder, and Jaylen Watson following in Fuller and Ward's footsteps as a free agent. The draft capital the Chiefs received for McDuffie was a better alternative than the compensatory draft choice -- a 2028 third-round pick at best -- that would have been awarded if he had left in 2027 free agency since Kansas City was never going to make him the NFL's highest-paid cornerback at $31 million per year with a contract extension.
10. Option-Year Refusal Riches
A first-round pick having a fifth-year option declined usually doesn't bode well for free agency the following year. Tyler Linderbaum is a unique case. The Ravens' decision to decline Linderbaum's fifth-year option for 2026 was related to price, not performance.
The $23.402 million cost -- which matched the 2025 franchise tag for offensive linemen because he was named to the Pro Bowl on the original ballot in the 2023 and 2024 seasons -- didn't reflect the center market. Since there aren't specific option-year salaries for center, guard and tackle, the amount is the same regardless of position.
Players of Linderbaum's caliber rarely hit the open market. Ravens general manager Eric DeCosta called Linderbaum the NFL's best center in late February. Linderbaum not only reset the center market but also became the league's highest-paid interior offensive lineman with the three-year, $81 million contract averaging $27 million per year he received from the Raiders.
Linebacker Devin Lloyd made the most of the Jaguars passing on his $14.751 million fifth-year option for 2026. His five interceptions, which were tied for the second most in the NFL last season, helped him earn second-team All-Pro honors in 2025. Lloyd signed a three-year, $45 million contract containing $25 million in guarantees with the Carolina Panthers.
That same option amount was too rich for the Packers with Quay Walker. Anticipating Walker's departure in free agency, the Packers acquired linebacker Zaire Franklin from the Colts for defensive tackle Colby Wooden. Franklin has two years worth $16 million remaining on his contract. Walker received $13.5 million per year from the Raiders with $28 million in guarantees.
The Chargers declined a $17.56 million fifth-year option for offensive guard Zion Johnson. He received a three-year, $49.5 million contract averaging $16.5 million per year -- worth a maximum of $51.25 million through incentives and salary escalators -- with $32.39 million in guarantees from the Cleveland Browns.
