The legal tampering period is in the rearview mirror and the first days of NFL free agency have passed, with several deals now official. With all the important physical details out of the way, with pen and declarations put to paper, we can now consider some action.
Let's dive into our analysis of the biggest winners and losers from the early days of NFL free agency.
Winner: Tennessee Titans
Robert Saleh and the Tennessee Titans certainly opened the checkbook in NFL free agency and guaranteed more than $160 million in total contracts. Tennessee helped quarterback Cam Ward and offensive coordinator Brian Daboll, adding slot receiver Van'Dale Robinson and center Austin Schlottman. Naturally, an even bigger investment was made on the defensive side of the ball. Saleh now gets a chance to defend himself with John Franklin-Myers and Jeffery Simmons wreaking havoc on the interior, while Tennessee upgrades at cornerback with Alonte Taylor and Kor'Dale Floot. The beauty of all these moves is that the club didn't really have to break the bank on any of them, and it doesn't feel like they overspent. After a poor roster in 2025, the Titans now have a strong unit that can at least be competitive next season.
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Loser: Dallas Cowboys
When the Cleveland Browns realized that 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 Rashaan Gary's farewell post last weekend and decided they would trade their 2027 fourth-round pick to Green Bay. Dallas also signed Gary's contract extension, which reduces his cap hit for 2026 but adds six void years to the deal. Let's remind everyone how Gary did in 2025. He didn't record a sack after Micah Parsons' season-ending injury, and he was one of the least effective pass rushers in the NFL last year. We like the acquisitions of PJ Locke and Kobe Durant, but there haven't been the defensive improvements expected from Dallas this offseason and the Gary trade is one of the most shocking moves in the NFL this offseason.
Winner:Baltimore Ravens
What did the Baltimore Ravens lose by keeping two first-round picks and adding All-Pro edge rusher Trey Hendrickson? Just money and a lot of respect in the league. From a pure rules perspective, Baltimore had the right to back out of the Max Crosby trade, and retaining both first-round picks while adding Hendrickson is a smart football move. That's what we're focused on 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. That said, you don't have to look hard to find examples of teams doing questionable things throughout the NFL, as long as it makes them a little 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's on the hot seat, stay for 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. The deal itself felt like an overpayment. However, we can justify the decision to use the transition tag on Daniel Jones. What makes less sense is to give a 50 million guarantee 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 went when they paid Jones for a small sample size of success. With all the money spent on Jones and Pierce, Indianapolis had nothing left to make meaningful growth anywhere else.
Read more: The worst contracts from the first day 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 he has a history of durability issues and will now be playing for the constantly snakebitten San Francisco 49ers. That said, Evans is a complete upgrade over Jaun Jennings as a red-zone threat, vertical option and third-down target for Kyle Shanahan's offense. Health is not a given, but Evans could provide production that puts him on pace for 1,000-yard and double-digit-touchdown runs. As for Greenlaw, he is still a very effective starter and is at his best when paired with Fred Warner. San Francisco addressed two positions of need and didn't spend much money, plus it handed Jake Tonga and Eddie Piñeiro new deals.
Loser: Denver Broncos
In a season where everything was going right for the Denver Broncos until Bo Nix's injury, the inactivity this offseason has been strange. Russell Wilson's contract is off the books, but Denver lost John Franklin-Myers on the open market, traded away Dre Greenlaw and did nothing to improve the receiving corps. We like the re-signing of JK Dobbins, as he has been extremely effective in Sean Payton's offense when healthy. However, the Broncos' roster looks significantly worse on paper than it did at the end of the regular season, and that could prove costly with so many AFC contenders strengthening this offseason.
Winner: Carolina Panthers
Did the Carolina Panthers overspend Jaylen Phillips with his $30 million per season contract? Absolutely. However, the move also addressed their most glaring defensive need with the best player that fits their long-term timeline. Carolina helped defensive coordinator Ejiro Avro even more by signing Devin Lloyd to a contract ($45 million over three seasons) that should prove to be quite a bargain. It added two high-end defensive starters, acquisitions that give the Panthers a lot of flexibility heading into the 2026 NFL Draft. Also, with the Tampa Bay Buccaneers not performing well, Carolina may have to lose the division.
