The biggest winners and losers from NFL free agency

Free agency marches on in the NFL with the official signing period opening on Tuesday after the “legal tampering period,” which remains one of the funniest terms in sports. Despite free agency not really being open, we’ve had so many signings that we have a very good picture of how teams around the league improved. Keep track of every NFL signing here.

There are two main criteria for a team to be a free agency winner. It’s not simply a case of signing a bunch of players, because those are typically the teams with the most cap space, and in the most dire need of help — but also how the contracts project out when the purse strings are tighter in the next couple of years as a result. Let’s dive in.

Winner: Carolina Panthers

The Panthers swung for the fences and came away having their two biggest holes patched with quality talent. Carolina ended up with the No. 3 and No. 4 players on our list of the Top 50 free agents in 2026, both of whom were at positions of dire need.

There’s no question the team spent a lot of money on Phillips to be their new EDGE, but all the advanced metrics support that he is an elite talent — provided he can stay healthy, which is the big caveat. A hyper-athletic speed rusher to accompany Nic Scourton entering his second season is just what the doctor ordered for a defense that was too often burned by quarterbacks escaping laterally after Derrick Brown collapsed the middle. Phillips will be a force multiplier on defense that will make everyone better.

As big as the Phillips contract was, the Panthers got an inverse steal with Devin Lloyd as their new middle linebacker. When you can get an All-Pro talent like Lloyd for $15M a year because of positional devalue, then you take that deal every day. It was good enough value that it more or less makes any Phillips overpay a wash — and it allows the Panthers to have total freedom with the 1st round pick, instead of being pigeonholed into drafting for need.

Winner: Miami Dolphins

The Dolphins were in a really, really ugly spot entering free agency because of the money they had to reconcile with Tua Tagovailoa’s atrocious contract — but ultimately this team came up roses by signing Malik Willis to an incredibly cap-friendly deal that landed them the best free agent passer on the market at below market rates.

We’re a far cry from saying the Dolphins will be “good” in 2026, purely by virtue of the fact that the team has so many holes left over from the old regime, but I have a lot of respect for the team taking its lumps, not chasing good money after bad, and being sensible through this. I think there’s a very real chance that Willis could be a special player inside Bobby Slowik’s offense, and that makes this free agency period a win for the Dolphins.

Winner: Las Vegas Raiders

Las Vegas found itself in a position where they had to spend a boatload of money to meet the NFL salary floor, and while they spent very big, I also like the vast majority of the moves they made. It’s fair to see the Tyler Linderbaum figure and widen your eyes, but he’s an elite run blocking center who will open up so much for Ashton Jeanty to finally be able to shine in a way he really wasn’t able to during his rookie year.

The Quay Walker and Nakobe Dean signings at linebacker will totally revamp the Vegas defense alongside new pass rusher Kwity Paye, and all these deals seem about in line with what you’d expect at their positions. The only deal I didn’t really love was the Raiders inking WR Jalen Nailor to a three-year, $35M deal — but I totally understand it given the need to get more help on the roster for when Fernando Mendoza inevitibly joins the team as the No. 1 pick in the 2026 draft.

Loser: New Orleans Saints

Like Las Vegas, the Saints needed to spend a lot of money. The difference is that they really made a lot of questionable deals. While the Raiders stocked up on guys in their mid-20s on the upswing of their careers, New Orleans spent huge money on two guys, neither of whom I think is really worth it.

David Edwards is a solid offensive guard, but hovered around league-average in 2025. The four-year, $61M deal he got is a lot of money for someone who isn’t elite in any particular area. Travis Etienne is a mediocre running back who has often masqueraded as a great one — because why he’ll put up 1,000 yard seasons, he’s not efficient, nor is he the dual-threat he was billed as out of Clemson. Not really sure what the team sees in TE Noah Fant, while Ryan Wright is a good punter being paid like one of the best at the position, which I presume is because he went to Tulane and the Saints are obsessed with signing local talent.

It all comes back to Mickey Loomis’ ineptitude as a GM. This was a very Mickey Loomis free agency, and that’s not a good thing.

Loser: Philadelphia Eagles

I absolutely understand that the Eagles were up against it, not really having the cap room to keep all their players — but Monday was a rough one. The team was hopeful they could keep Jaelan Phillips, but lost out as he went to Carolina, then they lost Nakobe Dean and Reed Blankenship.

That’s three defensive starters gone for a team that couldn’t really afford to lose too many players on defense and keep up in the NFC. There’s a real chance that 2026 turns into a punt for Philly, as they need to decide what they’re doing with A.J. Brown after June 1 to open up some space and make some signings.

Even with the most rose-colored of glasses we went from fans hoping the team could find a way to trade for Maxx Crosby, to now being down three defensive starters without a single signing.

Loser: Lamar Jackson

The amount of help Lamar Jackson gets from the Ravens just keeps on regressing. On Monday the team lost two of its most important offense players in Tyler Linderbaum and Isaiah Likely, and while it’s understandable why Baltimore didn’t get caught up in overpaying either, that doesn’t mean life is great for Lamar Jackson right now.

Losing Linderbaum in the middle means that running will be more difficult for Derrick Henry, putting more pressure on Jackson to dictate the offense with his arm. That is made more difficult by losing two tight ends in Likely and Charlie Kolar. As it stands the weapons are basically Zay Flowers, an aging Mark Andrews, and Derrick Henry who is going to take a step back as a result of the shuffle at center.

The Ravens seem incapable of finding a way to get their MVP-caliber quarterback some help.

Loser: Houston Texans

We all know the Texans identity is built around the defense, but God, they don’t need to get C.J. Stroud killed in the process. Houston entered free agency with enough space to make some upgrade signings on offense to balance out the team — but instead they just keep on investing in defense at the expense of Stroud.

Reed Blankenship is a nice player, but I’m not sure upgrading at safety is worth not getting much-needed offensive line help. Trading for David Montgomery gave up a lot, to have a running back behind a line that can’t really block. I don’t love the vision on offense here, and it’s a damn shame the team can’t work to get Stroud back to the player he showed he was as a rookie.

WTF of the day: Indianapolis Colts

The Colts have strong convictions about their moves, which is good — because it’s better to have a plan than none at all. I just question whether the plan is the right one. The desire to retain Alec Pierce makes sense, but my goodness they made him one of the highest paid receivers in the NFL for a guy who just barely crossed 1,000 receiving yards for the first time in his career.

Yards aren’t the be-all, end-all — and I know Pierce generates a lot of explosives, but so did Christian Kirk when the Jaguars made the mistake of signing him to a massive deal away from the Cardinals, a deal he never lived up to. This signing came at the expense of Michael Pittman Jr, who was traded away for a ham sandwich of a late-round pick swap when it feels like the Colts could have gotten much more.

I’d love to be proven wrong, because more teams reaching their potential makes the NFL more fun. I just have reservations about whether going all-in on a Daniel Jones/Alec Pierce handshake is the best move.