The NFL season has just three games left, which means free agency is quickly approaching. Here are the answers to
some of the most often asked questions about the free agency process in advance of it.
Which dates are crucial in the run-up to free agency?
Teams can begin assigning players to the franchise or transition tag on February 20. The process must be finished by
March 5 at 4 p.m. ET. The franchise tag is equivalent to either 120 percent of the player’s prior salary or the average
of the last five seasons’ top wages at his position, paid for a single year, whichever amount is more profitable.
Franchise tags also come in two varieties: non-exclusive and exclusive. The former permits players to engage in
negotiations with other teams, while the latter forbids it. If a player signs with another team, both tags provide his
present squad the option to match any offer made to them or to obtain two first-round picks.
In contrast, the transition tag is a one-year offer that is valued at the average of the top ten salaries for the player’s
position; however, if a deal is not reached, the team that applied the tag is not compensated.
When is the window of opportunity for free agency open?
The players whose agents are scheduled to become unrestricted free agents on March 11 can start negotiating with
teams, but the free-agent period will officially start on March 13 at 4 p.m. ET. Before the new league year begins on
March 13 at 4 p.m. ET, all teams must be under the payroll cap.
As soon as the new league year starts, expect to see a number of players removed before March 17, which is when
contracts for 2024 become fully guaranteed. Russell Wilson, the quarterback for the Broncos, will most likely be one
of the players let go during this period.
Which free agents are the best?
The top five upcoming free agents are Chiefs DT Chris Jones, Vikings QB Kirk Cousins, Jaguars edge-rusher Josh
Allen, Bengals wide receiver Tee Higgins, and Panthers edge-rusher Brian Burns, per Pro Football Focus’ rankings.
Among the most notable prospective free agents who did not make PFF’s top five are safety Antoine Winfield Jr.,
Buccaneers wide receiver Mike Evans, and breakout star DT Justin Madubuike of the Ravens. Both players are All-
Pros.
The two-time Super Bowl champion should sign the largest free-agent contract this offseason, assuming he declines
to play with the franchise tag the following season. Coming off his second consecutive season with double-digit sacks
(10.5), PFF forecasts Jones will ink a four-year, $120 million contract with a full $80 million guarantee.
Which teams are expected to have the most cap space?
Until teams choose to sign and cut players or rework their contracts, cap space will remain a moving target. However,
the Washington Commanders ($73.6M), Tennessee Titans ($71.9M), Houston Texans ($69.9M), New England
Patriots ($66.1M), and Indianapolis Colts ($62.8M) are the five teams that Over The Cap projects to have the highest
salary room this offseason.
Which squad’s anticipated cap space is the lowest?
The New Orleans Saints, who entered the season with the oldest roster in the league, are expected to exceed the pay
cap by $83.7 million, or roughly $32 million more than the next closest team, the Miami Dolphins. New Orleans is
likely to make some significant personnel adjustments this summer as a squad that was not able to win what is maybe
the easiest division title in the NFL.
Which teams in particular should one watch in free agency?
The Houston Texans, New England Patriots, and Washington Commanders.
Josh Harris’ ownership group is leading Washington into its first full summer, and the team is expected to make
major moves in free agency and the 2024 NFL Draft. Though there should be some clarity regarding possible targets
after the team appoints a head coach, it will be interesting to see how Washington uses the most cap room in the
NFL. Whatever the case, this season’s Commanders should not resemble the 2024 squad at all.
The Patriots are “ready to burn some cash” this offseason, according to incoming head coach Jerod Mayo, who told
WEEI on Monday. The Brady-Belichick era in incoming England is finally finished. Given that New England has
never been a major force in free agency, this development is a little surprising. According to ESPN’s Roster
Management System, the Patriots have spent the least amount of money ($1.62 billion) of any team over the previous
ten off seasons.
Houston may be the team to watch closely because, with quarterback C.J. Stroud’s stellar rookie campaign, the
franchise may finally establish itself as a major free-agent destination. Stroud has four more seasons left on his rookie
contract, and since he has already shown he can win a postseason game, Houston should make the investment to
surround him with talent while he is still playing for a reasonable price.
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