2025 NFL Free Agency Recap: Major Signings, Surprises, and Winners & Losers
Comprehensive breakdown of the 2025 NFL free agency period, covering major signings, surprising moves, and analyzing which teams and players emerged as winners and losers from this year's transaction frenzy.
The 2025 NFL free agency period delivered a whirlwind of player movement, bold team strategies, and a few head-turning surprises. With the salary cap hitting a record high and several big-name veterans on the market, this offseason reshaped the league’s landscape. Below, we break down the key dates, the headline player moves (and why they matter), which teams or players emerged as “winners” or “losers,” and the broader trends – from spending sprees to positional market shifts – that defined this year’s free agency.
Free Agency Timeline & Key Dates
Free agency doesn’t start in a vacuum – it follows a schedule of important offseason deadlines. Teams had to make decisions on franchise tags by early March (the deadline was 4 p.m. ET on March 4). This tag window let clubs retain one top free agent with a one-year tender offer, but once it closed, any un-tagged stars were poised to hit the open market.
On March 10 at noon ET, the “legal tampering” period began, a 48-hour window when teams could negotiate contracts with soon-to-be free agents (though no deals could be signed just yet). This gave players and clubs a head start in lining up agreements. Finally, at 4 p.m. ET on March 12, the new league year officially kicked off, and with it free agency opened and trades could be executed. From that moment, verbal agreements turned into signed contracts, and a flurry of press releases and announcements flooded in.
It’s worth noting that teams also had to be under the 2025 salary cap by that March 12 deadline, which in 2025 ballooned to $279.2 million per team – an increase that gave almost every franchise more spending room than in years past. With the stage set, the rush of signings and trades began in earnest mid-March, and continued through the month as teams filled out their rosters.
Major Signings and Notable Trades
The opening wave of free agency saw numerous star players swap uniforms. To name a few of the biggest moves: wide receiver DK Metcalf was traded from Seattle to the Pittsburgh Steelers, quarterback Geno Smith was dealt from the Seahawks to the Las Vegas Raiders, and All-Pro left tackle Laremy Tunsil was traded from Houston to the Washington Commanders. Each of those moves involved franchises shifting course – the Seahawks, for instance, entered a mini-rebuild by shipping out Metcalf and Geno Smith, while Pittsburgh acquired a bona fide No.1 receiver (Metcalf) and Washington fortified its offensive line with Tunsil.
Quarterbacks were a major storyline. The Seattle Seahawks, after sending Geno Smith to Vegas, made a splash by signing former 49ers QB Sam Darnold to a $100+ million deal to take over in Seattle. Darnold cashing in at nine figures turned heads – a surprise revival for a player once considered a backup. Meanwhile, the New York Jets landed Justin Fields (formerly of Chicago) to be their new signal-caller, and the Indianapolis Colts took a chance on ex-Giants QB Daniel Jones. Jones’ signing (one year, $14 million with $13M guaranteed) raised eyebrows given his struggles – but it underscores how quarterback-needy teams will pay for even second-tier options. In fact, one analyst noted that “nothing Jones has done on the field is worth over $13 million guaranteed, but he and his agent stay winning” – a commentary on how even underperforming QBs can profit in this market.
Some superstar playmakers found new homes as well. Edge rusher Joey Bosa inked a deal with the Buffalo Bills, adding firepower to an already stout defense. And in maybe the splashiest offensive move, All-Pro wideout Davante Adams left Las Vegas and signed with the Los Angeles Rams, instantly giving the Rams a premier weapon in the passing game. New England made waves by landing WR Stefon Diggs, who left Buffalo to sign a reported three-year deal up to $69 million with the Patriots. Diggs provides the Patriots’ young quarterback (2024 No. 1 pick Drake Maye) a proven top target, and his arrival signaled that New England was serious about revamping a lackluster receiving corps. NFL Insider Adam Schefter broke the news, reporting that Diggs’ deal includes about $26 million guaranteed for the 31-year-old receiver – a move widely praised as a win-now gamble to lift the Pats’ passing game.
Defense wasn’t ignored either: the top cornerbacks and pass-rushers were in high demand. For example, cornerback D.J. Reed landed a hefty contract with the Detroit Lions, and pass rusher Josh Sweat signed a four-year, $76.4 million deal with the Arizona Cardinals. Even interior linemen got into the mix – defensive tackle Milton Williams joined the Patriots to bolster New England’s front. There were also under-the-radar trades: the Cowboys acquired LB Kenneth Murray Jr. and CB Kaiir Elam via minor swaps, and the Bears made multiple trades to beef up their offensive line (more on Chicago’s strategy below).
One future Hall-of-Fame name loomed over free agency without even signing: Aaron Rodgers. The seven-time Pro Bowl QB, coming off a short stint with the Jets, was a major domino yet to fall. As of late March, Rodgers still had not announced his plans – reportedly weighing an offer from Pittsburgh, interest from the New York Giants, or even retirement. His indecision left both the Steelers and Giants in limbo at quarterback (each team was holding out hope for Rodgers), demonstrating how one superstar’s choice can impact multiple franchises’ plans.
Team Strategies and Surprising Moves
One striking aspect of 2025 free agency was the divergence in team-building philosophies. Thanks to the cap boom, many teams had money to spend – but not everyone chose to spend it in the same way. Some franchises opened their wallets aggressively, while others stuck to a conservative plan or focused on retaining their own talent.
Among the big spenders, the Minnesota Vikings stood out as perhaps the most aggressive. With a young quarterback (2024 first-rounder J.J. McCarthy) on a cheap rookie deal, Minnesota had cap space and used it – to the tune of an NFL-high $245 million in free agent contracts. General Manager Kwesi Adofo-Mensah “spent his team’s money like he just won the lottery,” one analyst quipped, determined to toughen the Vikings in the trenches after a disappointing playoff exit. Minnesota re-signed key players (like RB Aaron Jones at 2 years, $20M) and added multiple linemen, including guard Will Fries (5 years, $88M) and defensive tackles Jonathan Allen and Javon Hargrave, to ensure their quarterback will be better protected – and opposing QBs will be under more heat – going forward. This all-in approach signaled that the Vikings are pushing to contend now. Chicago’s Bears took a similar path to support their young QB: after watching Caleb Williams endure 68 sacks in his rookie year, new head coach Ben Johnson (formerly of Detroit) and GM Ryan Poles prioritized offensive line upgrades. Chicago traded for two quality starters (RG Jonah Jackson and All-Pro LG Joe Thuney) and signed the top center on the market, Drew Dalman, to a 3-year, $42M deal. These moves should keep Williams upright – a clear strategy to foster his development. Fans and analysts have lauded these efforts, seeing them as necessary investments in franchise quarterbacks.
In contrast, some teams kept a low profile in free agency despite ample cap room. The Los Angeles Chargers, for instance, had upwards of $90 million in space but avoided any big-ticket signings. Under new GM Joe Hortiz (a Baltimore Ravens alum), the Chargers “will likely never be big spenders in free agency”, instead focusing on the draft and making only modest one-year deals for depth. This philosophy – build through youth, use free agency for bargain additions – is straight out of the Ravens’ playbook, and the Chargers stuck to it. A similar critique was leveled at the Dallas Cowboys. Dallas did free up money (restructuring contracts of Dak Prescott and CeeDee Lamb) and possessed the 8th-most cap space in the league, yet they “haven’t done anything of note” with that flexibility. Outside of re-signing some of their own and a couple of low-cost signings (e.g. edge rusher Dante Fowler on a 1-year, $8M deal), the Cowboys were notably quiet. They even let a few homegrown players walk (CB Jourdan Lewis, RB Rico Dowdle) without splashy replacements. Many observers found this puzzling – with the NFC wide open, Dallas’ reluctance to aggressively improve drew criticism. It appears the Cowboys’ front office remains cautious, preferring not to overspend in March, but that strategy has left some holes on the roster and fans anxious about whether enough has been done to keep pace.
Free agency always brings a few surprising moves as well. This year, one surprise was Sam Darnold’s huge contract in Seattle – a testament to how sharply his stock rebounded after a solid stint as a backup. Another was veteran WR Chris Godwin choosing loyalty over cash. Godwin, coming off a Pro Bowl year in Tampa Bay, was courted by other teams (ESPN’s insiders say the Patriots were willing to offer up to $30 million per year for him). Yet, he opted to re-sign with the Buccaneers on a three-year, $66 million deal – leaving potentially “generational money” on the table to stay with his team. Buccaneers GM Jason Licht acknowledged this in Godwin’s press conference: “I know you left what some would say is generational money… but [you and your wife] bet on us, and we’re going to do everything that we can to make it right for you and chase another ring.”. This rare hometown discount was a pleasant surprise for Tampa fans and a huge boost to QB Baker Mayfield’s offense. On the flip side, the Las Vegas Raiders made an unconventional splash by trading for QB Geno Smith (instead of pursuing a rookie), signaling a win-now mentality. Raiders GM John Spytek explained the approach, saying the team needed to show it’s serious about competing: “Our expectation is we want people to want to be here. We want people, once they get here, to want to stay here,” Spytek noted, after Vegas traded for Smith and extended star DE Maxx Crosby. In other words, the Raiders aimed to change their culture and retain talent by proving they’ll invest in veterans to compete immediately.
Winners of Free Agency
Free agency isn’t a zero-sum game, but some teams and players clearly capitalized on the period more than others. Here are the top “winners” of the 2025 free agency cycle:
Minnesota Vikings – The Vikings emerged as a consensus winner by dramatically upgrading their roster. With their spending spree on offensive and defensive linemen, they addressed glaring weaknesses (pass protection and pass rush) in one swoop. Minnesota retained key playmakers like RB Aaron Jones and CB Byron Murphy while adding proven veterans (guard Will Fries, center Ryan Kelly, DT Javon Hargrave, etc.) to fortify the trenches. By maximizing their cap space, the Vikings turned a vulnerable O-line into a potential strength. Analysts praised GM Adofo-Mensah for “spending like no tomorrow in order to be the bullies, not the bullied”. If these moves pan out, Minnesota could flip the script after last year’s early playoff exit.
Chicago Bears (QB Caleb Williams) – Chicago’s young quarterback, Caleb Williams, might be one of the biggest individual beneficiaries of free agency. The Bears’ front office made protecting him a top priority. They traded for two quality guards (Jonah Jackson and Joe Thuney) and signed center Drew Dalman, the best center available. In one offseason, the Bears’ weakest link (offensive line) has been significantly strengthened. Williams, who endured a brutal 68-sack rookie season, should have a much cleaner pocket in 2025. New head coach Ben Johnson brought in the O-line heavy philosophy that powered Detroit’s top-ranked offense, and it’s clear in Chicago’s moves. By investing in Williams’ protection and giving him a chance to develop properly, the Bears set their franchise QB up for a sophomore leap – making both Williams and the Bears organization big winners.
Pittsburgh Steelers WR DK Metcalf – Sometimes free agency “winners” are players who aren’t free agents at all. Case in point: DK Metcalf, who engineered a trade out of Seattle and got the payday he wanted. Metcalf requested a trade in early March and within days was shipped to Pittsburgh, who promptly signed him to a four-year, $132 million extension. That $33M per year average makes him one of the top four highest-paid receivers league-wide. To top it off, Metcalf got his wish to join a storied franchise and even got engaged to pop star Normani shortly after – by all accounts, March has been kind to him. While the Steelers still have to figure out who will throw Metcalf the ball (their QB situation is unresolved), the 27-year-old receiver secured his financial future and a fresh start. In the business of football, that’s a big win for the player. Steelers fans are thrilled to have an elite weapon onboard; now the pressure is on the team to find a quarterback and fully capitalize on Metcalf’s prime.
Washington Commanders (QB Jayden Daniels) – Washington didn’t sit back after an unexpected run to the NFC Championship last season. They aggressively added pieces around their rising star QB, Jayden Daniels. The Commanders’ biggest coup was trading for WR Deebo Samuel (acquiring a dynamic playmaker for merely a Day 3 draft pick) and nabbing LT Laremy Tunsil via trade to secure Daniels’ blind side. They also retained veteran leaders like TE Zach Ertz and LB Bobby Wagner on one-year deals to maintain continuity. The result: Daniels now has a stronger offensive line and a new weapon to complement Terry McLaurin, all while keeping the core of the offense intact. It’s the kind of offseason that can propel a young quarterback’s development. Washington’s proactive moves earned praise for showing confidence in Daniels – he’s entering 2025 with an even better supporting cast than the one that got him Rookie of the Year.
Tampa Bay Buccaneers (and QB Baker Mayfield) – The Buccaneers managed to keep the band together despite outside pressure. By re-signing two franchise cornerstones – WR Chris Godwin and LB Lavonte David – Tampa Bay hit its top goals. Godwin’s return, in particular, is huge for Baker Mayfield. The Pro Bowl receiver reportedly turned down a larger contract elsewhere to stay, a decision that speaks volumes about his faith in Mayfield and the team. GM Jason Licht’s remarks (acknowledging Godwin’s sacrifice of “generational money” to chase another title in Tampa) show how much this move meant. The Bucs also bolstered their defense by signing pass rusher Haason Reddick. The outcome: Mayfield, once on the verge of journeyman status, now has enough talent around him that one of his star targets chose loyalty over a payday to keep playing with him. That validation makes Mayfield a winner, and if he can build on last year’s playoff appearance, the Buccaneers look poised to remain contenders in the NFC South.
Cincinnati Bengals (Joe Burrow, Ja’Marr Chase, Tee Higgins) – In an offseason full of movement, Cincinnati succeeded by standing still and retaining their own. The Bengals locked up both of Joe Burrow’s top receivers to long-term extensions, ensuring the trio of Burrow-Chase-Higgins stays intact. Ja’Marr Chase signed a four-year, $161 million deal and Tee Higgins inked four years, $115 million. Burrow had been vocal that the team “needed to re-sign both” of his star wideouts, and the front office obliged, making them among the highest-paid receiver tandems in NFL history. By keeping this young core together, Cincinnati set itself up for offensive fireworks for years to come. Burrow’s satisfaction was evident – it’s a quarterback’s dream when the front office pays to keep your weapons around. NFL observers labeled the Bengals a free agency winner for prioritizing in-house talent; as a result, Cincinnati’s Super Bowl window remains wide open.
(Honorable mentions among winners:)Denver Broncos (fortified their offensive line to protect whomever takes over at QB), New England Patriots (landing Stefon Diggs and shoring up their offensive line with center Garrett Bradbury drew praise), and Tennessee Titans’ future QB (Cam Ward) – Tennessee spent big on their O-line (signing OT Dan Moore Jr. for 4y, $82M and G Kevin Zeitler) clearly with an eye toward drafting a franchise QB at No.1 overall. That presumptive rookie (widely expected to be Miami’s Cam Ward) will walk into a well-prepared situation, making him a winner before he’s even drafted.
Losers of Free Agency
Free agency can’t fix every team’s problems – and some moves (or lack thereof) leave teams or players worse for wear. Here are the prominent “losers” from the 2025 free agency period:
San Francisco 49ers – Just two years removed from a Super Bowl appearance, the 49ers have been picked apart. This offseason was especially brutal for San Francisco, who lost a lot of talent without equivalent replacements. By the end of Week 1 of free agency, a whopping nine starters from the 2024 Niners were gone. The list reads like a Pro Bowl roster: WR Deebo Samuel (traded to WAS), two starting offensive linemen (LG Aaron Banks to Green Bay, RG Jon Feliciano to retirement), multiple defensive linemen (Leonard Floyd to ATL, Javon Hargrave to MIN, Maliek Collins to CLE), a linebacker (Dre Greenlaw to DEN), and two members of the secondary (CB Charvarius Ward to IND, S Talanoa Hufanga to DEN). On top of that, the 49ers lead the NFL in dead money ($77 million) clogging their cap in 2025. In short, the contender roster of 2023 is “six feet under,” as one writer put it. San Francisco appears to be entering a rebuilding phase, and questions abound – will they pay to keep QB Brock Purdy as a foundational piece, or pivot to a cheaper option and start over?. Either way, it’s a stark fall, and 49ers fans have had to swallow a tough offseason. This exodus of talent makes the Niners the clearest “loser” of 2025 free agency.
Dallas Cowboys – While some teams lost players, Dallas lost something more ephemeral: an opportunity. The Cowboys came into March with significant cap space and a roster on the cusp of contention – a combination that begged for a bold move or two. Instead, Dallas largely stood pat. They focused on small-scale additions and retaining mid-tier contributors, but failed to make any marquee signing. In fact, they let more talent walk out (including longtime DE DeMarcus Lawrence who was a cap casualty, and the aforementioned Lewis and others) than they brought in. Restructuring deals for stars created future cap flexibility, yet fans saw little immediate payoff from that maneuvering. The one mildly notable signing – pass rusher Dante Fowler – was offset by the fact that Dallas still hasn’t extended All-Pro Micah Parsons, whose price tag is only rising each day they wait. The conservative approach drew frustration; as one summary put it, the Cowboys seem “scared to make big moves” despite the resources to do so. If Dallas’s draft doesn’t unearth a playmaker or two, this quiet free agency could haunt them during the season. For now, in the court of public opinion, the Cowboys’ offseason was a dud, making them a loser relative to more proactive rivals.
Houston Texans (QB C.J. Stroud) – It’s rare to label a specific player a free agency “loser” due to no fault of his own, but C.J. Stroud has a case. The Texans’ young quarterback watched as his already suspect offensive line arguably got worse. Despite a glaring need to protect Stroud (Houston allowed heaps of pressure in 2024), the team’s moves were puzzling. They traded away franchise left tackle Laremy Tunsil – a top pass blocker – to Washington, and also dealt guard Kenyon Green to Philadelphia. In return came draft picks and a safety, but nothing that helps Stroud in the short term. The linemen Houston did bring in were stopgaps or underperformers: a 33-year-old guard (Laken Tomlinson) on a cheap deal, and Vikings castoff Ed Ingram (via trade) who ranked near the bottom of the league in pressure rate allowed. They picked up OT Cam Robinson, but he had one of the highest pressure rates among tackles last year. All told, Stroud might be running for his life even more in 2025. For a second-year QB, that’s a recipe for regression. Texans fans were hoping for additions to improve pass protection; instead, the line overhaul looks like a step back. Unless Houston nails some O-line picks in the draft, Stroud could be in for a rough sophomore season, making him an unfortunate loser of his team’s free agency choices.
New York Giants – The Giants’ offseason has been defined by quarterback uncertainty – and that puts them squarely in the “losers” column so far. After cutting ties with Daniel Jones (who landed in Indy), New York is still searching for its next QB. As of now, the only quarterback on the roster is journeyman Tommy DeVito. The Giants clearly had eyes on the veteran market (they were in the mix for Aaron Rodgers and Russell Wilson), but those situations haven’t broken their way. Wilson chose to sign with New York – but the other New York team, the Giants’ co-tenants at MetLife, the Jets (Edit: Actually, it was the Giants who got Wilson in the end per reports, but only after he initially wanted to stay in Pittsburgh – a saga that underscored how the Giants were not his first choice). Meanwhile, Rodgers has not indicated that the Giants are his top preference either. There’s a real scenario where New York strikes out on the big names and misses on their top draft QB choices (they don’t pick until 7th, and two or three quarterbacks could be taken before then). That would leave the Giants empty-handed at the game’s most important position. For a team that made the playoffs two years ago, this instability is a major step backward. Unless GM Joe Schoen has a rabbit in his hat, the Giants look like one of free agency’s losers, stuck in quarterback purgatory while others solved their needs.
Arizona Cardinals – The Cardinals had money to spend and plenty of roster holes after a 2024 season to forget. While they made one big splash – signing pass rusher Josh Sweat (4 years, $76.4M) to boost the edge
2025 Free Agent Running Backs – It’s becoming an annual trend: running backs continue to be devalued on the open market. This year was especially rough for free agent RBs (with one notable exception). Aside from Aaron Jones – who re-signed with Minnesota for two years, $20M, before ever truly hitting the market – no running back scored a lucrative deal. In fact, “none of the running backs to actually hit the open market got paid” in 2025. Several big-name backs (like Derrick Henry, Josh Jacobs, and Saquon Barkley) never became free agents due to tags or extensions, but those who did find themselves free agents ended up settling for modest one-year contracts or still remain unsigned. This reflects how NFL teams continue to be skittish about investing in veteran runners. A year ago it looked like the RB market might rebound (after guys like Christian McCaffrey proved their worth and some younger backs got second contracts), but that momentum stalled. The lone winner in the RB group, Aaron Jones, only got his deal because the Vikings valued continuity – and even that was nowhere near top-of-market money. For running backs as a whole, 2025 free agency was another reminder that the league views them as interchangeable pieces, making this position group a collective “loser” in terms of market value.
(Honorable mentions among losers:)Pittsburgh Steelers (team) – Pittsburgh landed Metcalf (a win) but currently have no proven QB on the roster, which could turn that win into a headache if they don’t acquire someone like Rodgers or another veteran. Steeler veterans like Cam Heyward have publicly voiced impatience as the QB search drags on. If Pittsburgh fails to land a quality quarterback, their free agency strategy will be heavily second-guessed. Also, teams that sat on cap space without clear direction (like the Chargers with their bargain-bin approach, or the Texans who spent money but perhaps not wisely) could be seen as losers if results don’t follow. But those judgments will ultimately be rendered on the field in 2025.
League-Wide Trends and Takeaways
Zooming out, a few league-wide trends defined the 2025 free agency period:
Salary Cap Windfall & Spending Patterns: With the NFL’s salary cap jumping to $279.2 million per team, most teams had more cap space than usual. Interestingly, this led to selective big spending. Teams with cheap quarterbacks (on rookie deals) – like the Vikings, Bears, and Commanders – felt freer to splurge, as seen in Minnesota’s league-leading $245M spree. Meanwhile, teams paying expensive veteran QBs (or those with new GMs preaching restraint) were more frugal. For instance, despite ample cap room, the Chargers stuck mostly to low-cost signings. And some traditionally free-spending teams (e.g. the Cowboys, as noted) decided to hold back. The cap windfall also enabled more trades, as teams could absorb contracts: we saw an unusual number of veteran-for-picks trades (Metcalf, Tunsil, Deebo Samuel, etc.) which essentially functioned as extensions of free agency. Clubs leveraged their cap space not just to sign free agents, but to trade for and immediately pay stars from other rosters.
Passing Game Investments (WRs and CBs Cash In): 2025 confirmed that the NFL’s arms race in the passing game is alive and well. Elite wide receivers were highly sought after – and got paid accordingly. Aside from the big contracts for receivers like Davante Adams and the Diggs deal in New England, several younger wideouts secured massive extensions (either with new teams or their current ones). We saw record or near-record deals for guys like DK Metcalf in Pittsburgh and the Bengals’ duo (Chase and Higgins). As a natural counter, teams also shelled out major money for cornerbacks – the players tasked with stopping those receivers. In fact, cornerback might have been the hottest position market this year. Consider that in a span of days, the following deals went down: Houston re-signed Derek Stingley Jr. for 3 years, $90M (over $63M guaranteed); Carolina re-signed Jaycee Horn for 4 years, $100M; the New York Giants signed Paulson Adebo for 3 years, $54M; Indianapolis gave Charvarius Ward 3 years, $54M; Minnesota kept Byron Murphy for 3 years, $54M; New England added Carlton Davis at 3 years, $54M; and other solid corners like D.J. Reed (Lions) and Nate Hobbs (Packers) got deals in the $48M range. The volume of $50+ million contracts for CBs was unprecedented, reflecting how much teams value a strong secondary in today’s pass-first NFL. As one reporter noted, with so many wideouts getting big bucks to make plays, the guys who prevent plays (the corners) are “licking their lips” for their turn at the negotiating table. We saw that play out in real time this free agency.
Running Backs and Running Game Devalued: On the flip side of that coin, the relative lack of spending on running backs (and even traditional linebackers or between-the-tackles players) showed a continued shift in team-building priorities. Apart from a couple of short-term deals, running backs did not command hefty contracts – a continuation of a multi-year trend where teams fear investing big money at a position with short shelf life and ample young replacements. The franchise tag numbers also told the story: several high-profile RBs were tagged instead of signed long-term, essentially making them prove it for another year. As noted, only Aaron Jones got a decent-sized contract among free agent backs, and even that was as a re-sign in a specific scheme. Teams are allocating resources toward the passing game (offense and defense) far more than the run game. This trend has affected player values and will be something to watch in future offseasons (will top young RBs coming off rookie deals even find big paydays, or will they face the same struggle?).
Cap Maneuvering and Void Years: Another trend, more technical but influential, was how teams managed the cap surge. A number of franchises used creative contract structures (bonus conversions, void years at the end of contracts) to spread out cap hits, taking advantage of the higher cap to front-load some deals or conversely pushing hits into future years anticipating further cap growth. The Cowboys restructuring Prescott and Lamb is one example – they freed up 2025 space by pushing money out. The risk is eventually the bill comes due (as seen with the 49ers’ $77M dead money problem this year). But with new TV deals and revenue streams, many teams seem comfortable borrowing cap space from the future to spend now. This year’s free agency saw a lot of cap gymnastics that allowed teams like the Saints, Bills, and others – who started with little cap room – to still sign a few players after restructures. Essentially, the “salary cap as a myth” narrative continued, with most every team able to create space when motivated.
Aggressive Rebuilds vs. Tear-down Rebuilds: We also saw two different approaches to rebuilding teams. Some struggling teams chose aggressive rebuilds – using free agency to jump-start improvement (e.g. the Bears and Falcons spending on multiple starters to try to compete sooner). Others went for a tear-down and youth movement (49ers, and to an extent the Titans aside from O-line moves, shed veterans to accumulate draft picks and dead money, signaling a longer reset). Both strategies come with risk. The free agency-heavy rebuild can backfire if expensive veterans don’t gel (and it can clog future cap). The tear-down can alienate fans and waste the remaining prime years of any stars you do keep. 2025 gave us case studies of both approaches, and it will be interesting to compare results in the upcoming season.
In summary, the 2025 NFL free agency period was eventful and illustrated the ever-evolving team-building philosophies across the league. From blockbuster trades and nine-figure contracts to surprising twists of loyalty, fans were treated to an offseason full of intrigue. Some teams (and players) clearly made the most of the opportunity – changing their trajectories for the better – while others will enter the 2025 season with significant questions unanswered. As always, the true impact of these moves will play out on the field come fall, but on paper, this free agency cycle gave us plenty of storylines and set the stage for an exciting NFL season ahead.
