The NFL is turning the page on the first phase of free agency. To date, there have been some stunning moves -- and non-moves, one of which I'll get to in a second.
With all 32 team striving to better their rosters, here are some developments that really stuck out to me at the beginning of the new league year.
1) Unfulfilled trade agreement still win-win
The Ravens shocked the football world Tuesday evening when medical reasons caused them to pull out of a blockbuster trade agreement to acquire Maxx Crosby from the Raiders in exchange for a pair of first-round picks. To be frank, I've never seen a trade of this magnitude fall through during my three decades in the NFL. I felt that trade would have been a win-win for all parties: the five-time Pro Bowler would get a fresh start on a contender, the Ravens would improve their defensive front and the Raiders would earn some great draft capital as they look toward yet another rebuild under a new regime. Well, I'm doubling down: I still see this as a win-win.
On the Ravens' side, general manager Eric DeCosta's comments Wednesday -- he said he was "gutted" about the trade collapsing -- seemed sincere. Whatever ends up happening with Crosby's surgically repaired knee, though, I do believe this was the right decision. Baltimore kept those valuable draft assets, and the signing of Trey Hendrickson still boosts Anthony Weaver's defense a great deal. Let's not forget that Hendrickson posted back-to-back 17.5-sack seasons in Cincinnati in 2023 and '24.
The Raiders' half of the equation requires a little more glass-half-full thinking. There's no question that those extra first-rounders would have helped their long-term project. But during the days when it seemed like they were going to have to replace Crosby, they made their roster undoubtedly better, scooping up an elite center (Tyler Linderbaum) and adding real talent (Kwity Paye, Nakobe Dean, Quay Walker, Taron Johnson) to a defense that was pretty thin beyond Crosby last season. They'll still presumably have a chance to move Crosby for picks, but if they don't, and Crosby stays healthy, they'll have one of the most relentless pass rushers in the game chasing QBs for them, only with more help and, if it's humanly possible, more motivation than before. If Las Vegas drafts Fernando Mendoza No. 1 overall, having a stronger team around him in his rookie year can only augment the QB's development (and ease Klint Kubiak's transition to the head coach's chair). Plus, Crosby could rebuild his trade value for a potential move at the trade deadline or next offseason. In short, the Raiders still have plenty going for them here, as bad as things might have looked in the immediate aftermath of the non-trade.
2) The best new team-QB pairing is ...
The 2026 offseason has seen its fair share of quarterback re-shuffling. Malik Willis is in Miami. Tua Tagovailoa is in Atlanta. Geno Smith is back with the Jets. And the Arizona Cardinals head into a weak-QB draft with Gardner Minshewand Jacoby Brissett topping the depth chart. Does all of this movement mean anything? Each of these teams dealt with subpar QB play in 2025, so it's not all that surprising that they made significant moves at the game's most important position. The absolute best-case scenario when changing out a quarterback is what happened with the Seahawks last season, who were led to a Lombardi Trophy by Sam Darnold. Of course, career resurrections like that are extremely rare. It's why it's hard to be optimistic about this offseason's QB relocations.
The exception here could be the new pairing between the Vikings and Kyler Murray. The 28-year-old signal-caller and No. 1 overall pick in the 2019 NFL Draft signed a one-year deal Thursday after being released by Arizona, where he flashed major ability but logged more wins than losses in just one season (2021, when his record was 9-5). Minnesota, of course, just finished a frustrating nine-win campaign in part because of dismal play from its own first-round QB, 2024 first-round pick J.J. McCarthy -- one year after Darnold won 14 games there. In that light, the Vikings were smart to bring in a guy with Murray's experience and elite-level talent.
The QB competition that follows will be intently watched over the spring and summer months, and Murray should have a legitimate opportunity to claim a plum job in a Kevin O'Connell-led offense that features plenty of playmakers to distribute the ball to. There's real promise here if Murray can stay healthy (he's recorded just one full season over the past five seasons) and take advantage of his fresh start.
3) Panthers nab impact players
A lot of teams patch roster holes in free agency, but I often wonder: Are the majority of those signings really making said team better? One team that has done a magnificent job filling positions of need with impact players is Carolina. Dave Canales' group has steadily improved over his two years at the helm, winning five games in 2024 and eight last season, and it's clear the front office is really making a push to win its first NFC South crown since 2015.
Two big defensive signings come to mind: edge rusher Jaelan Phillips, inked to a four-year, $120 million contract, and linebacker Devin Lloyd, locked up with a three-year, $45 million pact. The Panthers were exactly average in total defense last season (16th in yards allowed) but really struggled on third down (ranking 31st on third-down conversions allowed in the NFL) and in sacks (30, tied for 28th). Both former first-rounders have proven they can be invaluable components of a defense, with Phillips becoming a key driver of Philadelphia's pass rush last year and Lloyd earning second-team All-Pro honors with the Jags. Phillips and Lloyd will undeniably improve Carolina's front seven, balancing out a unit that has a talented and ballhawking back end.
4) Odafe Oweh's huge pay day
This signing perfectly illustrates just how fast things move in the NFL. A year ago at this time, Odafe Oweh was coming off his first (and only) double-digit-sack season for the Baltimore Ravens. Then, five games into the 2025 regular season, with zero sacks and just two starts to his name on the year, he was shipped to the Chargers. Oweh played well -- 7.5 sacks in 12 games -- as a rotational player in coordinator Jesse Minter's Los Angeles defense. But in no way did I think he'd be the recipient of a $100 million contract -- what he'll earn over four years from the Washington Commanders -- this offseason.
Each personnel department and coaching staff must decide what value means to them. Is it driven by a player's entire body of work? The flashes in big moments? What he's put on tape recently? The Commanders swung big by making the 27-year-old former first-round pick, who's started 27 of his 79 games played, the 13th-highest paid edge rusher annually ($25 million per year). There's normally at least one baffling signing per offseason. This might be the one that qualifies for that dubious honor in 2026 -- unless Oweh can churn out his best campaign to date.
5) 'Hawks choose WR, let Kenneth Walker III walk
The Super Bowl champions entered the offseason facing some crucial decisions about which players to retain in free agency. Two of their biggest postseason stars -- running back Kenneth Walker III and wide receiver Rashid Shaheed -- were set to become free agents. GM John Schneider said he wanted the Super Bowl MVP back, but Seattle ultimately decided to invest in Shaheed, while Walker hit the market, ultimately signing with the Kansas City Chiefs.
Shaheed landed a three-year, $51 million contract after joining Seattle via trade midway through the season and showing out during the run to the 'Hawks' second Lombardi Trophy. Seattle clearly prioritized Shaheed's explosive skillset as a receiver and returner, illustrating his value as a playmaker in two phases of the game. I loved the midseason acquisition last year, and I love this move by Schneider and Co. Of course, Walker's exit left a hole in the RB room, where presumptive RB1 Zach Charbonnet is recovering from a January ACL tear. Many of the starting-caliber free agents on the market have already committed elsewhere. Signing former Packer Emanuel Wilson is a step in the right direction. Might Seattle find more difference-making ball-carriers in the draft?
On the flip side, Walker couldn't have found a better fit; give credit to Kansas City GM Brett Veach for signing a much-needed playmaker in the backfield. The Chiefs have relied more on the run game since parting with WR Tyreek Hill, but the unit ultimately hasn't been able to balance out -- let alone carry -- the offense like Andy Reid surely wants it to. Walker brings a physical, dynamic element to the ground attack that the team has missed for most of its dynastic stretch. Could Walker, who rushed for 1,027 yards and five TDs last season, become K.C.'s first 1,000-yard rusher since Kareem Hunt in 2017? I think yes.
