Wednesday marks the official start of the 2026 NFL free agency period. However, with the legal tampering period kicking off on Monday, deals have already been agreed for a few days going into Day 1.
Who comes away as the biggest winners from the first wave of free agency? Are there any teams that are now worse for wear after the first few days of signings? Join us as PFSN breaks down the biggest winners and losers from NFL free agency thus far.
Winner: Jaelan Phillips
Coming out of the trade deadline, the Philadelphia Eagles dealt a third-round pick to the Miami Dolphins to acquire star edge rusher Jaelan Phillips. The Eagles will get their investment back in the form of a future compensatory pick, as Phillips signed a massive four-year, $120 million deal with the Carolina Panthers in free agency.
Phillips is efficient at pressuring the quarterback; he’s graded as a top-25 edge rusher in the NFL in his last three healthy seasons in PFSN’s EDGE Impact Metric. That said, his being the eighth-highest-paid edge rusher in the league shows how well he and his agency played the bidding war to his advantage.
The Panthers appear aggressive in their goal to stay atop the NFC South, and acquiring a top edge rusher like Phillips should help them reach it. At such a massive price, though, one could argue Phillips will come out benefiting more from the deal than Carolina will.
Loser: Drake Maye
Before the start of free agency, the New England Patriots released Stefon Diggs one year into the three-year contract he signed last offseason. The move freed up cap space, but it also meant Drake Maye was losing his top target from his second-team All-Pro 2025 campaign.
As of this writing, the Patriots haven’t done much to elevate the offense and make Maye’s life easier. In addition to Diggs, they also lost Austin Hooper in free agency to Atlanta. So far, their only addition to the passing game is Romeo Doubs, a solid complementary weapon who never surpassed 750 receiving yards in Green Bay.
They did sign Alijah Vera-Tucker to upgrade their offensive line, but with his missing 41 games over the last four seasons, his availability is a major concern. The Patriots still have a worrisome group of pass-catchers, and while Maye is talented enough to make it work, there’s reason to expect regression in New England’s offense.
Winner: Tyler Linderbaum
Tyler Linderbaum set out to reset the center market and become the highest-paid player at his position in NFL history. He managed to do exactly that with the comically large contract the Las Vegas Raiders paid him.
With an annual average salary of $27 million, Linderbaum is not only the highest-paid center in the league, but he’s also the highest-paid center in the league by a whopping $9 million per year. Creed Humphrey of the Kansas City Chiefs, a three-time All-Pro and a deserving top earner, comes in second place with $18 million per year.
That massive discrepancy isn’t reflective of Linderbaum being that much better than Humphrey and the rest of the centers around the NFL. It’s instead reflective of how well Linderbaum leveraged his standing as a top lineman on the open market, and he’s set himself up incredibly well financially as a result.
Loser: Baltimore Ravens
Almost by default, the Baltimore Ravens were going to have a lot of production to replace with how many contributors were slated to hit free agency. That’s been the case so far, as they’ve lost the likes of Tyler Linderbaum, Alohi Gilman, Dre’Mont Jones, Isaiah Likely, Charlie Kolar, Ar’Darius Washington, and Patrick Ricard in the open market.
To add to that, the Ravens backed out of an agreed-upon trade to send Maxx Crosby to Baltimore in exchange for two first-round picks. The decision came down to medical concerns, and the move has not been well-received in NFL circles. Backing out of such a major deal could affect how other teams choose to do business with them in the future.
Yes, the Ravens managed to bounce back and sign Trey Hendrickson to a similar deal without paying any draft capital for him. John Simpson should be a good addition to the offensive line, too. But Baltimore’s heavy losses in free agency and mismanagement of the Crosby situation make them losers from this period thus far.
Winner: Indianapolis Colts
The Indianapolis Colts had two primary goals heading into free agency, and they both revolved around retaining current talent: quarterback Daniel Jones and wide receiver Alec Pierce. They were able to get both of them done, retaining two of the top ten free agents in PFSN’s Free Agency HQ rankings.
After trading Michael Pittman Jr. to the Pittsburgh Steelers, the Colts have paved the way for Pierce to become the full-fledged WR1 of their offense. The elite deep threat signed the most expensive contract by a free agent wide receiver in NFL history, earning $29 million per year over four seasons.
Indianapolis was also able to extend Jones to a two-year, $44 million-per-year deal. The structure gives their quarterback a massive payday without the risk that would come with a long-term deal. If things don’t work out, the Colts can easily move on. If they do, Jones will have the chance to cash in again in 2028.
Loser: Denver Broncos
As of this writing, the Denver Broncos have not signed any outside free agents this offseason. They’re projected as having over $18 million in cap space, so there’s still a chance for them to make moves, but they’ve yet to get on the board with any additions to their roster.
They’ve used much of their cap space to retain complementary players. Ja’Quan McMillian, J.K. Dobbins, and Alex Singleton are among those they’ve re-signed in this free agency period. However, arguably their biggest free agent was defensive tackle John Franklin-Myers, and his departure for Tennessee will leave a hole up front for the Broncos.
Again, there’s still plenty of time for the Broncos to make some moves and improve upon a roster that reached the AFC Championship this past season. That said, their lack of aggressiveness in a year on Bo Nix’s rookie contract, which saw them fall just short of a Super Bowl appearance, is a little disappointing.
