NFL free agency Q&A: Which teams have the best and worst cap situations, and which players are the best free agents?
The NFL season of 2023 is in the past, and free agency will soon be upon us. Here are the answers to some of the most frequently asked questions about the process in order to get ready for the 2024 free-agency signing period.
Which dates are crucial in the run-up to free agency?
On Tuesday, teams can start designating players for the franchise or transition tag. This process needs to be finished by March 5 at 4 p.m. ET.
The franchise tag is a one-year tender worth 120 percent of the player’s prior salary or the average of the five highest salaries at his position over the previous five seasons, whichever amount is higher. Franchise tags come in two varieties: non-exclusive and exclusive. Both give a player’s current team the option to match any offer or receive two first-round picks if he signs with another team. The former permits players to negotiate with other teams, while the latter forbids it.
On the other hand, the transition tag is a one-year offer that is equal to the mean of the top ten salaries for a player’s position. If the tagging team is not able to match an offer, it is not compensated.
When is the window of opportunity for free agency open?
Teams can start negotiating with the agents of players who are expected to be unrestricted free agents on March 11. Teams must be under the salary cap prior to the official start of the free-agency period on March 13 at 4 p.m. ET of the new league year. After that, a number of players should be cut before March 17, which is when contracts for 2024 become fully guaranteed.
As teams cut and sign players or rework their contracts, cap space will continue to change during the offseason. Nevertheless, the Tennessee Titans ($67.7M), Washington Commanders ($73.6M), New England Patriots ($66M), Cincinnati Bengals ($59.4M), and Indianapolis Colts ($58.9M) are the five teams with the most projected cap space this offseason.
What are the teams with the lowest estimated cap space?
Eleven clubs were over the 2024 salary cap as of the time this article was published, with the New Orleans Saints ($83.7M) in the lead. Based on Over the Cap’s projections, the Miami Dolphins (-$51.9M), Buffalo Bills (-$51.3M), Los Angeles Chargers (-$45.8M), and Denver Broncos (-$24.1M) complete the top five teams with the worst cap situations.
With free agency, who stands to gain the most?
Chris Jones, DT for the Chiefs
In what may have been his last game as a Chief, the five-time Pro Bowler produced a team-high six pressures and two QB hits as Kansas City won Super Bowl LVIII. Due to a contract dispute from the previous offseason, Jones missed Kansas City’s Week 1 loss to Detroit. Throughout the playoffs, he made noise about his possible departure. Considering the amount he’ll fetch, it wouldn’t be shocking if the Chiefs are unable to sign him. Pro Football Focus projects that he will sign a four-year, $120 million contract this offseason.
Which quarterbacks are the best available?
There are some interesting quarterbacks in the 2024 free agent class, but it’s not a very strong one. It will be interesting to see how things work out because many teams are dealing with uncertainty at the position. The top five quarterbacks to select this offseason are Kirk Cousins, Baker Mayfield, Gardner Minshew II, Ryan Tannehill, and Jacoby Brissett; however, Russell Wilson may be a latecomer, depending on how things work out for him in Denver.
After suffering an Achilles injury that ended the season, Cousins is going to be the most intriguing free-agent quarterback to watch this offseason. Cousins was second in passing yards (2,331) and tied for the NFL lead in passing touchdowns (18) at the time of his injury. He’s a top-10 quarterback when healthy, but the Vikings may have to consider other options due to his age (he turns 36 in August) and the terms of his anticipated two-year, $60 million contract.
