By Joel Curry
NFL teams have been spending more like a drunken sailor this week, thanks to a higher-than-expected 2025 salary cap. According to ESPN’s Adam Schefter, players have collectively signed contracts worth $4.88 billion, including $2.19 billion fully guaranteed at signing since Monday.
Once teams could officially begin contacting the agents of players with expiring contracts as the two-day negotiating window that’s a precursor to the start of free agency opened on Monday, it was a seller’s market as usual. The tide is turning since the first wave of free agency is essentially over. It’s now a buyer’s market.
The NFL annual owners meeting, which is March 30-April 2 in Palm Beach, Florida, typically signifies the end of free agency for all practical purposes. Teams will devote most of their attention to the upcoming NFL Draft held April 24-26 after the meeting wraps up.
Here are 10 contract-related thoughts and observations relating to free agency and the early part of the offseason.
1. A Josh Allen adjustment
The Buffalo Bills renegotiated 2024 NFL MVP Josh Allen’s contract although he had four years worth $154,554,595 remaining on the six-year, $258 million extension averaging $43 million per year (worth a maximum of $288 million through incentives) he signed in 2021. It’s extremely unusual for a team to essentially rip up a contract with four years left like the Bills did.
It’s what happened with the Cleveland Browns‘ ill-fated trade for Deshaun Watson in 2022. Watson had four years totaling $136 million remaining on the four-year, $156 million contract extension averaging $39 million per year he received from the Houston Texans in 2020. The Browns gave Watson an unprecedented fully guaranteed five-year, $230 million contract in connection with his trade from the Texans.
Allen received a six-year, $330 million deal averaging $55 million per year. The contract has an NFL record $250 million of guarantees. The $147 million fully guaranteed at signing is the second-most ever in an NFL contract. The deal is worth as much as $333 million because of incentives and a $500,000 annual incentive for winning the Super Bowl.
Allen was clearly focused on cash flow as opposed to maximizing the average yearly salary. His $220 million from 2025 through 2028 is the best four-year cash flow ever in an NFL contract. It surpassed the previous high of $219 million (2024 through 2027) in the four-year, $240 million extension Dak Prescott signed with the Dallas Cowboys last September that made him the NFL’s first $60 million-per-year player.
Being the reigning NFL MVP should have given Allen enough ammunition to not only become the cash flow king, but also the league’s highest-paid player. Instead, Allen is tied for second in the NFL salary hierarchy at $55 million per year with Joe Burrow (Cincinnati Bengals), Trevor Lawrence (Jacksonville Jaguars) and Jordan Love (Green Bay Packers).
2. Money changes everything
Reverend Run once said, “Money is the key to end all your woes. Your ups, your downs, your highs and your lows. … It’s like that, and that’s the way it is.” That definitely applies to Myles Garrett.
The 2023 NFL Defensive Player of the Year publicly requested a trade from the Cleveland Browns in February during Super Bowl week because he wanted to play for a championship contender. The Browns were adamant about not trading him.
Garrett was given an offer he couldn’t refuse to stay in Cleveland. The perennial All-Pro edge rusher signed a four-year, $160 million extension running through the 2030 season to become the NFL’s first $40 million-per-year non-quarterback. The deal has non-quarterback records of $122,796,125 in overall guarantees and $88.8 million fully guaranteed at signing.
3. New England spending spree
The Patriots entered free agency with over $125 million in salary cap space, which was easily the most in the NFL. According to OverTheCap.com, the Patriots have signed eight players to contracts worth $238.5 million with $141.4 million in guarantees where $118.4 million is fully guaranteed at signing. The Patriots are determined to improve upon the 4-13 record of the last two seasons.
The primary emphasis has been on defense. Most notably, Milton Williams signed a four-year, $104 million contract with $63 million in guarantees ($51 million fully guaranteed at signing). The deal makes Williams the NFL’s third-highest paid interior defensive lineman at $26 million per year. Carlton Davis was signed to pair at cornerback with 2024 Second Team All-Pro Christian Gonzalez. He received a three-year, $54 million deal averaging $18 million per year with $34.5 million fully guaranteed. The deal is worth as much as $60 million thanks to incentives. Linebacker Robert Spillane signed a three-year, $33 million contract averaging $11 million per year with $20.6 million fully guaranteed. Incentives make the maximum value of the deal $37.5 million.
4. Caring for Caleb
Last year’s first overall draft pick Caleb Williams was sacked 68 times in 2024, which was the third-most ever in an NFL season. The Chicago Bears have made protecting Williams the focal point of the offseason. A 2026 fourth-round pick was dealt to the Kansas City Chiefs for All-Pro left guard Joe Thuney.
Jonah Jackson was acquired from the Los Angeles Rams for a 2025 sixth-round pick. He reunites with new Bears head coach Ben Johnson, who was his offensive coordinator for his last two seasons with the Detroit Lions in 2022 and 2023. Jackson was a major disappointment after the Rams signed Jackson to a three-year, $51 million deal with $34 million in guarantees, of which $25 million was fully guaranteed at signing. He didn’t have a smooth transition from offensive guard to center.
With the free agent addition of center Drew Dalman, Jackson will be moving back to offensive guard. Dalman signed a three-year, $42 million contract averaging $14 million per year with $28 million in guarantees where $26.5 million was fully guaranteed at signing.
5. Commanders‘ championship push
The Washington Commanders unexpectedly advanced to the NFC Championship game before losing 55-23 to the Philadelphia Eagles. The 12 regular-season wins were the most since the 1991 season when the Commanders won Super Bowl XXVI, the franchise’s last league title.
The first order of business was bringing back Zach Ertz and Bobby Wagner, the 34-year-old seasoned veterans, who helped changed the culture in Washington. Wagner, a future first ballot Hall of Fame linebacker, signed a one-year, $9 million deal with $8 million fully guaranteed worth up to $9.5 million through incentives. Ertz received $6.25 million for one year where $5.59 million is fully guaranteed. The three-time Pro Bowl tight end can make as much as $9 million because of incentives.