2024 NFL Free Agency: 6 Teams That Will Make the Most Waves on the Open Market
We're within three weeks of NFL free agency, which signals new beginnings for teams and a period that allows general managers to court top veterans available on the open market.
While some teams take a conservative approach, re-signing impending free agents and limiting cap spending, other clubs will win early offseason headlines with flashy acquisitions to fill holes across the depth chart.
For the most part, front offices with the most cap space will likely ink big-name veterans who want to cash out on their production and resume, and a handful of those squads are at a stage in a rebuild or in a position to strengthen a playoff-ready roster.
We'll take a look at six teams flushed with cap space that could make the most notable signings and highlight potential free-agent targets for those clubs.
You'll notice that the Cincinnati Bengals aren't listed below—because they could sign star wide receiver Ja'Marr Chase to a megadeal. Depending on the structure of that contract, the Bengals may limit their spending budget in free agency.
The six teams are listed in order starting with the club that has the most projected cap space as of February 23.
Washington Commanders
1 of 6
Projected cap space for 2024: $73.6 million
The Washington Commanders started their roster rebuild during the 2023 campaign when they traded edge-rushers Chase Young and Montez Sweat to the San Francisco 49ers and Chicago Bears, respectively. Now, Washington has the most projected cap space heading into the new league year.
The Commanders have a big question mark at quarterback after Sam Howell nearly lost his starting job to Jacoby Brissett, who would've taken over the offense in Week 17 if not for a hamstring injury. The latter has an expiring contract.
Washington could also lose Saahdiq Charles, who logged most of the starting snaps for the club at left guard last season and key starters in cornerback Kendall Fuller and safety Kamren Curl in free agency.
The Commanders can draft a slot wide receiver to replace Curtis Samuel if he signs elsewhere, but the new regime should use its cap dollars to fortify the offensive line and retool the defense in free agency.
Fortunately for the Commanders, they'll have plenty of options to consider in a deep class of potential free-agent edge-rushers. Brian Burns, Danielle Hunter or Josh Allen could be available.
The Commanders could spice up an NFC East rivalry with a few notable additions from Dallas Cowboys' 2023 fifth-ranked scoring and total defense.
New head coach Dan Quinn could lure some of his former defensive players from Dallas over to Washington. Cornerback Stephon Gilmore, defensive end Dorance Armstrong and versatile safety Jayron Kearse will be free agents.
New England Patriots
2 of 6
Projected cap space for 2024: $69.5 million
The New England Patriots will go into the post-Bill Belichick era with nearly $70 million in cap space. Though new lead skipper Jerrod Mayo is a coaching disciple of Belichick, he cannot continue to run the same program as his predecessor, specifically on the offensive side of the ball.
After Tom Brady's departure in the 2020 offseason, New England ranked higher than 17th in scoring for just one season (2021). In each of the last four years, the club has finished 15th or worse in total yards.
According to ESPN's Dan Graziano, the Patriots could explore the quarterback market in free agency.
"The Patriots also need a quarterback, but there are people around the league who believe they are open to trading the No. 3 selection, moving back in the draft and addressing the quarterback position in free agency," Graziano wrote.
Regardless of who takes snaps under center in New England, the club must add perimeter playmakers. This past season, none of the Patriots wideouts recorded more than 49 catches or 561 receiving yards.
The Patriots should take swings at impending free-agent wide receivers Mike Evans, Tee Higgins, Michael Pittman Jr. and Calvin Ridley, though the front office can also focus on Marquise Brown and DJ Chark Jr. because they would bring much-needed speed to the aerial attack.
Also of note, New England could lose starting tackles Mike Onwenu and Trent Brown in free agency.
If the Patriots allow Onwenu to hit the open market, he could be the highest-paid player within his position group.
New offensive coordinator Alex Van Pelt needs to pound the table to re-sign Onwenu or encourage the front office to make a competitive offer to the versatile offensive lineman while he's on the open market. Onwenu could be a foundational building block on the Patriots offensive line.
Chicago Bears
3 of 6
Projected cap space for 2024: $67 million
In his first offseason as the Chicago Bears general manager, Ryan Poles had a relatively quiet run through free agency with low-cost acquisitions, though he did trade star edge-rusher Khalil Mack to the Los Angeles Chargers.
Last offseason, Poles invested heavily in the defense, signing linebackers Tremaine Edmunds and T.J. Edwards to multiyear deals and making an attempt to bolster the pass rush with the addition of Yannick Ngakoue and DeMarcus Walker.
This year, he has to set the foundation for his offense.
First and foremost, the Bears must figure out if they're going to move forward with quarterback Justin Fields or draft his replacement, likely with the No. 1 overall pick in the upcoming draft, and that decision could dictate how the front office goes about filling voids on the offensive side of the ball in free agency.
Whether it's Fields, a rookie or a veteran at quarterback, Chicago should pursue interior offensive linemen on the open market, though it's not a strong group.
With that said, Connor Williams (if healthy), Robert Hunt, Kevin Dotson and Kevin Zeitler would be potential upgrades over what the Bears have at center and guard right now. Chicago released left guard Cody Whitehair, and center Lucas Patrick will be a free agent.
As wide receiver Darnell Mooney prepares to hit the open market, the Bears could take a look at Mike Evans, Tee Higgins or Michael Pittman Jr. as wide receivers who would bring size to complement DJ Moore's speed in the pass-catching group.
The Bears could re-sign Jaylon Johnson on a multiyear deal or franchise tag him to keep the standout cornerback off the free-agent market. Despite the probable high cost of his extension, he should be a priority signing following his Pro Bowl year, logging 10 pass breakups and four interceptions while allowing a 50.9 passer rating in coverage.
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Tennessee Titans
4 of 6
Projected cap space for 2024: $65.2 million
In 2023, general manager Ran Carthon tried to push the Tennessee Titans forward with mostly the roster that he inherited from the previous regime, but the club took a step back, winning one fewer game (7-10) than it did in 2022.
This offseason, Carthon will likely go into rebuild mode.
The Titans hired head coach Brian Callahan to replace Mike Vrabel. Quarterback Ryan Tannehill and running back Derrick Henry, who have been key players in the team's offense over the last several years, will be free agents in March.
Also, several defensive starters from the previous year could test free agency, including defensive end Denico Autry, defensive tackle Kyle Peko, linebacker Azeez Al-Shaair and cornerbacks Kristian Fulton and Sean Murphy-Bunting.
By the way, the Titans offensive tackles, Andre Dillard (12 sacks) and Dillon Radunz (five sacks) gave up 17 sacks combined in 2023, per Pro Football Focus.
The Titans have holes and question marks all over their roster, and Carthon can use $65.2 million in cap dollars to address some of those needs in free agency. He should start with proposals to quarterbacks Kirk Cousins and Baker Mayfield if they test the open market and then work his way through the trenches on both sides of the ball.
Indianapolis Colts
5 of 6
Projected cap space for 2024: $58.9 million
As the Indianapolis Colts general manager, Chris Ballard is working with his third full-time head coach in Shane Steichen, but he may have found the right guy to lead his team back to the playoffs for the first since the 2020 campaign.
In 2023, the Colts fell short of winning the AFC South title in a 23-19 Week 18 loss to the Houston Texans. They went 9-8 and nearly clinched a postseason berth with Gardner Minshew, who took over for rookie quarterback Anthony Richardson (shoulder surgery) in Week 6 through the remainder of the season.
Ballard could re-sign Minshew for insurance at the most important position, but he can focus most of his attention on keeping lead wide receiver Michael Pittman Jr. off the open market and bolstering the secondary.
Moreover, Indianapolis may lose starting slot cornerback Kenny Moore II and safety Julian Blackmon. Last year, they recorded 14 pass breakups and seven interceptions combined. The Colts should also look for a run-stopping defensive tackle if impending free agent Grover Stewart signs elsewhere.
Typically, Ballard doesn't make strong headlines in free agency, but he has a squad that's ahead of schedule in its rebuild with a starting quarterback on a rookie deal.
The Colts also need to keep pace with the Texans and avenge a season series sweep to the Jacksonville Jaguars. They can do that with a stronger defense after ranking 28th in points allowed last year.
Houston Texans
6 of 6
Projected cap space for 2024: $54.2 million
The Houston Texans have to do everything possible to support rising star quarterback C.J. Stroud, who won 2023 Offensive Player of the Year, throwing for 4,108 yards, 23 touchdowns and five interceptions with a 63.9 percent completion rate.
Stroud helped lead the Texans to the AFC divisional round despite losing big-play rookie wideout Tank Dell (ankle surgery) from December through the playoffs, a banged-up offensive line and an inconsistent run game that ranked 22nd in rushing yards per game.
The Texans can only hope that their offensive linemen stay relatively healthy, but they can be proactive in other areas to aid Stroud's development.
Though Nico Collins had a breakout year and Dell averaged enough receiving yards per game to eclipse 1,000 yards for the 2023 season, the Texans should pursue top-flight wideouts on the free-agent market. Mike Evans would be a great example for a young receiver group. Calvin Ridley can move the chains as a safety-blanket type pass-catcher.
With running back Devin Singletary set to test free agency, Houston could find an upgrade for its backfield. This year, star ball-carriers Josh Jacobs, Derrick Henry, and Saquon Barkley could hit the open market. If the Texans prefer not to splurge on the position, D'Andre Swift or Austin Ekeler may be better options, especially for the short passing game.
The Texans cannot afford to neglect the defensive side of the ball though.
Defensive tackle Sheldon Rankins, defensive end Jonathan Greenard, linebackers Denzel Perryman and Blake Cashman as well as cornerbacks Steven Nelson and Tavierre Thomas have expiring contracts. Houston will likely use its cap dollars to re-sign or replace players at all three levels of the defense, which finished 11th in scoring last year.
While Stroud is on his rookie deal, Houston can toss big money at positions of need.
Maurice Moton covers the NFL for Bleacher Report. You can follow him on Twitter @MoeMoton.
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