Six 2012 NFL Free Agents Who Rejected Big Contracts and Got Burned

It happens every year — NFL free agents test the open market and drastically miscalculate their value, then proceed to get burned because the market has dictated they aren’t worth as much as they had hoped.

The 2012 NFL Free-Agency period has seen more of the same—players seeing dollars disappear right before their eyes on the open market and wishing they had taken the original contract offered to them.

This happens for a couple of reasons. For one, the player could have a mediocre agent who undervalues their client’s stock. Or, the player has an ego and ignores counsel because he believes someone will pay him what he deems himself worthy.

Getting burned on the free-agency market doesn’t just come in the form of monetary value either. Some players get burned by having to sign with teams less talented or competitive than the teams they had previously played for—whether the player cares is another story in of itself.

With that in mind, here are six NFL free agents who rejected big contracts and got burned:

Mike Tolbert, RB, Carolina Panthers

Mike Tolbert was given an ultimatum by the San Diego Chargers — sign a contract now or hit the open market. Tolbert elected to hit the open market and was promptly signed by the Carolina Panthers.

The Panthers gave Tolbert a four-year deal worth $8.4 million, which was less than what the Chargers had offered him. To make matters worse for Tolbert, he’s not going to get to play running back for the Panthers — he’ll be playing fullback.

So not only does Tolbert get less money, he has to play out of position. It’s also debatable that the Chargers are a better team than the Panthers. All in all, Tolbert is the perfect example of a free-agency trip gone horribly wrong.

Brandon Lloyd, WR, New England Patriots

Brandon Lloyd is a journeyman wide receiver that has played for a multitude of different teams throughout the course of his career. He was one of the better wide receivers to hit the open market this offseason, but Lloyd knew where he wanted to go all along.

Lloyd, formerly of the St. Louis Rams, entertained contract talks with the Rams, but had already publicly stated that he wanted to play in New England with quarterback Tom Brady and reunite with offensive coordinator Josh McDaniels.

Lloyd made it publicly known that he would take less money to play for the Patriots, and that’s exactly what he did when he signed a three-year, $12 million deal with the team. He received less money than other less-talented receivers on the market, and a short deal for someone who is 30 years old. So Lloyd is happy, but he got burned financially.

Ben Grubbs, G, New Orleans Saints

Ben Grubbs was one of the better guards to hit the free-agent market behind New Orleans Saints’ former guard Carl Nicks. Grubbs formerly played for the Baltimore Ravens and was believed to command more money than teammate Marshal Yanda, who was signed to a five-year, $32 million deal a year ago.

Things like this have a funny way of working themselves out. Grubbs was signed by the Saints to replace the departed Nicks, and he got his financial wish — the deal was worth $36 million over five years.

Grubbs financially won free agency, but it’s hard to believe he can be very happy about the situation the Saints now find themselves in thanks to Bountygate. To make matters worse, his quarterback Drew Brees could be holding out because he received the franchise tag.

Now a few million less in Baltimore probably doesn’t seem so bad now, does it?

John Abraham, DE, Atlanta Falcons

John Abraham had outlandish goals for his free-agency visit from the beginning — he wanted to make around $12 million a year just like other pass-rushers in the NFL.

Abraham is one of the best 4-3 pass-rushers in the league, so what made his aspiration outlandish? He’s going to turn 34 next season. No team in their right mind would pay a player that old such a ridiculous number.

However, Abraham stuck to his belief that some team would pay him that much and entered the free-agent market after turning down an offer from Atlanta. After quickly realizing no team was interested, Abraham re-signed a three-year deal with the Falcons worth $16 million.

No, that’s not the $12 million a year Abraham wanted. That’s a textbook free-agency burning right there.

Jared Gaither, OT, San Diego Chargers

Jared Gaither used to be known as "Big Lazy," and that's never a good thing. Gaither recently signed a four-year deal with the San Diego Chargers worth $24 million, but only about $13 million is guaranteed.

So how did Gaither get burned? It's a long story. Last offseason, Gaither signed a one-year, $685,000 contract with the Kansas City Chiefs and was quickly cut after playing one snap which resulted in a false start penalty. The Chargers then claimed him on the waiver wire last November.

Gaither then proceeded to play at an elite level for San Diego for the rest of the season, which allowed him to sign his new deal.

Gaither's issue is he could have made so much more had he put forth the effort and stayed healthy. His new contract isn't as massive as it could have been had he played at an elite level consistently over the past few years. 

Peyton Hillis, RB, Kansas City Chiefs

Peyton Hills had a breakout season two years ago and proceeded to ruin his chances at a big contract last season. Instead of proving the breakout year wasn't a fluke, Hillis proceeded to look disinterested, not stay in shape and have a horrible attitude.

Hillis was in contract talks with the Cleveland Browns at some points last season, but it appears as if he was simply asking too much. Hillis turned down a four-to-five-year deal worth about $26 million and went on to test the market.

Hillis found a home in Kansas City to the tune of a one-year contract worth $3 million. Not only did Hillis lose the financial battle, he won't be the star back with the Chiefs like he could have been in Cleveland — instead he'll play second fiddle to Jamaal Charles.

Hillis may not have liked the Browns' incentive-riddled offer, but it sure looks better than what he got from the Chiefs.