The Best and Worst Contract Values of the 2015 NFL Free-Agency Period

It's been nearly two weeks since the NFL's free-agent period opened on March 10, and enough time has elapsed where we can begin to ascertain which contracts possessed good value—and which were not so good.

The criteria for this list was simple: A deal had excellent value if the team was able to bring in a good player at a price that makes sense. Every player on this list under the umbrella of "best value" fits that mold, even one who absolutely broke the bank (yeah, we're looking right at you, Mr. Revis).

Conversely, a pact had poor value if the team overpaid the player in startling fashion. It doesn't mean those players haven't, can't or won't contribute—it just means the franchises that signed them didn't have to pony up as much cash as they did.

Here are the best and worst contract values of the 2015 NFL free-agency period.

All contract information comes courtesy of Spotrac.com.

Fourth-Worst: Dwayne Harris to New York Giants

Matt Ludtke/Associated Press

When the New York Giants signed receiver/returner Dwayne Harris to a five-year deal worth $17.5 million and $7.1 million guaranteed, the NFL raised its collective eyebrow—Dwayne "The Rock" Johnson-style.

After all, it's not as if the 27-year-old wide receiver has torn up the league over the course of his career. In four seasons in Dallas, Harris hauled in a grand total of 33 receptions for 418 yards and three touchdown grabs, which won't exactly cause people to mistake him for current Giants receiver Odell Beckham Jr.

Of course, it should be noted that Harris' primary contributions in Big D came on special teams—specifically in the return game, where he's averaged 11.1 yards per punt return and 26.5 yards per kick return since joining the league.

By contrast, Big Blue averaged 7.7 yards per punt return and 23.3 yards per kick return last year, so it's clear general manager Jerry Reese saw Harris as a means to solve the team's lack of explosion in the return game.

But even so, the contract looks too bloated.

Shelling out $7.1 million guaranteed for Harris doesn't seem to make a lot of sense for Dallas, not with comparable options (Ted Ginn Jr. signing in Carolina for two years and $4.2 million comes to mind) on the market. So while Harris could indeed be the salve to cure the Giants' special-teams woes, there's no doubt the team drastically overpaid for his services.

And as Rotoworld's Evan Silva pointed out on Twitter, the money given to Harris could indicate the team isn't as confident in the return of injured receiver Victor Cruz (knee surgery) as everyone might think.

Fourth-Best: Andre Johnson to Indianapolis Colts

Patric Schneider/Associated Press

Let's not mince words here: The Indianapolis Colts' signing of wide receiver Andre Johnson to a three-year, $21 million deal with $10 million guaranteed was an absolute masterstroke by general manager Ryan Grigson.

Now, before you get all hot and bothered about doling out a three-year pact to a 33-year-old receiver, keep in mind this what we like to refer to as a "Super Bowl move." The Colts—led by star quarterback Andrew Luck—stand on the precipice of winning world championships, and Johnson could very well be the player to help push them to the top.

Johnson has been a star throughout his career, owning every major Texans franchise receiving record, and signing with the Colts allowed him to stay in the AFC South. The 6'3", 230-pound Johnson will provide a terrific complement to younger and speedier options T.Y. Hilton and Donte Moncrief.

A contract of $7 million a season is a bargain for a player of Johnson's stature, especially considering he's only missed 13 games over the past seven years. When you can bring in a future Hall of Famer who's motivated to win his first Super Bowl—it's an absolute no-brainer. Johnson's signing represented terrific value for Indianapolis.

Third-Worst: Jeremy Maclin to Kansas City

Tim Sharp/Associated Press

At the beginning of the offseason, it was clear the Kansas City Chiefs needed a new No. 1 receiver—not having one catch a touchdown pass for the entire 2014 season certainly highlighted that fact.

So it's tough to fault the team for signing former Eagles receiver Jeremy Maclin—especially when you consider Maclin played in Philadelphia under current Chiefs coach Andy Reid and starred on the collegiate level at the University of Missouri. It's as if the two sides were tailor-made for each other.

However, what one can fault the Chiefs for is the exorbitant contract they lavished Maclin with, signing him to a five-year, $55 million deal with $22 million guaranteed. The pact instantly transformed Maclin into the fourth-highest-paid receiver in the NFL. And while Maclin is certainly good, he ain't that good.

The 26-year-old had a wonderful 2014 campaign, hauling in 85 passes for 1,318 yards and 10 touchdowns. But it's unclear how he'll fit into the short passing attack favored by Reid and quarterback Alex Smith. It would seem Kansas City might not put Maclin's speed to its best use, making the contract all the more puzzling.

This isn't an indictment of Maclin as a player—just that the Chiefs definitely overpaid to secure his services. The value just isn't there on his contract.

Third-Best: Ryan Mathews to Philadelphia Eagles

Alex Brandon/Associated Press

For a moment, try to divorce yourself from the conflicting feelings you undoubtedly possess about what the Philadelphia Eagles have done this offseason. If you're actually an Eagles fan, we recommend you take a deep breath and perhaps meditate for a moment.

Are you back? OK, great.

Eagles coach (and de facto general manager) Chip Kelly made a fantastic value signing by bringing in former Chargers running back Ryan Mathews on a three-year, $11 million contract with $5 million guaranteed. Mathews should combine with another new Eagle—fellow back DeMarco Murray—to give Kelly a dynamic one-two punch at the position.

While Mathews has been injury-prone over the course of his career (he's played 16 games in a season once), he averaged 4.5 yards per carry last year and is only 27. By comparison, the Colts signed 31-year-old Frank Gore to a larger deal with $1.5 million more guaranteed.

Mathews might not be a superstar, but he's a very good player being paid like a a good one. Regardless of how you feel about the rest of Kelly's offseason, he knocked this particular signing out of the park.

Second-Worst: Torrey Smith to San Francisco 49ers

Patrick Semansky/Associated Press

Quick: How many times has new 49ers receiver Torrey Smith caught more than 60 passes in a season in his four-year career?

One. The answer is one. Smith hauled in 65 passes in 2013.

So of course, the 49ers decided to give the former Ravens pass-catcher a five-year, $40 million deal with $22 million guaranteed. 

Wait. What?

Last offseason, a general manager told ESPN.com's Mike Sando (via ESPN.com's Jamison Hensley) that "(Smith) is a bit of a one-trick pony (as a downfield threat)," and the statistics and game film bear that out. While it's indisputable that the 49ers desperately needed to add a burner at receiver for quarterback Colin Kaepernick, the team certainly paid a pretty penny to make it happen.

Is it feasible Smith will reunite with former Ravens teammate Anquan Boldin and tear up the Bay Area over the next few years? Sure. But what's more likely is that he disappoints—not because he's a bad player, but because the 49ers are paying him to be an elite one. And he's not elite.

Second-Best: Darrelle Revis to New York Jets

Julio Cortez/Associated Press

Yes, you read that correctly. The second-best value signing in NFL free agency occurred when the New York Jets broke the bank (five years, $70 million with $39 million guaranteed) to bring star cornerback Darrelle Revis back to Broadway.

Now that you've picked your jaw up off the keyboard, let us explain.

Revis is still one of the league's premier cornerbacks (if not the best), and his very presence can transform a defense. He shuts down one side of the field completely, leaving stud receivers abandoned in the dark, lonely place known as Revis Island.

While Revis is 29, there's no doubt (barring significant injury) he'll still be an elite player for the majority of the deal. And when you actually crunch the numbers, he only received $14 million more in guaranteed money than the Eagles lavished on Byron Maxwell.

Revis is five times the player Maxwell is.

The guaranteed money might seem like too much, but when it concerns a player of Revis' stature, teams need to do what they can to secure his services. Credit the Jets for making this happen and don't bat an eyelash at the contract—the deal represents excellent value for new coach Todd Bowles and general manager Mike Maccagnan.

Worst: Charles Clay to Buffalo Bills

Paul Sancya/Associated Press

Don't get it twisted: We're big fans of one of the newest members of the Buffalo Bills, tight end Charles Clay. He's a young (26), ascending player who will help jump-start what's been a moribund passing attack in Western New York.

But what is our reaction to Buffalo signing Clay to a five-year, $38 million contract with $20 million guaranteed?

We believe the proper Internet vernacular is "LOL."

Look, we understand the Bills needed to sweeten the pot in order to pry away Clay from Miami (the transaction came via an offer sheet, which the Dolphins neglected to match). But that's entirely too much money for a player who has only topped 60 catches in a season once (2013) and has never played a full 16-game season.

The Bills are paying Clay like an excellent wide receiver, and he doesn't even play that position. The only three tight ends in the league that make more than him are New England's Rob Gronkowski, Jacksonville's Julius Thomas and Seattle's Jimmy Graham—and it can certainly be argued there's a major divide between those three and Clay.

This one is a head-scratcher. Clay is a very good player, but the value on this deal is horrendous. As Omar Kelly of the Sun-Sentinel opined, "The Dolphins didn’t feel Clay was worth a contract that guarantees him $20 million."

Best: Randall Cobb to Green Bay Packers

Jeff Chiu/Associated Press

In the end, the best contract value of the free-agent period has come from a player who re-signed with his own team, which is all sorts of awesome.

Green Bay Packers general manager Ted Thompson pulled off an absolute coup when he brought back star receiver Randall Cobb on a four-year, $40 million deal with $13 million guaranteed. 

In an interview with Mike Spofford of Packers.com (via Kevin Patra of NFL.com), Cobb had this to say about re-upping in Titletown:

"

I want championships. At the end of the day, I want to win championships. I feel like being in this offense and this organization was the best place for me to have the opportunity for me to win championships. That's my goal day-in and day-out to get those rings. I'm going to do everything in my power to help this team get to that position.

"

That's an incredibly savvy thought process from the 24-year-old Cobb, who will get to catch passes from the world's best quarterback, Aaron Rodgers, for the next four seasons. Cobb surely knows he'll get at least one more decent crack at free agency, so he's more concerned with winning a Super Bowl championship for the nonce.

The fact Thompson was able to keep Cobb in the fold when other teams surely offered him more money speaks volumes about the Packers organization. Given Cobb's age and diverse skill set, there's no question his contract represents the best value from the NFL's free-agent period.

 

Nick Kostos is a featured NFL columnist for Bleacher Report and a host for Bleacher Report Radio on SiriusXM. Follow Nick on Twitter here and become a fan of his on Facebook here.