Winners and Losers After Seahawks Trade DK Metcalf to Steelers

Free agency won't even unofficially begin until noon ET on Monday, but the transaction wire is already being flooded with activity. We saw a downpour of trades and extensions over the weekend, with one of the most notable moves coming late Sunday night.

Two days after dealing quarterback Geno Smith to the Las Vegas Raiders, the Seattle Seahawks agreed to send wide receiver DK Metcalf to the Pittsburgh Steelers. According to The Athletic's Dianna Russini, the Seahawks will receive a 2025 second-round pick, while Metcalf will receive a five-year, $150 million extension with his new team.

At this point, it's evident that Seattle is stockpiling capital for some level of overhaul. Pittsburgh, meanwhile, is adding a veteran playmaker to its receiver room.

Of course, the effects of Sunday's trade will also be felt elsewhere. Here, we'll dive into the biggest winners and losers of the trade.

Winners: The Steelers and Their Next Quarterback

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QB Justin Fields

It's hard to fault the Steelers for making a move to acquire Metcalf. While a second-round pick is substantial, Metcalf is a proven weapon and a two-time Pro Bowler who won't turn 28 until December.

While Metcalf saw a dip in production this past season—with 992 yards and five touchdowns in 15 games—that dip coincided with the rise of Jaxon Smith-Njigba in Seattle's offense. Make no mistake, Metcalf is still very much in his playing prime.

His addition and subsequent extension are huge for the Steelers. The addition of Metcalf will also benefit whoever is starting behind center in Pittsburgh next season.

That could be Justin Fields, who started six games for the Steelers in 2024. According to ESPN's Jeremy Fowler, both parties are interested in a reunion, though the New York Jets could also be in the mix for Fields.

According to Russini, the Steelers are also expected to make an offer to Minnesota Vikings quarterback and impending free agent Sam Darnold.

A reunion with Russell Wilson, who started the rest of Pittsburgh's games last season, is also possible, though it certainly feels like the Steelers would prefer to move on. Other potential options include Aaron Rodgers, Daniel Jones and Gardner Minshew.

Whoever winds up starting for Pittsburgh next season will, as things currently stand, have a receiving corps centered around Metcalf, George Pickens and standout tight end Pat Freiermuth. That's a solid group that can both boost the Steelers' next quarterback and make Pittsburgh a more attractive landing spot for said signal-caller.

Loser: Steelers WR George Pickens

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Steelers WR George Pickens

While just about everyone in Pittsburgh should be thrilled to have Metcalf in the mix, Pickens could be an outlier. There's also a non-zero chance that general manager Omar Khan and head coach Mike Tomlin view Metcalf as a long-term replacement for Pickens—and if that's the case, Pickens could potentially end up on the trade market sooner than later.

Pickens is entering the final year of his rookie contract, and while he's handled the No. 1 receiver duties well at times, he hasn't been consistent enough to earn an extension yet.

"We have a desire for him to be great and to be great here with respect to the contract," Khan said in February, per Dale Lolley of the team's official website. "But you know, we won't discuss that publicly, and usually those things are addressed at a later date."

Metcalf's arrival doesn't mean the Steelers will be eager to move on from Pickens. It does make it less likely, however, that he'll receive a lucrative long-term extension. It's hard to envision the franchise paying Metcalf $30 million per season while giving similar compensation to Pickens—it's almost certainly not going to happen before Pittsburgh finds its long-term answer at quarterback.

The situation could ruffle Pickens' proverbial feathers and lead to a point where he and the Steelers can't co-exist. If that doesn't happen, Pickens will probably have to wait another year before getting his veteran payday.

Winners: DK Metcalf and the Seahawks

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Seahawks head coach Mike McDonald

Metcalf requested a trade on March 5, so by landing in Pittsburgh, the receiver is getting what he wanted, sort of.

According to Sports Illustrated's Albert Breer, Metcalf had preferred to join a contender in a warm-weather city—though, a financial bump could help even things out for Metcalf:

Metcalf is getting a new team and a sizeable new contract. Pittsburgh is almost always playoff-relevant too, so it could be a legitimate contender if it can find its signal-caller.

The Seahawks are also winners in the deal, even if it's currently unclear how their rebuild will unfold. Metcalf wanted out, and a second-round pick is fair compensation, especially when compared to other recent deals.

The Jacksonville Jaguars only got a seventh-round pick for Christian Kirk, while the San Francisco 49ers only finagled a fifth-rounder from the Washington Commanders for Deebo Samuel.

Hypothetically, the trade of Metcalf could also pave the way for Seattle to re-sign receiver Tyler Lockett, who was recently released in a cap-saving move.

"We’ll stay in touch," Seahawks general manager John Schneider said of Lockett on his KIRO-AM radio show (h/t The Athletic's Michael-Shawn Dugar.

The Seahawks could have done far worse than sending Metcalf out of their conference for a second-round pick.

Loser: The Cincinnati Bengals

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Bengals WR Tee Higgins

Sunday was not a good day for the Cincinnati Bengals, and not just because they'll now face Metcalf twice a year.

The problem for Cincinnati is that the team is looking to extend wide receivers Ja'Marr Chase and Tee Higgins. Chase, who led the NFL in receptions, receiving yards and receiving touchdowns last season, has been extension-eligible since last offseason.

Higgins was given the franchise tag last week, though, in a statement, the Bengals said the move was made "with the intent of continuing to work toward a long-term deal in Cincinnati."

Metcalf's extension should all but cement Higgins' price point at $30 million annually. That's become the going rate for high-end No. 2 receivers and some No. 1 wideouts—Brandon Aiyuk, A.J. Brown, Amon-Ra St. Brown and Metcalf all earn between $30-33 million annually.

While $30 million wouldn't be an egregious price for Higgins, it'll be hard for Cincinnati to afford that and Chase's next contract.

"He is going to end up being the No. 1 paid non-quarterback in the league," Bengals general manager Duke Tobin told reporters of Chase's contract.

On Sunday, the Cleveland Browns made pass-rusher Myles Garrett the league's highest-paid non-quarterback with an extension that will pay him $40 million annually.

The Bengals simply aren't going to pay $70 million or more for their top two receivers. Can Cincinnati get away with paying Chase less than $40 million per year? Maybe, but Metcalf's trade and extension pretty much ensure that the Bengals can't offer Higgins a sub-$30 million deal.

Winner: Los Angeles Rams

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Rams WR Cooper Kupp

The Los Angeles Rams have to be pleased with the Metcalf trade. Los Angeles made it clear that they planned to trade receiver Cooper Kupp this offseason, and general manager Les Snead said that is still L.A.'s stance during a March 5 press conference.

"We're working to try to find a partner and a next chapter for Cooper and ourselves," Snead told reporters.

Now, there's virtually no chance that Kupp will play for the Rams in 2025. On Sunday, L.A. agreed to a two-year, $40 million deal with free-agent receiver Davante Adams, according to NFL Media's Ian Rapoport.

The Rams may still not get overwhelming offers for Kupp, who will turn 32 in June and has battled injuries in recent years. However, the Metcalf trade should have a positive effect on L.A.'s trade efforts for a couple of reasons.

For one, it should provide a bit of a bump to the trade value of veteran receivers. Had the Seahawks settled for a Day 3 pick, as the Jaguars and 49ers did for their receivers, the Rams would have no chance of asking for anything more.

Secondly, it takes another quality receiver off of the market, meaning teams that were interested in Metcalf may now pivot to Kupp.

ESPN's Jeremy Fowler said on SportsCenter on Saturday (h/t Bleacher Report's Mike Chiari) that the Los Angeles Chargers, Carolina Panthers and New England Patriots could be in the mix for Metcalf.

Again, the Rams may still have to settle for a relatively underwhelming return for Kupp. However, the Metcalf trade should allow them to maintain a solid asking price and increases the chances that they'll eventually find a buyer.

Losers: Other Receiver Needy Teams

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It's unclear which other teams were seriously in the running to land Metcalf. However, there are several teams that could use receiver help this offseason. The list includes the Chargers, Patriots and Panthers, along with, perhaps, the Raiders and Green Bay Packers.

These teams now have far fewer options than they had a week ago. Over the last few days, Higgins has received the franchise tag, Adams has been signed, and Kirk, Samuel and Metcalf have all exited the trade market.

When the market opens on Monday, receiver-needy teams could be battling for Chris Godwin, who is now the top receiver headed to free agency, and who could still re-sign with the Tampa Bay Buccaneers too.

Landing Godwin on a team-friendly contract isn't going to happen. While he's more than a year older than Metcalf, he's likely to earn a similar contract due to the NFL's supply-and-demand issue. And teams that miss out on Godwin may have to consider risky alternatives.

The rest of the free-agent receiver class is headlined by the likes of Amari Cooper, Keenan Allen, Stefon Diggs, DeAndre Hopkins, Mack Hollins and Darius Slayton. Those who have been No. 1 receivers in the past—like Cooper, Allen, Hopkins and Diggs—are older receivers, and some carry injury concerns.

Allen, for example, has missed time with soft-tissue injuries in each of the past three seasons, while Diggs is coming off of a torn ACL. Godwin is coming off of a season-ending ankle dislocation, though that isn't as concerning as repeated injuries or a significant knee injury.

Kupp looms as a trade target, but he too is aging and carries a notable injury history.

The 2025 draft class has some intriguing receiver talent—five receivers were ranked among the top 32 prospects on the B/R Scouting Department's latest big board, and that's not counting Colorado receiver/corner Travis Hunter. Of course, those players are completely unproven at the NFL level.

Teams eager to bolster their receiver rooms ahead of the draft are running out of options and may have to pay a premium for the ones that remain. That was largely the case before the Metcalf trade, but it's even more apparent after it.