NFL Free Agency 2026 Teams with Most Salary Cap Space Ahead of Thursday's Signings

The NFL officially opened free agency at 4 p.m. ET on Wednesday, which has dramatically shifted both the league and its financial landscape.

Deals that were agreed to earlier in the week—and even before it—have now become official. More players were released at the start of the new league year, and we got a little more clarity on the whole Maxx Crosby situation.

The Baltimore Ravens surprisingly backed out of the trade that would have sent two first-round draft picks to the Las Vegas Raiders on Tuesday night. Early Wednesday, they signed edge-rusher Trey Hendrickson instead.

The list of other notable players signed to deals on Wednesday includes quarterback Daniel Jones, edge-rusher K'Lavon Chaisson, and pass-rusher Bradley Chubb.

Bleacher Report's grades for all of Wednesday's deals can be found here.

Many quality free agents remain available heading into Thursday, though some teams are much better equipped to chase them than others.

Updated NFL Salary Cap Outlook

AP Photo//Gene J. Puskar, File

Washington Commanders $72.3 million

Baltimore Ravens $60.4 million

Los Angeles Chargers $60.3 million

Indianapolis Colts $54.8 million

Las Vegas Raiders $50.3 million

Tennessee Titans $47.7 million

Seattle Seahawks $43 million

Arizona Cardinals $41.1 million

New York Jets $37.9 million

Detroit Lions $37.5 million

New England Patriots $30.7 million

Carolina Panthers $29 million

Green Bay Packers $26.4 million

Los Angeles Rams $22.3 million

Atlanta Falcons $20.1 million

Kansas City Chiefs $19.8 million

San Francisco 49ers $18 million

Pittsburgh Steelers $17.7 million

Houston Texans $17.1 million

Denver Broncos $16.8 million

New Orleans Saints $16.8 million

Minnesota Vikings $14 million

New York Giants $12.9 million

Philadelphia Eagles $12.7 million

Chicago Bears $6.4 million

Jacksonville Jaguars $5.4 million

Cincinnati Bengals $4.5 million

Miami Dolphins $2 million

Tampa Bay Buccaneers -$564,155

Cleveland Browns -$1.9 million

Buffalo Bills -$3.8 million

Dallas Cowboys -$15.3 million

*Practical cap space from Spotrac

Financial Overview

AP Photo

Before we take a closer look at the teams with the most cap space and what may come next for them, it's worth remembering that numbers we'll find at sites like Spotrac and OverTheCap are extremely fluid this time of year.

There are a couple of reasons for this. One is the fact that the contract numbers that are reported early in the offseason are often inflated figures representing the maximum value and not the minimum. Details on how contracts are being constructed can also be elusive early in the process.

A one-year, $10 million contract, for example, doesn't necessarily mean a $10 million cap hit. Bonuses and other guarantees that are prorated over future years that automatically void and reduce a player's cap hit considerably.

Now that contracts can be officially filed, we should start to see an increasingly accurate cap picture.

The other thing to consider is the NFL's "top-51" rule. Now that the offseason is underway, teams are free to utilize expanded 90-player rosters. That roster window will remain open until cutdown day in late August.

During the 90-man roster window, only the 51 most expensive contracts will count against the salary cap, which was raised to $301.2 million for 2026. This is why fans may see teams with seemingly no cap space adding players to bargain deals during the offseason.

Teams With the Most Cap Space

AP Photo/Michael Conroy

Ravens GM Eric DeCosta

The cancellation of the Crosby trade shifted the salary cap outlook for both the Raiders and the Ravens, obviously. Crosby's $35.8 million cap hit is back on the books for Las Vegas and off the table for Baltimore.

However, both teams remain among the teams that have money to spend—even though both have spent considerably.

The Raiders agreed to add players like center Tyler Linderbaum, linebacker Quay Walker, and receiver Jalen Nailor with the assumption that Crosby's salary was leaving. However, they weren't going to back out of any early deals.

The Ravens, meanwhile, signed Hendrickson for pass-rushing help. General manager Eric DeCosta said in a Wednesday press conference that the plan had been to add both Crosby and Hendrickson before Crosby failed Baltimore's physical.

Baltimore may still be in the market for an edge-rusher, while Las Vegas will likely look to continue building its offensive roster.

The Washington Commanders have, for now, moved into the top spot in the salary-cap hierarchy. They, too, have been active in free agency, signing the likes of linebacker Leo Chenal, tight end Chigoziem Okonkwo, and edge-rusher K'Lavon Chaisson.

The Los Angeles Chargers, Indianapolis Colts, and Tennessee Titans round out the top six, as things stand. Tennessee entered the offseason with the most cap space in the league and has since added Wan'Dale Robinson, Alontae Taylor, John Franklin-Myers, and more.

The Colts had given quarterback Daniel Jones the transition tag, but the two parties agreed to a two-year agreement on Wednesday. L.A. added some pieces around quarterback Justin Herbert, like Tyler Biadasz, Cole Strange, and Charlie Kolar.

The Seattle Seahawks sit just outside the top six, and they could be the team to watch in the second wave of free agency. The defending Super Bowl champs lost players like Riq Woolen, Kenneth Walker III, and Boye Mafe during the initial wave. They'll now be in the market for replacements.