NFL free agency is fun, but it’s also a business. You can dream big about how a new player will fit into your favorite team’s scheme, but you can’t forget about the financial ramifications — good or bad.
With that in mind, we came up with 10 of the best and worst contracts given out during the first week of NFL free agency. For each deal, we looked at it from a team perspective and whether the contract represents good value.
NFL Free Agency 2024: Best Contracts
RB Derrick Henry, Baltimore Ravens
Terms: Two years, $16 million with $9 million guaranteed
Yes, paying real money to running backs is bad business in the NFL, and we make that case later in this story. But Derrick Henry isn’t just any running back.
At 30 years old, is Henry still the best back in football? Maybe not. But ask yourself this: If you need one running back for one drive, either to take the lead or put the game away, which are you taking? It’s probably Henry.
The Ravens, clearly a Super Bowl contender, now own that luxury for just $9 million. Henry should take the pressure off Lamar Jackson while giving Baltimore the kind of physical running game that leads to postseason success.
DE Danielle Hunter, Houston Texans
Terms: Two years, $49 million with $48 million guaranteed
You could argue this is an overpay — but whatever.
The Texans, on the heels of a surprising return to relevance, signaled to the rest of the NFL that they’re going for it. Houston’s ascending defense now has sophomore phenom Will Anderson Jr. on one side and Danielle Hunter on the other. Don’t be surprised if that’s the best pass-rushing duo in 2024.
Hunter still is just 29 years old, so there shouldn’t be any dropoff. He averaged 12.4 sacks over his last five seasons, including 16.5 in 2023, and is one of the best pure pass rushers in football.
Plus, with so many good players on rookie contracts, the Texans can afford to overpay for a star veteran like Hunter.
QB Russell Wilson, Pittsburgh Steelers
Terms: One year, $1.2 million
Say what you want about Russell Wilson, who definitely is declining and might not be great in the locker room. But $1.2 million for a potential future Hall of Famer who’s just 35 years old is ridiculously good value.
Wilson still has something left in the tank. He ranked top 10 in both touchdowns and passer rating last season while throwing just eight interceptions. His pocket presence has deteriorated, as has much of his mobility, but Wilson can still make plays.
The Steelers also don’t need Wilson to be great. They won 10 games last year despite receiving wretched quarterback play and running a high-school offense. Pittsburgh should be better in 2024.
S Geno Stone, Cincinnati Bengals
Terms: Two years, $14 million with $6 million guaranteed
This might be the steal of free agency.
Geno Stone, 24, is an ascending player who addresses a huge need on Cincinnati’s defense. The former Baltimore Raven has work to do as a run defender, but he’s excellent in coverage. In 17 games last season, Stone racked up 68 tackles, nine pass breakups, and seven interceptions.
He also finished the season with Pro Football Focus’ seventh-highest coverage grade among all safeties. Signing Stone for just $6 million guaranteed is a sneaky-good move by the Bengals.
EDGE Josh Uche, New England Patriots
Terms: One year, $3 million (with incentives up to $8 million)
If we were looking at these contracts from a player’s perspective, Josh Uche’s deal would be one of the worst. But it’s a great re-signing for the Patriots.
Uche reportedly turned down a two-year, $15 million deal with $11 million guaranteed from another team due to his preference for staying in New England. That’s hard to believe, as players hitting free agency for the first time don’t just leave $8 million on the table.
MORE: 2024 NFL Free Agents by Position
Regardless, Uche apparently is betting on himself, and he and the Patriots could reap the rewards. The 2020 second-round pick broke out for 11.5 sacks in 2022 and looked like one of the NFL’s rising pass rushers. But minor injuries — and an awkward fit in Bill Belichick’s scheme — limited Uche’s role and production in 2023.
Uche is still just 25, and his talent is real. Don’t be surprised if he experiences a major rebound next season.
NFL Free Agency 2024: Worst Contracts
WR Calvin Ridley, Tennessee Titans
Terms: Four years, $92 million with $50 million guaranteed
This is just way, way too much money for Calvin Ridley.
He’s a good player. And he’s a young 29 after basically missing two full seasons due to non-injury reasons. But Ridley isn’t a true No. 1 receiver; rather, he’s a low-end WR1 or a high-end WR2.
The Titans deserve credit for doing whatever it takes to surround quarterback Will Levis with talent. They need to find out whether he’s their franchise quarterback, and that evaluation would be made all the more difficult if Levis were throwing to scrubs (take notes, Patriots).
Still, this is an outrageous overpay.
DT Christian Wilkins, Las Vegas Raiders
Terms: Four years, $110 million with $84.75 million guaranteed
Good for Christian Wilkins. He went from 11.5 sacks over his first four seasons to posting nine sacks in a contract year. Impeccable timing, and he cashed in.
But this contract could be a disaster for the Raiders. Yes, pass-rushing defensive tackles are hugely important in the NFL, and they’re expensive. However, nearly $85 million guaranteed for a player like Wilkins feels steep. He was PFF’s 29th-ranked interior defender last season, which should be taken with a grain of salt but is still worth pointing out.
Wilkins will take it, though. So will players like Patriots D-tackle Christian Barmore, who could receive a lucrative contract extension in the near future.
RB Saquon Barkley, Philadelphia Eagles
Terms: Three years, $37.75 million with $26 million fully guaranteed
No thank you.
Saquon Barkley is a fabulous player when he’s healthy. But even if he had a spotless injury history, he still isn’t worth $26 million guaranteed. No running back is in today’s NFL. There simply are too many examples of teams finding starting-caliber backs late in the NFL Draft.
Barkley played a full 16 games as a rookie for the New York Giants in 2018. But he missed 25 combined games in the last five seasons, with leg injuries responsible for nearly all of the absences.
Will the Eagles’ offense be better with Barkley in the backfield? Sure. But this feels like making a splash signing just for the sake of it, potentially with a disgruntled fan base in mind.
DT Arik Armstead, Jacksonville Jaguars
Terms: Three years, $51 million (guaranteed money unknown)
Speaking of overpaid veterans with lengthy injury histories, the Jaguars signed one in Arik Armstead.
We’ll learn about Armstead’s contract details down the road, and maybe the guaranteed money will be palatable. Even so, this contract feels steep for an injury-prone 30-year-old defensive lineman who was released by his former team.
Armstead missed a combined 13 games over the last two seasons, and a combined 10 games over his second and third seasons with the San Francisco 49ers. He’s also posted just 14.5 sacks in the four seasons since racking up 10 in 2019.
Armstead is a very good player when healthy. But there were other ways for Jacksonville to address its DL needs.
QB Kirk Cousins, Atlanta Falcons
Terms: Four years, $180 million with $100 million guaranteed
We went back and forth on this. On one hand, signing Kirk Cousins might be all it takes for the Falcons to become favorites in the NFC South. Atlanta was already loaded with talent on both sides of the ball, and a quarterback was the missing piece.
But this feels like a desperation play. Cousins is coming off a torn Achilles and will turn 36 in August. He also isn’t that good and has a history of coming up short in the playoffs.
KEEP READING: 2024 NFL Free Agent Rankings
The Falcons would’ve been better off making an aggressive play for a quarterback in the draft. We even could argue that Wilson would’ve been the better option.
This is a fun signing for the Falcons, but it’s very risky.
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