NFL Free Agency is LAF 🔥

Good morning. This is the Opening Drive, the weekly newsletter that brings you the best of the NFL so you’re always the smartest one at the water cooler.

Chris Jones signed a massive contract over the weekend, the Broncos released Russell Wilson (and now he's a Steeler), Dalton Schultz ripped Cowboys’ culture, some Chiefs fans need amputations due to frost bite 😲, and we've got a deep dive on the history of NFL free agency

Let’s dive in.

QUICK HITS

• DT Chris Jones signs massive five year contract with Chiefs, worth $160 million with $95 million guaranteed (NFL.com)

• QB Russell Wilson signs on year deal with the Steelers (New York Post)

• Patriots QB Mac Jones traded to the Jacksonville Jaguars (New York Post)

• Bucs QB Baker Mayfield signs three year $100 million deal to stay in Tampa (Yahoo Sports)

• Vikings QB Kirk Cousins will test free agency (Bleacher Report)

• Broncos trade WR Jerry Jeudy to the Browns for 2024 fifth and six-round picks (Yahoo Sports)

• Broncos release Russell Wilson, take an NFL-record $85 million dead cap hit (NBC News)

• Six-time All-Pro center Jason Kelce retires after 13-year career (NBC News)

• Eagles DT Fletcher Cox, six-time Pro Bowler, retiring from NFL (ESPN)

• Former Patriot and Super Bowl XLIX hero Malcolm Butler retires (Bleacher Report)

• Bills release two time Pro-Bowler CB Tre’Davious White and center Mitch Morse (NFL.com)

• Cowboys rework Zack Martin’s contract, free cap space (ESPN)

• Ravens sign DT Justin Madubuike to four year, $98 million extension (NFL.com)

• Some fans who attended record-cold Dolphins-Chiefs game now need amputations from frostbite (AP)

• Dalton Schultz rips Cowboys’ culture in scathing takedown: ‘Literally a zoo’ (New York Post)

• NFL awards 34 compensatory draft picks to 14 teams (NFL.com)

• Check out the full breakdown of cap space by team here

WHO’S UP? WHO’S DOWN?

Who’s up?
Nick Caserio. The Houston Texans are primed to make major moves in 2024 free agency with GM Nick Caserio holding the keys to the vault. After shedding big contracts last season, Houston projects to have a massive $68 million in cap space, third-most in the NFL. Caserio emphasized that the team won't spend just for the sake of it, but with glaring needs at WR, OL, DL, and LB, the Texans have plenty of roster holes to fill. Armed with ample draft capital as well, look for Houston to be aggressive pursuing second-tier free agents that fit Coach DeMeco Ryans' defensive scheme. The Texans likely won't be in the running for the top prizes, but Caserio showed last year he can find value signings like CB Steven Nelson. For a rebuilding team still laying its foundation, 2024 free agency offers Caserio and Ryans a prime opportunity to keep accumulating talent and assets to fuel Houston's climb back to contention.

Who’s down?
The Denver Broncos. In a not-so-stunning move, the Denver Broncos have released quarterback Russell Wilson after just two seasons, taking an NFL-record $85 million dead cap hit. The blockbuster trade for Wilson in 2022 was supposed to revive the struggling Broncos, but instead turned into one of the biggest failures in NFL history. The 2022 season was an unmitigated disaster for Wilson and first-year head coach Nathaniel Hackett. Wilson struggled mightily in Hackett’s offense, posting career-worsts in completion percentage (60.5%), QBR (38.7), and touchdowns (16). He also threw 11 interceptions. His poor play was a key factor in Denver's league-worst 5-12 record. Hired in 2023, head coach Sean Payton was supposed to turn things around, but Payton's inability to turn Wilson into an effective QB ultimately led to this shocking divorce. The Broncos are moving on after just two years of their five year, $245 million commitment to Wilson. While the Broncos begin searching for a new franchise QB, they are saddled with the largest dead cap hit ever after Wilson's release. The Wilson trade will go down as one of the biggest failures in NFL history, and Payton's tenure in Denver is off to a rocky start. Wilson now heads to the Steelers on a team-friendly one year deal where he’ll receive the veteran’s minimum of $1.21 million while the Broncos pay the remained of this $39 million salary for Wilson to NOT play for them—wild.

NUMBERS YOU SHOULD KNOW
A deep dive into the history of NFL free agency

The NFL's free agency system has undergone major transformations since its inception, evolving from strict reserve clauses binding players to teams indefinitely to today's relatively open market. In the early decades, the "reserve rule" allowed teams to renew player contracts perpetually. This changed in 1947 with the "option rule" finally enabling players to become free agents after their contract expired. However, movement was scarce until R.C. Owens left the 49ers for the Colts in 1962. In response, the "Rozelle Rule" was created in 1963, compensating teams losing free agents unless compensation was agreed upon. This deterred free agent signings until deemed too restrictive in 1976's Mackey v. NFL case. Replacing it was the "right of first refusal" and a compensation structure based on a player's experience and new salary. Incremental progress came in 1989 with "Plan B," protecting 37 players per team from free agency. In 1992, a court ruling briefly granted unrestricted free agency to a handful of players. The breakthrough arrived in 1993's "White Settlement," establishing unrestricted free agency for veterans with at least 5 years experience. Teams could name one "Franchise" and two "Transition" players to limit their movement. The salary cap was also introduced in 1994 to counteract free agency's financial effects. Over 25 years later, this framework remains largely intact, with minor tweaks easing restrictions and facilitating player movement.

Here are the top five NFL free agent signings according to the Opening Drive:

🏈 DE Reggie White, Packers (1993) - White recorded 68.5 sacks and made the Pro Bowl six times during his six season with the Packers
🏈 QB Peyton Manning, Broncos (2012) - Manning led the Broncos to four division titles, two AFC title games, and victory in Super Bowl 50
🏈 QB Drew Brees, Saints (2006) - Brees earned Super Bowl MVP honors and let the Saints to a 31-17 win over the Colts in Super Bowl XLIV.
🏈 QB Kurt Warner, Rams (1998) - After initially signing as the back-up, Warner led the Rams to a 13-3 record in 1999, throwing 41 touchdowns. He earned Super Bowl MVP honors leading the Rams to a win over the Titans in Super Bowl XXXIV.
🏈 QB Tom Brady, Buccaneers (2020) - Brady signed a two-year deal with the Bucs in 2020 and in his first year, led the team to Super Bowl LV where he earned his fifth Super Bowl MVP, defeating the Chiefs 31-9.

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