2026 NFL Free Agency Grades: Colts Re-sign Alec Pierce; Kenneth Walker to Chiefs

One of the most optimistic times of the year for NFL fans has arrived. Free agency has started with a bang, with several huge deals around the league already completed.

We're grading every notable signing and even a few trades as the deals happen. Did your favorite team make smart moves? 

Let's take a look at how we view some of the top signings and trades around the league. 

[NFL Top 100 Free Agents]

 QB Malik Willis signs with the Miami Dolphins

Henry McKenna: Willis will be the highest-paid QB on the open market, signing a three-year, $67.5 million deal with $45 million guaranteed, per multiple reports. 

The former Packer joins ex-Green Bay defensive coordinator and now Miami head coach Jeff Hafley and Dolphins GM Jon-Eric Sullivan, who also came from Green Bay. The Dolphins will give Willis at least a year to prove himself in an offense that includes good skill players: RB De'Von Achane and WR Jaylen Waddle. 

Willis will be tasked with doing what he did in Green Bay as a backup. With the Packers, he converted his unique (and raw) gifts into becoming a game manager. Miami will have to turn him into a game-changer.

At the combine, the Dolphins were concerned that Willis’ contract would get bloated beyond what they could accommodate, per a source. But at $22.5 million per year, he lands just north of what the New York Jets gave Justin Fields last year. 

It’ll be fascinating to see how Miami gets under the cap, given they’re about to take on $99 million in dead money from Tua Tagovailoa’s impending release. 

Ultimately, I like this move. I like Willis. The risks are sizable. But this offseason won’t offer much in the way of young QBs with upside. The Dolphins chased their guy and got him.

Grade for Dolphins: A-

Colts re-sign WR Alec Pierce 

Ben Arthur: Pierce’s return is pivotal for a Colts offense that is looking to get back to the explosiveness it displayed at the start of last season. A homegrown talent with plenty of upside, the 25-year-old Pierce had a strong connection with quarterback Daniel Jones, who’s on the transition tag (at least for the time being). 

Pierce is a deep threat with a growing route tree, but he became more expensive than he needed to be. Indianapolis could’ve extended the former second-round pick before last season or earlier this offseason, when he would’ve been significantly cheaper.

Grade for Colts: B-

Chiefs sign Kenneth Walker III to three-year deal

Eric D. Williams: Running backs matter. Just ask the Chiefs, who grabbed the top back available at the start of free agency. The Super Bowl MVP for the Seattle Seahawks will not get a chance to defend the Lombardi Trophy next season. Instead, he’ll try to help Patrick Mahomes and Andy Reid chase another ring.

Kansas City needed an upgrade to its running game from the backfield of Isiah Pacheco and Kareem Hunt. The Chiefs averaged just 106.6 rushing yards a contest last year, which was No. 25 in the NFL. And with Mahomes recovering from ACL surgery, the Chiefs now have a bell-cow running back to lean on in Walker.

According to reports, it’s a three-year, $45 million deal with $28.7 million fully guaranteed. That’s a heavy investment to fix the running game for Kansas City for a player who had some injury concerns during his time in Seattle.

Grade for Chiefs: B

Panthers sign former Eagles edge Jaelan Phillips

McKenna: Phillips has long been an analytics darling, with a propensity to generate as much pressure as anyone. But there are a few reasons why this deal is a major risk for the Panthers. Phillips’ sack numbers have never hit double digits in a single season. He has been at his best in Vic Fangio’s defense (in Miami and Philly), and he won’t have that luxury in Carolina. Phillips also has a long injury history (torn ACL in 2024, torn Achilles in 2023). 

The Eagles were able to buy him pretty cheap at the trade deadline. That’s not what the Panthers are doing here. When the dust settles in free agency, Phillips is likely to finish in the top 10 (or near it) among pass-rusher salaries — alongside Josh Hines-Allen ($28.3 million) and Nick Bosa ($34 million per year). Anytime you buy into a guy after a meteoric rise, there’s the possibility of regression. That risk feels even bigger with an oft-injured defender like Phillips.

Grade for Panthers: C+

Raiders agree to terms with C Tyler Linderbaum on historic deal

Williams: Las Vegas significantly upgraded one of its main weaknesses, bringing in an anchor up front to protect the pending addition of quarterback Fernando Mendoza as the No. 1 overall pick. The Raiders signed Ravens free-agent Tyler Linderbaum to a three-year, $81 million deal that includes $60 million in guaranteed money, making him the highest paid center in the league.

Last season, Las Vegas allowed a league-worst 64 sacks and struggled to clear running lanes for rookie running back Ashton Jeanty. Linderbaum should help on both fronts as Las Vegas looks to revamp an offensive line around blindside protector Kolton Miller. Las Vegas entered free agency with more than $100 million in salary cap space — the most in the NFL — and should still have more room to make some splashes in free agency. The addition of Linderbaum fills a major hole, giving the Raiders a cornerstone quarterback-center tandem to build around.

Grade for Raiders: A-

Saints agree to terms with RB Travis Etienne Jr. 

Arthur: The Saints desperately needed a three-down running back of the future, considering that a declining Alvin Kamara will be out of the picture sooner than later. It’s why Notre Dame’s Jeremiyah Love was widely considered an option for New Orleans with the ninth overall pick.

Instead of the draft, the team earmarks the 27-year-old Etienne — a Louisiana native — as its RB1. At $13 million AAV, the former Jag becomes the NFL’s seventh-highest paid running back. Without a clear picture on guarantees, it appears to be a win for New Orleans on paper. That’s lower than what the Chiefs gave Kenneth Walker, who has one fewer 1,000-yard rushing season. Etienne also has more career receiving yards than the Super Bowl LX MVP. 

A former first-round pick, Etienne looks like a strong running back option to take pressure off second-year quarterback Tyler Shough at a reasonable price. 

Grade for Saints: A-

Cowboys trade for Packers edge rusher Rashan Gary

Ralph Vacchiano: The Cowboys needed a pass rusher and Gary cost them a fourth-round pick, which seems like a high price to pay for a player the Packers were prepared to release. Gary, 28, did have 7.5 sacks last season, but they all came in the first seven games of the season. He had zero over the last nine. 

Still, the Cowboys are banking on the fact that he’s averaged 7.5 sacks over the past six seasons. They're also willing to take on the two years and $42 million left on his contract because they knew the edge market was going to be more expensive, for far less accomplished players. 

It’s an expensive risk, but less expensive and less risky than what Dallas expected to find in free agency.

Grade for Cowboys: B

Colts trade WR Michael Pittman Jr. to Steelers

Arthur: The Steelers desperately needed wide receiver help alongside DK Metcalf and got that in Pittman, a two-time 1,000-yard receiver. The former second-round pick is a physical receiver and a yards-after-the-catch threat, so he fits the profile of Pittsburgh’s offense. 

The 28-year-old Pittman has missed just three games since 2021, making him hugely reliable. 

The three-year, $59 million contract the Steelers are giving Pittman and the draft compensation involved in the trade — late-round pick swap — are very palpable for someone who projects to be Pittsburgh’s WR2. This is a strong move overall for the Steelers and new head coach Mike McCarthy. 

Grade for Steelers: A 

 Jets trade for Dolphins S Minkah Fitzpatrick

Vacchiano: The 29-year-old Fitzpatrick had a down season in Miami last year after three straight Pro Bowl years in Pittsburgh, but he’s still a perfect fit for the Jets. He’s not the dominant player he was a few years ago, but he’s low-risk, coming at the cost of a seventh-round pick and a three-year, $40 million deal. 

Embattled Jets head coach Aaron Glenn is taking over the defense and wants smart veterans who can run it. Fitzpatrick fits that profile. He also has much-needed ball-hawk skills, even though he had just two interceptions over the past three seasons. (The Jets had zero interceptions last season, so they’ll take any help they can get in that department.) He’ll help stabilize a secondary that was mostly awful last season, especially after the trade of cornerback Sauce Gardner to the Colts.

Grade for Jets: B+

49ers set to sign veteran Bucs WR Mike Evans

McKenna: It’s hard not to love this one. The 49ers offense continues to be a hotspot for the best skill players in the NFL — albeit those at an advanced age. Evans is 32 and not in the same league with Justin Jefferson or Ja’Marr Chase anymore, but he has 11 career 1,000-yard seasons and six with double-digit touchdowns. 

He’s perfect for this offense. He should return to dominant form in this offense, in part because of how much help he’ll get. It starts with coach Kyle Shanahan, but it extends to quarterback Brock Purdy and running back Christian McCaffrey. 

At first glance, it’s a big price for the aging star — a three-year, $60.4 million deal — but it’s a deal that’s comparable to what the Rams are paying Davante Adams. The 49ers should plug Evans into their offense in a comparable way.

Grade for 49ers: A

Bears upgrade defensive secondary by signing S Coby Bryant

Williams: Chicago adds a defensive playmaker with a Super Bowl pedigree by signing free agent Coby Bryant. Terms of the deal have not been disclosed. Selected in fourth round of the 2022 draft by the Seahawks, Bryant arrived in the NFL as a cornerback but successfully converted to safety in 2024. Over the past two seasons, he started 26 games for Seattle, totaling seven interceptions and 139 combined tackles over the period.

Chicago has four safeties expected to hit free agency — NFL interceptions leader Kevin Byard, Jaquan Brisker, Elijah Hicks and Jonathan Owens. Bryant provides a versatile defensive playmaker who improves a team expected to contend for the Super Bowl under second-year head coach Ben Johnson.

Grade for Bears: A

 Rams add another CB, sign Jaylen Watson

Williams: The Rams have taken a sledgehammer this offseason to the team's main weaknesses: the defensive secondary. After giving up four picks — including a first-round selection — in a trade with the Kansas City Chiefs for Southern California native Trent McDuffie and signing him to the richest cornerback contract in league history, Los Angeles then grabbed his teammate, Jaylen Watson, in free agency.

According to reports, the Rams signed Watson to a three-year, $51 million deal that includes $34 million guaranteed. Los Angeles has four free-agent cornerbacks in Cobie Durant, Derion Kendrick, Ahkello Witherspoon and Roger McCreary. The team has found replacements to upgrade that position group in McDuffie and Watson. 

However, after allocating money to outside free agents, the Rams might need to turn their attention to star receiver Puka Nacua, who is eligible for a new deal as he enters the final year of his rookie contract.

Grade for Rams: B+

Giants sign former Ravens TE Isaiah Likely

Vacchiano: With WR Malik Nabers recovering from a torn ACL and Wan’Dale Robinson headed to free agency, the Giants needed weapons for QB Jaxson Dart. 

Likely, a 6-foot-4, 245-pounder, has plenty of untapped potential, and no one knows that better than new Giants coach John Harbaugh. Likely’s production was always capped in Baltimore, mostly because of the prominence of Ravens TE Mark Andrews. But in limited opportunities, Likely always showed he had reliable hands and could stretch the field. 

He might have to split the job with TE Theo Johnson. Likely also could see time as a "big slot receiver." Either way, he didn’t cost a ton (three years, $40 million) and he quickly emerges as Dart’s No. 2 target.

 Grade for Giants: A-

Titans sign former Giants WR Wan’Dale Robinson

Vacchiano: Brian Daboll loved the 5-foot-8 Robinson in New York, so it always seemed inevitable that once he landed as the Titans' OC that he’d bring his favorite slot receiver with him. And the price (four years, $70 million) wasn’t going to stop Daboll, even though Robinson had just one good season in New York. 

The truth is he’s little more than a slot receiver. He can be a high-volume receiver, but he’s never been the slippery, yards-after-catch guy that Daboll envisioned. And his numbers only went up last season (315 more yards on one fewer catch than in 2024) because No. 1 receiver Malik Nabers got hurt. Robinson will help QB Cam Ward for sure, but it’s hard to imagine he’s worth that money, even if it is a reasonable rate in an unreasonable free-agent market.

 Grade for Titans: C+

Lions set to sign former Panthers C Cade Mays

McKenna: The Lions lost Frank Ragnow before the 2025 season and never quite replaced him — until now. This year, Mays took over the Panthers’ starting center job after an injury to Austin Corbett in Week 3. Mays played well in relief of Corbett, helping the Panthers engineer a run-first identity for Rico Dowdle and Chuba Hubbard. Mays also didn’t allow a sack, per PFF. 

Mays is 26 years old, and has 52 games of experience. On a three-year, $25-million deal, these should be his prime years of production for an ascending player.

Grade for Lions: B+

Giants sign LB Tremaine Edmunds

Vacchiano: If there was one position the Giants were desperate to upgrade on defense, it was linebacker. And when they cut veteran Bobby Okereke, it was clear they wanted to get younger, too. 

The 27-year-old Edmunds fills that need and gives the Giants a strong leader in the middle, who still has the sideline-to-sideline speed to help against the run. He may not be a Pro Bowler anymore, but he’s topped 100 tackles in each of his eight NFL seasons. Also, at three years and $36 million, he’s affordable and came cheaper than he would have in a trade.

 Grade for Giants: B