Top Eight Value Signings From Free Agency

Every offseason the headlines are grabbed by the big, splashy free-agent signings. This year, players like Atlanta QB Kirk Cousins and Texans EDGE Danielle Hunter are the ones everyone is talking about. But often, some of the best free agent signings are the ones that fly a little unnoticed by the general public. Savvy GMs will sign mid-level free agents to smaller contracts and some of them make huge impacts in the NFL that year.

Hindsight is necessary to determine who had the biggest impact during the season, but we can project forward and examine which signings have the best chance to be the great value contracts of the offseason. Sometimes, big contracts can still be discounted relative to the market, but more often, it’s the quieter mid-level deals that has everyone buzzing during the season.

Every year, some free-agent acquisitions come seemingly out of nowhere to stamp their mark on the game. Let’s dive in to eight of these value contracts, taking a look at why they could be considered value deals and what impacts they could have for each team.

49ers EDGE Leonard Floyd

After bouncing around the league a bit these last few years, Floyd settles in San Francisco on a 2-year, $20 million deal. Floyd has been extremely productive in his last few stops, consistently providing 9-10 sacks a season in his time with both the Rams and the Bills. Now playing opposite Nick Bosa, Floyd will look to fly around offensive linemen for the 49ers, as well.

At $10 million APY, Floyd’s contract puts him 30th in the NFL at the position and in line with edge rushers such as Andrew Van Ginkel and Sam Hubbard. Floyd has outproduced those players during his career and still offers more to a team. He has elite bend and speed for the position and consistently wins with upfield moves and counters.

Over the course of his career, Floyd has struggled when asked to be a team’s primary pass rusher. In San Francisco, he won’t need to be, as Bosa will be getting plenty of attention on the other side of the line. If Floyd gets after quarterbacks the way he has at his last few stops, this will be marked one of the best signings of the offseason.

Chiefs DT Chris Jones

At first glance, Chris Jones doesn’t exactly fit the mold of typical value contracts. The Chiefs resigned him to a 5-year, $158.75 million deal before the start of free agency, record-setting money for a defensive tackle. Jones is now the second highest-paid defensive player in the league, behind Bosa, and the first defensive tackle to exceed Aaron Donald’s massive deal.

After a closer inspection of the contract, however, it starts looking really good for Kansas City. Christian Wilkins and Justin Madubuike signed major deals this offseason with the Raiders and Ravens, respectively. Jones is sitting at $31.75 million APY, Wilkins is at $27.5 million APY, and Madubuike comes in at $24.5 million APY. Madubuike’s deal barely pushed past Quinnen Williams’ deal with the Jets, in keeping with the established precedent for DTs, but Wilkins’ deal sits squarely between Jones’ and Madubuike’s.

Future defensive tackles will likely negotiate off Wilkins’ contract and push the bar closer or even above what Jones is getting. Kansas City paid a premium for Jones but the Chiefs also got a player who is a tier or two above anyone else at the position right now, particularly following Donald’s retirement. It wouldn’t be surprising to see this viewed similarly to the Patrick Mahomes contract in a year or two.

Chiefs WR Marquise Brown

Another Chiefs signing makes the list: “Hollywood” Brown signed a 1-year, $7 million contract to move to Kansas City and provide his services to Mahomes and the offense. It’s no secret the Chiefs were desperate to add wide receiver talent this offseason, with only rookie Rashee Rice as a consistent contributor at the position last season. While they’ll likely look to add more talent in the draft as well, Brown immediately becomes the most proven producer on the roster and is someone Mahomes can rely on to get open and catch the ball.

Brown’s $7 million salary puts him below receivers like Robert Woods, Curtis Samuel and JuJu Smith-Schuster. Brown is a better and more productive player than any of them. It’s a bit surprising he signed for so little, though perhaps teams were spooked by his injury history. Kansas City also has had success getting a discount for player who want to come play with Mahomes as well. 

Regardless, his speed and ball skills should provide a much-needed boost to this Chiefs offense.

Patriots OL Michael Onwenu

Ostensibly a guard, Onwenu has played practically every position along the offensive line during his time in New England. After playing right tackle in 2023, Onwenu signed a 3-year, $57 million contract to stay with the Patriots.

At $19 million APY, Onwenu provides good value at the guard position given the explosion the guard market saw this offseason. Compare his contract to the massive $100 million deal Robert Hunt signed with the Panthers this offseason, which included more in guarantees than Onwenu’s entire deal. 

Onwenu’s contract is even more valuable when compared to the top of the tackle market, providing the Patriots with a quality starter at multiple positions locked up on what should age as a good contract. The word out of New England is that Onwenu is expected to be the team’s starting right tackle, which makes sense given it’s viewed as a more premium position. 

It’s a sizeable deal, but if Onwenu lives up to his ability as a versatile lockdown lineman, it’s one the Patriots will be saving money on within a year or two.

Bengals S Geno Stone

Fresh off a breakout season in his final year with the Ravens, many expected Stone would get a bigger contract than he did. At only 2 years and $7 million APY, Stone’s contract puts him right in line with players like Malik Hooker and Juan Thornhill. Players with Stone’s ball production and starting experience often get bigger paydays when they hit free agency, especially coming off their rookie deals.

Some would argue Stone’s production in Baltimore was largely scheme-based. PFF had him rated as only the 25^th-best safety in 2023. Former Ravens DC Mike Macdonald is viewed as one of the best in the business, but perhaps it’s telling he didn’t make signing Stone a bigger priority. 

Still, at this price there’s not much downside for the Bengals. Stone’s responsibilities in Cincinnati should be similar to what he was doing in Baltimore: roaming the back end of the defense, reading quarterbacks in zone coverage, and flying uphill in run support. Playing Stone where he’s most comfortable should capitalize on his strengths while masking his potential weaknesses.

At such a reasonable price, the Bengals are taking a chance that Stone can be a real difference-maker without taking on much of a risk.

Jets LT Tyron Smith

Coming off an injury in 2022, Smith bounced back in a big way in 2023, posting one of the best seasons of his career in Dallas. Now in New York, the Jets hope he can replicate that performance protecting Aaron Rodgers’ blind side. There was some uncertainty if Smith would even play this season, but he proved determined to continue his career and signed a bargain deal with the Jets.

Smith signed a 1-year, $6.5 million contract with the Jets. That APY puts him below tackles like Joe Noteboom, Jermaine Eluemunor and Trey Pipkins. When healthy, Smith is one of the best tackles in football, and probably worth at least three times that much. 

Health is the rub, though. The last time Smith played a full season was in 2015 and Dallas has had to carefully manage his workload over the past few years in an effort to keep him on the field as much as possible. It’s why his deal contains significant incentives tied to snaps played. Smith can double his current compensation by playing 74 percent of the snaps, and if he maxes out everything on his deal he can get all the way up to $20 million. 

If Smith earns all of his incentives, the deal will still be a home run for the Jets because they’ll have landed a rock on the blind side. On a deal similar to many swing tackles and mid-level starters, the Jets got tremendous value. As they turn towards contention in 2024, Smith should provide a level of stability and excellence at left tackle they haven’t seen at the position in many years.

Colts DT Grover Stewart

The Colts stayed relatively quiet through the first wave of free agency, focusing on re-signing their own players and bringing in a few new depth pieces. Stewart has been a mainstay in Indianapolis, playing alongside DeForest Buckner to form one of the best interior duos in the NFL. At $13 million APY, Stewart received only a marginal bump in pay from the deal he signed a few years ago, providing even more value relative to the cap and salary increases over that time.

Stewart’s strength is in run defense, where he’s been a top-five interior run defender, according to PFF. Stewart’s contract is in line with other premiere run-stuffers, but few have his combination of experience and production. The Colts’ run defense fell off a cliff in the six games he missed due to suspension. Retaining him was clearly a priority for this front office and they got good value with his contract.

Dolphins CB Kendall Fuller

A bit of an under-the-radar signing, Fuller came over from Washington to claim one of the starting spots in Miami’s secondary. After releasing Xavien Howard, the Dolphins needed a new starting corner. Enter Fuller, who has quietly been one of the best cornerbacks in the NFL over the last few seasons. He’s got a proven track record playing both inside and outside and adds to Miami’s incredibly versatile secondary.

At 2 years and $7.5 million APY, Fuller’s contract puts him in range with corners like Rasul Douglas, Darious Williams, and Taron Johnson. A shorter, mid-level contract is not surprising given his age, but Fuller has outplayed that value during his time in Washington. If Fuller keeps up that level of play, this will quickly look like one of the best bargain deals of free agency. Even if his play dips a bit, this is still a valuable mid-level cornerback contract for a reliable starting player. It’s a win-win for the Dolphins.