We often talk about guys taking advantage of contract years, but in recent NFL history, perhaps no linebacker had a better contract year than Devin Lloyd just did. After the Jaguars declined his fifth-year option coming off an up-and-down first three seasons in the league, Lloyd turned in his best year yet and was arguably the most valuable linebacker in the league, with an 88.4 PFF grade that ranked third at his position.

A former first-round pick out of Utah, Lloyd had 81 tackles, two sacks, five interceptions, seven passes defensed and a fumble recovery in 2025. His ability to patrol the middle of the field was transformative for a surging Jags defense and he was a big part of why Jacksonville was among the best in the league at preventing passes over the middle. Linebacker is a difficult position to play in the NFL and it often takes guys a few years to adjust after getting drafted, so it’s not surprising to see Lloyd break out in this fashion.

The Jaguars are well over the cap at the moment (currently sitting at $16.9 million in the red, to be exact) and declined to use the franchise tag on Lloyd, setting him up to test the market for the first time in his career. Due to some franchise tag positional designation shenanigans where off-ball linebackers get hit with the same numbers as on-ball “edge rusher” linebackers, it wasn’t good value for the Jaguars, but they should still be a factor in his market.

I would expect Lloyd’s contract to clock in above the three-year, $51 million deal Zack Baun signed with the Eagles last year and the four-year, $72 million deal Tremaine Edmunds was on with the Bears before being cut Thursday. Whether Lloyd manages to hit the Fred Warner or Roquan Smith numbers is more of an open question ($21 million and $20 million per year, respectively). But it wouldn’t surprise me at all if Lloyd became the highest-paid linebacker in the league this offseason.

Lloyd, 27, is a former first-round pick by the Jaguars in the 2022 NFL Draft out of Utah. He signed a four-year, $12,936,606 rookie contract that includes a $6,588,441. 

The Jaguars declined Lloyd’s fifth-year option that would have been worth $14.75 million fully guaranteed. He’s slated to be an unrestricted free agent in 2026. 

In 2025, Lloyd appeared in 15 games for the Jaguars and recorded 81 total tackles, six tackles for loss, 1.5 sacks, five interceptions, one touchdown, seven passes defended and one fumble recovery.

We have him included in our Top 100 2026 NFL Free Agents list. 

Tampa Bay Buccaneers

The Buccaneers need a linebacker, badly. So badly, in fact, that Microsoft is running commercials about artificial intelligence scouting the position for them in the draft. They could address their need in the draft and likely will at some point. But with their first-rounder falling at No. 15, they are out of range of the likes of Ohio State’s Sonny Styles and Arvell Reese, and maybe even Georgia’s CJ Allen.

So why not go hard after the top linebacker in free agency? The Bucs have $19.96 million in current cap space with the ability to free up a lot more if they need it. That puts them squarely in the range for Lloyd, though they do have other needs in free agency, as well. Cornerback is a potential concern with Jamel Dean likely to depart, although Tampa Bay did draft two young corners last year. Pass rusher is this team’s biggest need and the Bucs are expected to throw a lot of resources at improving there, both in free agency and the draft.

Then there’s the Mike Evans situation. The legendary wide receiver has spent his entire career in Tampa Bay, but is expected to test the market this year. A return to the Buccaneers is still in the cards, but his contract will probably come in around $20 million per year as well, and the Bucs may not be able to fit Lloyd and Evans on their books.

Still, with Lavonte David set to retire (probably) and SirVocea Dennis struggling in 2025, there’s an obvious need here and a player who solves it instantly. I’d expect the Buccaneers to at least be monitoring Lloyd’s market.

Las Vegas Raiders

The Raiders have a new head coach in Klint Kubiak and are all set to draft Indiana QB Fernando Mendoza at No. 1 overall. Armed with $88.11 million in cap space — third-most in the league — the Raiders can do a lot of work in free agency to improve their roster. There are some clear positional priorities for Las Vegas, but don’t rule out a pursuit for someone like Lloyd.

A lot of focus will be given to getting Mendoza help on offense this year, but the Raiders defense needs a lot of work too. After losing Divine Deablo in free agency last year, the Raiders trotted out Elandon Roberts, Germaine Pratt, Jamal Adams and Devin White at linebacker at various points throughout the year. That’s simply not a good enough group.

The Raiders have a ton of money if they want to sign a few high-priced free agents. Linebacker isn’t considered a key position, but by throwing money at it in free agency, the Raiders can focus their draft assets on getting elite talent at more impactful positions. Lloyd is the kind of linebacker you can build a defense around.

Carolina Panthers

The Panthers fielded one of the worst defenses in league history in 2024. They bounced back in a massive way in 2025, coming in at just below league average. It would be a stretch to say their defense was good, but it was passable, and certainly good enough to help them to a playoff berth in the weak NFC South.

However, linebacker remains a major weakness for this team, and between that and pass rusher, the Panthers have their two biggest positions to target. This is a young team that will probably look to build more through the draft rather than signing a bunch of high-priced free agents, but Lloyd fits their timeline and is exactly the kind of player they need in the middle of their defense.

The Panthers currently have $8.99 million in cap space to work with, but a few simple restructures could free up much more. Christian Rozeboom and Trevin Wallace had their moments, but Carolina needs more. Lloyd is more.

Other teams to watch: Jacksonville Jaguars, Indianapolis Colts, New England Patriots, Washington Commanders, Los Angeles Chargers