The reigning Super Bowl MVP is set to hit the open market. When was the last time that happened? (DB Dexter Jackson after the Buccaneers won in 2003). Seahawks RB Kenneth Walker III just finished out his rookie contract and will test free agency after Seattle declined to use the franchise tag on him. They may find a way to retain him still, but at the very least, he’ll explore his options elsewhere. 

With the Jets using the franchise tag on Breece Hall, Walker is the clear top back in free agency. He’s coming off the best season of his career since his rookie season, with 1,027 rushing yards and five touchdowns to go with 31 receptions for 282 yards. He went nuclear in the playoffs, rushing for 313 yards and four touchdowns with nine receptions for 104 yards in just three games. Walker’s volume has been down since his rookie year since he started splitting the backfield touches with Zach Charbonnet, but his talent is undeniable.

On the contract side of things, Walker is unlikely to hit the very top of the running back market, but he could get close. Eagles RB Saquon Barkley paces the position at $20.6 million per year, with the 49ers’ Christian McCaffrey not far behind at $19 million. After McCaffrey, there’s a bit of a gap before you get to the league’s third-highest-paid running back: the Ravens’ Derrick Henry at $15 million.

I’d expect Walker to threaten Henry’s contract, but I’d be surprised if he topped what McCaffrey’s making. He could spark a bidding war, though — which is part of why the Seahawks are letting him explore the market. Seattle didn’t want to pay the franchise tag price for Walker ($14.29 million), let alone more than that.

Walker, 25, was selected with the No. 41 overall pick in the second round of the 2022 NFL Draft by the Seahawks. He played out the final year of a four-year $8,441,580 contract that included a $3,319,331 signing bonus.

Walker is set to be an unrestricted free agent in 2026. 

In 2025, Walker appeared in all 17 games for the Seahawks and rushed 221 times for 1,027 yards (4.6 YPC) and five touchdowns. He also caught 31 passes for 282 yards. 

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

Denver Broncos

The Broncos are probably the favorites to land Walker as we sit here today. Denver is openly in the running back market and it sounds like they’re willing to shell out to land one of the big fish. With Hall off the market, that leaves Walker as their likely primary target.

Last year, the Broncos drafted RB RJ Harvey in the second round. I loved Harvey as a prospect and he had a solid rookie campaign all things considered, but he didn’t do enough for the Broncos to feel comfortable with him leading their backfield going into the season. J.K. Dobbins is set to be a free agent and the Broncos declined to tender restricted free agent RB Jaleel McLaughlin, setting him up to hit the market as well.

Ideally, the Broncos would love to pair Harvey with a stud workhorse back to form their running back tandem. This isn’t a very good running back draft class and Denver doesn’t have a hope of drafting Notre Dame’s Jeremiyah Love without a massive trade, but they do have money to spend. With $25.23 million in available cap space, the Broncos can make Walker a lucrative offer if he’s their top priority in free agency.

Washington Commanders

After making a surprise run to the NFC Championship Game in 2024, the Commanders came back down to earth last season, missing the playoffs and only winning five games. Injuries played a big part in that, but Washington’s aging roster lost a step and a lack of depth and firepower across the roster became apparent quickly.

The Commanders have a lot of money to spend, with $69.99 million in cap space to work with and potentially more available with some releases and restructures. They like Jacory Croskey-Merritt (or Bill, as he’s called) as a fun young running back, but he’s not stopping you from signing Walker. Chris Rodriguez Jr., Austin Ekeler and Jeremy McNichols are all free agents. One way or another, Washington needs to add some backs.

This roster has a lot of holes to fill, especially on defense. With WR Deebo Samuel unlikely to be back, wide receiver is a need. Their offensive line needs work, and there isn’t a position group on defense that doesn’t need more youthful talent. Targeting an expensive running back in free agency might not be the wisest course of action.

Then again, the Commanders need to surround third-year QB Jayden Daniels with more talent on offense and more weapons at his disposal. Walker is among the best to hit free agency, and they have the money to spend.

New York Giants

The Giants are an interesting team to throw their hat in the ring for Walker. They don’t have a ton of money (just $9.79 million in cap space at the moment), with other priorities in free agency, such as offensive line, linebacker and cornerback. They also have a pair of nice young running backs in Cam Skattebo and Tyrone Tracy Jr., a promising duo that complemented each other well last season before Skattebo went down with an injury.

But multiple reports out of the Combine suggested that New York would be involved in Walker’s market, so let’s talk about why that might be. There’s a new staff in New York, with John Harbaugh coming over from the Ravens to replace the fired Brian Daboll. Harbaugh isn’t tied to any of the players on this roster necessarily, and even though the general manager who drafted them is still in place — Joe Schoen — Harbaugh will want to build things his way.

Harbaugh is an old-school coach who wants to run the ball and be tough in the trenches. There’s also some concern that Skattebo’s reckless, battering-ram running style may shorten his career or at least lead to frequent injuries. Tracy is more of a change-of-pace and receiving back than a true workhorse, and relying on Skattebo every week could have its downsides.

And at the end of the day, Walker is a much better back than anyone currently on the roster. I don’t know where they’d find the money, but if the Giants want to make him their top priority in free agency, they could probably find a way to make it happen.

Other teams to watch: Seattle Seahawks, Arizona Cardinals, Kansas City Chiefs, Minnesota Vikings