NFL Free Agency 2021: Analyzing Latest Rumors and Moves from Day 3

As NFL free agency moved into its official third day—it effectively opened with the "legal tampering" period on Monday—many of the top free agents were already off the market. While the signing and rumors haven't come as quickly as they did earlier in the week, there was still plenty of action on Day 3.

One of the biggest storylines of early Friday actually began Thursday evening, when the Chicago Bears released two-time Pro Bowler Kyle Fuller. The move put another big-name defender on the dwindling free-agent market and left cornerback-needy teams reevaluating their options.

While one notable former Pro Bowler entered the market, another came off of it. The Pittsburgh Steelers re-signed wideout JuJu Smith-Schuster just a day after NFL Media's Ian Rapoport reported that the New York Jets were having discussions with the receiver.

Here, we'll run down these moves, as well as other noteworthy developments from Friday. The day isn't over, of course, but here's what's happened so far.

As previously noted, the Jets were reportedly in discussions with Smith-Schuster. This seemed logical, as New York is one of the few teams remaining with a large amount of cap space—$32.3 million at the time of writing.

If Smith-Schuster was looking to land a lucrative long-term deal, it wasn't going to come from the Steelers, who have less than $1 million in cap space. Pro Football Talk's Mike Florio speculated that Smith-Schuster was indeed looking for such a deal and that teams were not willing to bite.

"Given that his name hasn’t even come up suggests that teams have been aware of his contractual expectations, and that no one is willing to give him whatever he may be looking for," Florio wrote.

It appears, however, that a soft receiver market has pushed Smith-Schuster back to Pittsburgh—on a one-year, $8 million deal, according to Rapoport—where he'll try to improve his stock before again hitting the market in 2021. This isn't to suggest that Smith-Schuster is disappointed with the development.

"Can't say it enough, I love you Pittsburgh," Smith-Schuster tweeted.

The Steelers should be thrilled with the development, as Smith-Schuster should be a valuable contributor in what could be Ben Roethlisberger's last ride.

To re-sign Smith-Schuster, Pittsburgh will have to make moves to free up cap space. One of them could be trading or releasing starting cornerback Steven Nelson. According to ESPN's Adam Schefter, the Steelers have granted Nelson permission to seek a trade.

If Nelson cannot find a trade partner, cutting him could be the next step for the Steelers. While Nelson has more than $6 million in dead money on his contract, releasing him would save $8.25 million in cap space.

Depending on the asking price, though, a trade shouldn't be too difficult to pull off. Nelson has started 46 games over the past three seasons and has been a very good cover man at points in his career. He allowed an opposing passer rating of 97.0 this past season but allowed a rating of just 65.8 two seasons ago.

Nelson is also just 28 years old, so he isn't quite the aging veteran we typically see become cap casualties at this point in the offseason.

29-year-old cornerback Kyle Fuller isn't exactly an over-the-hill player either, but he was nevertheless a cap casualty Thursday night. He shouldn't remain on the open market for long, however, as he remains a quality starting defensive back.

Fuller made the Pro Bowl in both 2018 and 2019. While he wasn't an all-star in 2020, he did allow an opposing passer rating of just 89.8. The Denver Broncos are one team already interested in landing him.

"The Broncos continue seeking more cornerback help, and have turned their attention to Kyle Fuller, released by the Bears on Thursday night," Troy Renck of ABC 7 Denver wrote.

In addition to Fuller being a solid starter, the Broncos likely have interest due to his connection to head coach Vic Fangio. The two were in Chicago together for four seasons, as Fangio served as the Bears' defensive coordinator from 2015-2018.

This is definitely a potential pairing to keep an eye on, but it's certainly not the only notable news coming out of Denver on Friday.

The Broncos gave Pro Bowl safety Justin Simmons the franchise tag for the second-straight year earlier this offseason. This was to keep him off the open market, though the plan was always to parlay that into a long-term deal.

According to ESPN's Jeff Legwold, that plan has come to fruition.

"Simmons and the Broncos have agreed to a four-year, $61 million deal, according to multiple sources, with about $35 million in guarantees. Simmons' $15.25 million-per-year average makes it the highest per-year average of any safety in the NFL," Legwold wrote.

While it's currently unclear whether the deal has become official—and how the contract is constructed—this should be a big win for the Broncos. Simmons, who made his first Pro Bowl in 2020, is one of the best young defensive backs in the league.

The 27-year-old now appears to spend the next four years of his career with the team that drafted him.

The Cincinnati Bengals filled a big need by reaching an agreement with offensive tackle Riley Reiff on Friday. According to ESPN's Ben Baby, the Bengals signed Reiff but also released eight-time Pro Bowler Geno Atkins.

The release of the 32-year-old Atkins couldn't come as a major surprise in the wake of Cincinnati signing Larry Ogunjobi. The addition of Reiff should prove valuable.

Reiff has started at least 15 games in three of the past four seasons with the Minnesota Vikings. He was responsible for only one penalty and one sack in 2020, according to Pro Football Focus. The Bengals, meanwhile, have been in desperate need of line help.

Rookie quarterback Joe Burrow was sacked 32 times in 10 games before being lost to a knee injury this past season. In all, Bengals quarterbacks were sacked 48 times in 2020.

Ravens Have "Reached Out" to Kenny Golladay

The Baltimore Ravens were interested in signing Smith-Schuster, according to Schefter. They missed out and will now reportedly turn their attention to free-agent receiver Kenny Golladay. Per Schefter, the Ravens have "reached out" to Golladay's agent, Todd France.

Patriots Sign LB Raekwon McMillan

The New England Patriots' offseason spending spree continues. According to ESPN's Mike Reiss, the Patriots have agreed to a one-year deal with free-agent linebacker Raekwon McMillan.

Browns Land LB Anthony Walker

McMillan wasn't the only linebacker to find a new home on Friday. According to Schefter, the Cleveland Browns have reached a one-year, $3.5 million agreement with former Indianapolis Colts linebacker Anthony Walker.

Browns Bringing Back K Cody Parkey

The Browns also re-signed kicker Codey Parkey with a one-year deal. NFL Network's Tom Pelissero first reported the news, which was confirmed by ESPN's Jake Trotter.