NFL Teams Set to Be Big Spenders in 2023 Free Agency

No point on the NFL calendar sees as many millions of dollars spent than during free agency in March, and the 2023 version is primed for some massive contracts.

We have a pretty good idea of which teams won't be afraid to break out the checkbooks to sign players then, too.

The obvious choices are franchises with cap space to spare, but long-term plans may curtail the eagerness of some executives. Conversely, while the salary cap provides constraints, creative front offices are able to work around the rules in various ways.

All contract data is from Over the Cap.

When trading Matt Ryan this offseason, the Atlanta Falcons metaphorically took a punch to their financial chin in 2022. The longtime starter stuck a $40.5 million dead-cap charge on Atlanta's payroll.

It was, however, a prudent one-year decision.

Looking ahead to 2023, Atlanta has $56 million in effective cap space—which accounts for signings to reach the minimum number of players with draft picks—available this offseason. And that's even before $12 million saved when Marcus Mariota is presumably cut.

For now, the Falcons need to determine if they're building around 2022 draft pick Desmond Ridder at quarterback. That decision will shape some of their largest offers in free agency.

But after losing a handful of key contributors last March, Atlanta is positioned to restock the roster this offseason.

For many years, the main criticism of the Chicago Bears is the front office has lacked an obvious long-term structure. Most glaringly, they'd dole out big contracts when a rebuild was clearly needed.

General manager Ryan Poles quickly revealed his plan after Chicago hired him last offseason, though.

Immediately, he shed several of the Bears' most expensive players. They prioritized one- and two-year deals in free agency. Chicago was a key seller at the trade deadline other than adding wide receiver Chase Claypool, who still has another year of team control remaining.

The result is a glorious $103.4 million in effective cap room.

Considering what Poles has done so far, don't expect an Oprah Winfrey-like giveaway. Chicago is still likely one year removed from seriously competing in the NFC North.

But if the Bears are sold on Justin Fields after his midseason breakout, Poles and Co. are certain to begin fortifying the offense for their young quarterback in the spring.

The window is now.

As much as the Cincinnati Bengals can rightfully believe they'll be competitive for a long time thanks to Joe Burrow, we simply do not know. There are many examples of a young, star quarterback losing a Super Bowl early in his career but never returning to the stage.

The challenge in the future is Burrow—an unmistakable franchise-caliber quarterback—will only be more expensive once his rookie contract expires. His fifth-year option will run through the 2024 season.

Again: The window, relative to cost efficiency, is now.

Cincinnati holds $38.7 million in adjusted space. While the Bengals will probably re-sign safety Jessie Bates III, the remainder of the money—plus any freed in restructures or cuts—can be used to further patch the offensive line and bolster what's already a decent defense.

After a surprising 7-2 start, the New York Giants have tumbled back to reality with an 0-3-1 stretch in the past month. The slide has further complicated the future of quarterback Daniel Jones, whose contract is expiring.

More than anything, Jones' resolution—a franchise (or transition) tag, an extension or no agreement—will dictate how New York proceeds with the rest of free agency.

But the Giants have money to spend.

Along with $45.9 million in effective room, they can free $13.5 million more by cutting Kenny Golladay. New York could redirect those savings to make a decision on Jones, re-sign running back Saquon Barkley and bulk up the offensive skill positions so head coach Brian Daboll can work toward unleashing a less restrained passing game.

Staying in the NFC East, the Washington Commanders have a solid offseason outlook. Although they currently own $10.9 million in effective room, the number can soar quickly.

Releasing both quarterback Carson Wentz and tight end Logan Thomas would create more than $33 million in space. Both moves are fully expected, given Wentz's ineffectiveness this season and Thomas' mix of health setbacks and minimal production when available.

Similar to a few other teams, the Commanders' plans will hinge on their path at quarterback.

Do they re-sign Taylor Heinicke and bank on Sam Howell developing into the starter by 2024? Do they take a flier on New York Jets quarterback Mike White to instead reinforce the offensive line and secondary? Do they take a free-agent swing at, say, Jimmy Garoppolo?

Any of those choices have merit. No matter which one Washington picks, the money is there.