An NFL Free Agency Reality Check

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertMarch 14, 2024
© USA TODAY Sports

The first 24-48 hours of the NFL Free Agent Frenzy is always a whirlwind, and with it come a flurry of contract reports. Now that the dust has settled a bit, we’ll dive into every free agent contract with a total value of at least $30M, detailing the guaranteed portion of the deal, and a more practical set of terms for each.

Kirk Cousins (QB, Falcons)

4 years, $180,000,000

The largest total value contract in free agent history comes with $100M guaranteed, $90M at signing, and $62.5M cash in 2024. It’s a 2 year, $100M contract out of the gate, with 3 years, $135M in place for practical purposes. Early $10M roster bonuses in 2026 & 2027 offer early payment or team decision making at the back end of this contract. At $45M per year, Cousins is now the 8th highest average paid QB, while his $100M guaranteed ranks 12th.

Christian Wilkins (DT, Raiders

4 years, $110,000,000

Wilkins joins the Raiders on $57.5M fully guaranteed at signing (2nd among DTs), with another $25.25M set to lock in next March. This is a 3 year, $84.25M contract for practical purposes, with no early vesting guarantee or roster bonus in the final 1 year, $25.75M. The deal makes Wilkins the 3rd highest average paid interior defender.

Robert Hunt (G, Panthers)

5 years, $100,000,000

Carolina spent big to bolster their offensive line this week, handing Hunt $44M fully guaranteed at signing, with another $10M set to lock in next March. Technically the Panthers could walk away from this contract after 2 years, $54M, but a 3 year, $63M outcome is much more practical. The final 2 years, $37M are extremely fluffy, offering no early vesting guarantee or roster bonus. Hunt is now tied as the 3rd highest average paid guard in football, while his $63M of practical guarantee is most all-time at the position.

Calvin Ridley (WR, Titans)

4 years, $92,000,000

Ridley secures $46.9M fully guaranteed at signing through the 2025 season, and $3M of his 2026 compensation locks in next March. In this regard, there's a world where Tennessee buys him out in March of 2026 at 2 years, $50M, but it's more practical that Ridley sees 3 years, $69.75M on this deal. This becomes far & away the largest free agent WR contract to post this offseason.

Jonathan Greenard (DE, Vikings)

4 years, $76,000,000

Following an outstanding walk season in Houston, Greenard attempts to fill the shoes vacated by Danielle Hunter in Minnesota. Early reports tag a $42M full guarantee on this contract, but the full structure has not yet been announced. The $19M per year average currently ranks 16th among edge defenders.

Xavier McKinney (S, Packers)

4 years, $67,000,000

As with nearly all Packers’ contracts, McKinney’s only upfront guarantee stems from a $23 million signing bonus. The 24-year-old gets over $25M cash in 2024, but the remaining 3 years, $42M becomes a year-to-year decision for Green Bay. $8.5M March roster bonuses in each of 2025 & 2026 offer a little stability in the next few offseasons. At $16.75M per year, McKinney’s contract makes him the 5th highest average paid safety in football.

Leonard Williams (DE, Seahawks)

3 years, $64,500,000

Williams returns to Seattle at a reported $43.85M guarantee, though just $26.15M of that is fully guaranteed at signing. While it’s highly likely that the 30-year-old sees at least 2 years, $47.85M out of this new deal, it’s possible for Seattle to walk away after just 1 year, $27M. 

Mike Onwenu (G, Patriots)

3 years, $57,000,000

The Patriots retained their 2020 6th round pick for at least another 2 years, $39.5M. $36.5M of that is fully guaranteed at signing, leaving 1 year, $17.5M of “fluff” on the back end of this contract. At $19M per year, Onwenu is now the 5th highest average paid guard in football, while his $36.5M of full guarantee chimes in at 8th overall.

Damien Lewis (G, Panthers)

4 years, $53,000,000

Lewis joins Carolina on a $26.2M full guarantee through the 2025 season, making the final 2 years, $26M of this contract completely up in the air. At $13.25M per year, the Panthers now have two of the Top 16 average paid & guaranteed guards in football.

Bryce Huff (OLB, Eagles)

3 years, $51,100,000

The Eagles made Huff a Top 20 paid edge defender on this 3 year contract that reportedly includes $34M fully guaranteed. Full details aren’t yet available, but a double bonus structure 2 year guarantee seems to fit the Philly bill here.

Jonah Jackson (G, Rams)

3 years, $51,000,000

Jackson secures $25M fully guaranteed at signing, which includes half of his 2025 compensation. The other half locks in next March, setting him up for 2 years, $34M for practical purposes. The final $17M on this deal is up in the air, though an $8M March 2026 roster bonus helps push things along. At $17M per year, Jackson is the 10th highest average paid guard in football.

Arik Armstead (DE, Jaguars)

3 years, $51,000,000

Armstead was designated a Post June 1st release by San Francisco this week, but wasted no time locking in a healthy deal elsewhere. Full details are still TBD, but it’s safe to assume there’s a near $35M guarantee on this contract.

Lloyd Cushenberry (C, Titans)

4 years, $50,000,000

Cushenberry represents a solid upgrade to the middle of Will Levis’ line, securing $26M fully guaranteed at signing, with another $4M locking in next March. It's a 2 year, $30M contract from the onset, with 2 years, $20M up in the air thereafter. Cushenberry now ties for the 4th largest average salary among centers, while his $30M practically guaranteed ranks 2nd.

Danielle Hunter (ED, Texans)

2 years, $49,000,000

One of the strongest deals to hit the books this week, Hunter secured $48M fully guaranteed over the next 2 seasons. Only a pair of annual $500,000 per game active bonuses set him apart from a fully guaranteed contract here. The 30-year-old will see $29.5M cash this year, & $19.5M in 2025.

Josh Jacobs (RB, Packers)

4 years, $48,000,000

Aaron Jones out, Josh Jacobs in, and in true Packers fashion, it’s a 1 year guarantee, plus three years of we’ll see. Jacobs secures a $12.5M signing bonus, and $14.8M total in 2024. The remaining 3 years, $33.2M of this contract go year-to-year, though an early March roster bonus ($5.9M) likely secures this deal as 2 years, $23M - but it doesn’t have to. The $12M APY on this contract makes Jacobs the 6th highest average paid running back.

Patrick Queen (LB, Steelers)

3 years, $41,000,000

The first real head-scratcher on the list. Queen was the top off-ball linebacker on the open market, putting up a huge season alongside Roquan Smith in Baltimore. He joins linebacker U on essentially a 1 year, $13.84M contract (as the Steelers do not guarantee future salary in their contracts). The remaining 2 years, $27.16M of this contract will be year-to-year. Queen chimes in as the 6th highest average paid off-ball linebacker with this deal.

Darnell Mooney (WR, Falcons)

3 years, $39,000,000

Mooney leaves Chicago for Atlanta to begin the Kirk Cousins regime. The former 5th round pick secures $26M fully guaranteed at signing on this contract, making the next 2 years, $27M a virtual lock. The remaining 1 year, $11.98M for 2026 is up in the air. Mooney ties Gabe Davis as the 22nd highest average paid WR with this deal.

Gabriel Davis (WR, Jaguars)

3 years, $39,000,000

Despite identical terms, Davis secured $2M less guaranteed, & $1M less to be earned through 2025 than Darnell Mooney signed for in Atlanta. Still, the Jags may have scored a value signing here, as Davis will step into that WR1B role recently vacated by Calvin Ridley - who just secured $50M guaranteed in Tennessee. Davis’ contract is a 2 for $26M deal, with $13M of fluff.

Grover Stewart (DT, Colts)

3 years, $39,000,000

Stewart returns to the Colts on a $25.7M guarantee, though only $17.9M of that is fully guaranteed at the time of signing. Still, with ? of his 2025 compensation locked in right now, we’ll consider this a 2 year, $26.75M contract for practical purposes, with the remaining $12.25M up in the air. A $13M APY for Stewart ranks him 18th among interior defenders.

Saquon Barkley (RB, Eagles)

3 years, $37,750,000

Barkley secured good money from a good team - a rare win for the running back position on the open market. All of the $24.5M due across the next two seasons is fully guaranteed, and $1.5M of his 2026 salary is locked in at the time of signing as well. It’s a 2 year, $26M fully guaranteed contract for one the higher ceiling playmakers in all of football. The $12.5M APY makes Barkley the 4th highest average paid running back in football.

Chidobe Awuzie (CB, Titans)

3 years, $36,000,000

Awuzie joins a Tennessee team that has been as aggressive as any to start the new league year. He slots in as the projected starting LCB for 2024, scoring $19M fully guaranteed on his new contract. It’s a 2 year, $24M deal for practical purposes, with the remaining $12M (his age 31 season), a veritable option for now. Awuzie’s near $23M practical guarantee ranks 15th among signed cornerbacks.

Azeez Al-Shaair (LB, Texans)

3 years, $34,000,000

The Texans’ new middle linebacker comes in at $21.5M fully guaranteed at signing, including $13M for the upcoming season. It’s a 2 years, $22.5M contract for practical purposes, with the final $11.5M up in the air.

Dorance Armstrong (DE, Commanders)

3 years, $33,000,000

Armstrong & also newly signed Dante Fowler Jr. project to start on the edge of the Commander’s line. The 26-year-old secured $16.1M fully guaranteed at signing, all in 2024, making this a glorified 1 year, $16.8M contract until further notice. Armstrong’s $6M salary for 2025 becomes fully guaranteed next March, so there will be an early decision to be made at that point.

Justin Jones (DT, Cardinals)

3 years, $31,165,000

Jones leaves the Bears for the Cardinals, who hand out an extremely aggressive 79% guarantee at signing on this contract. All of Jones’ 2024 & 2025 salaries are fully guaranteed, as well as $5M of his 2026 salary. If Arizona wants to walk away after 2025, they’ll owe him that $5M as a buyout, securing at the very least, $26.8M of this contract.

Frankie Luvu (LB, Commanders)

3 years, $31,000,000

Luvu & Bobby Wagner should help redefine this Commander’s linebacking core for the upcoming season, with new Head Coach Dan Quinn clearly making it a focal point of the offseason. Washington could make this a 1 year, $15M contract and nothing more if they need, but for practical purposes this should work out to 2 years, $22M at the bare minimum. The remaining $9M on this contract is up for grabs, though $1M of it comes in the form of a March 2026 roster bonus.

Jonah Williams (OT, Cardinals)

2 years, $30,000,000

The Cardinals released longtime OT D.J. Humphries in correspondence with this move, putting Williams and youngster Paris Johnson in line to bookend the O-Line in 2024. Williams secures $19M fully guaranteed at signing, and while Arizona could technically make this a 1 year, $19.61M contract, it's highly likely that he either sees both years of this deal, or is extended out of it after the 2024 season.

Kenny Moore (CB, Colts)

3 years, $30,000,000

The powers that be made it clear that Moore had signed the “largest ever contract for a nickel”, yet still haven’t disclosed the guaranteed figure for the deal. Generally speaking this isn’t a great sign, but crazier things have happened. 

Jon Runyan (G, Giants)

3 years, $30,00,000

Runyan leaves Green Bay on a $17M guarantee with the Giants, including more than half of his 2025 salary. The projected starting right guard for NY should see 2 years, $20.75M out of this contract, with $9.25M up in the air thereafter.


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