As the dust settles and day two of free agency in the NFL wraps up, grades are soon to be given out to teams around the league for how they did—or did not—spend money. Some teams were obvious winners. Others were not so lucky. These are the teams who did not fare well in free agency.

What Could Have Been for Chicago

Justin Fields was the name that many expected to be one of the first, if not, biggest dominos, to fall in the free agency period. His name has been circulating the trade rumor mill for what feels like more than a year now. Chicago had a chance to trade him last off-season, which now seems like it would have been the smart decision. But hindsight is 20-20, and Fields was coming off a career year in Chicago, despite going 3-12 as the starter. Ryan Poles was also stepping into the role as GM, and it would have been a big risk to move on from a player that the team traded up for, not even two years before.

But now, with other quarterbacks like Sam Darnold effectively earning starting jobs elsewhere, and Fields still in Chicago, his trade value has seemingly plummeted. Maybe the Bears were asking too much to begin with. Maybe they’re waiting for a shoe to drop in August, and swoop in to make a Sam Bradford-like trade (who the Eagles signed and then were able to land a first-round pick out of once Teddy Bridgewater went down in Minnesota in 2017). Regardless, Chicago is now in a tough position. Keeping Fields through 2024 offers little value from a competitive standpoint and could only make the locker room chemistry awkward, especially if his predecessor struggles and Fields remains on the bench. But it’s not likely to get that far.

The better question is: why are teams not looking to follow Green Bay’s model from the 2023 off-season, and eschew the fifth-year option decision entirely by instead restructuring Fields’ contract, once they do trade for him? It worked for Jordan Love, and it sure worked for the Packers. Yes, Love was unproven at the time, and bet on himself by taking money off the table right away. The organization also took a gamble by setting him up to play his way into a massive contract. Even if Love is set up to get paid, it’s hard to imagine that either party regrets the decision.

But, the bottom line is this: quarterback play is what makes the league go around. Without one, a team’s chances of being a contender can instantly vanish. The 2023 season was a perfect example of that. It was also a perfect example of there being ways around the 5th year option, which is why the old way of doing things shouldn’t be the reason a player like Fields does not get a chance to start for a new team.

Jaguars Running Circles

With a young, franchise quarterback playing on his rookie contract, the Jacksonville Jaguars have done everything they can to maximize their window and build around him. The thing is, they’ve missed the mark in a few ways. Since drafting Trevor Lawrence in 2021, the Jaguars have not selected a receiver earlier than the sixth round. Instead, they’ve thrown money at the position. Add in the extension for Evan Engram, and trading a third-round pick for Calvin Ridley, and the investment in the offense has been substantial without much payout. Ridley just signed with the Titans, which means the organization squandered a reasonably high pick for one solid season of play. While the Jags avoided overpaying him (sorry, Tennessee) and also timed it in a way to avoid having to fork over a higher pick, the initial trade with Atlanta appears short-sighted, now. More than that, Gabriel Davis was anything but consistent in Buffalo, even if he does give the offense a deep threat that they’ve been lacking.

Between the aloof handling of the receiver room and the long, drawn-out game of tag with Josh Allen, it’s hard to feel like this team is making serious strides in the AFC. They need to because teams like the Ravens and Bengals have made savvy moves in the opening days of free agency and are poised to challenge the reigning champion Kansas City Chiefs. This is also a big season for the team, given that Lawrence is in line for an extension, and a lot rides on how far he can show the organization he can take them into the playoffs. The question then becomes, if the Jaguars keep running circles like this and Lawrence can’t get them over the hump, even with these new weapons, what does it mean for the team’s outlook going forward?

Titan’s Empty The Wallet

The Tennessee Titans appear ready to turn the page on their previous two seasons, where the team won 13 games combined. By investing in the offense and giving Will Levis weapons, they’ve shown that they’re getting serious about 2024. While Calvin Ridley has proven himself to be one of the better receivers in the NFL since entering the league in 2018, the contract Tennessee gave him immediately puts Ridley into the upper bracket of elite receivers in the NFL in terms of guaranteed money.

Now, teams around the league have time and time again invested heavily in a premier weapon for their young quarterbacks, which is what the Jaguars set out to do when they traded for Ridley last season. For many teams, this strategy has mostly paid off. The Titans also had a lot of cap room to work with. But add the guaranteed money for Ridley onto the fact that the team signed Tony Pollard to a three-year deal worth $24 million, and the spending spree by Tennessee suddenly feels irresponsible.

On the other hand, the Titans locked down one of the best centers on the open market in Lloyd Cushenberry (on another massive contract) to help bolster the offensive line. Between drafting Peter Skoronski last April and the signing of Saadhdiq Charles, the Titans appear ready to move into their new era of football with a retooled line. With a top pick in the upcoming draft, Tennessee now has the flexibility to add a key player on defense, or even accept a trade that would move them down the board and help add draft picks for the future.

From a team-building standpoint, the Titans are doing all the right things. Levis showed serious potential to be an above-average starter as a rookie. Having two dynamic running backs, an improved offensive line and a proven receiver with the route-running skills of Ridley should only expedite that process.

But someone had to lose in free agency, and for Tennessee, it came down to how they spent.