2026 NFL free agency winners and losers: Maxx Crosby drama, Trey Hendrickson market

The first two days of NFL free agency are in the books, and they have been an eventful two days at that. On Tuesday, we saw the New York Jets continue their defensive overhaul, 36-year-old Cameron Heyward got an extension from the Pittsburgh Steelers, and the Houston Texans traded for punter Kai Kroeger. 

We also saw the Baltimore Ravens pull out of the Maxx Crosby trade! 

While Day 2 of free agency wasn’t as eventful as Day 1, several notable players found new homes. Former Atlanta Falcons linebacker Kaden Elliss is staying in the NFC South, agreeing to a three-year, $33 million deal to return to the New Orleans Saints, while former Seattle Seahawks cornerback Riq Woolen agreed to a one-year, $15 million deal with the Philadelphia Eagles to play alongside Quinyon Mitchell and Cooper DeJean. 

There are still plenty of talented players available, such as safety Jaquan Brisker, left tackle Rasheed Walker and wide receiver Jauan Jennings. Then there’s the curious case of Trey Hendrickson, which we’ll dive into below. 

Here are the winners and losers from Day 2 of free agency.

For more 2026 NFL free agency coverage:

Loser: Las Vegas Raiders

In a stunning, shocking, incredible turn of events, the Ravens made the decision to pull out of the Maxx Crosby trade. Just four days ago, Baltimore agreed to send the Las Vegas Raiders two first-round picks for the star pass rusher, but the Ravens backed out due to an issue found during his physical.

Crosby underwent surgery on the meniscus in his left knee in January. He’s still recovering from that procedure, and Baltimore’s staff understands he can’t play right this second. That’s not the issue, though. As NFL Media pointed out, the Ravens were projecting his recovery and not comfortable with whatever they discovered. 

If you missed what happened Tuesday night, the Raiders posted a short statement that almost felt angry:

If you find this whole situation sketchy, so does virtually the entire NFL world. Was this a case of buyer’s remorse on the Ravens’ part? Or did Baltimore genuinely find something worrisome during the physical? One general manager told NFL Media’s Tom Pelissero, “This is very much bullshit on Baltimore’s part.”

For the record, Crosby’s agent, CJ LaBoy, issued a statement saying his client is still on track in his recovery. But is Crosby going to refuse to play for the Raiders? How much will the Raiders have to lower their asking price? Is it possible another team could clear him? We broke it all down here:

Ravens back out of Maxx Crosby trade after agreeing to send two first-round picks to Raiders

Jordan Dajani

Winner: Geno Smith

Geno Smith has found a seat in this quarterback-themed edition of musical chairs, and he didn’t even have to hit free agency to do so. Before the Raiders could release the veteran signal-caller, the Jets offered a late-round pick swap for his services. The Raiders received a 2026 sixth-round pick (No. 208) in exchange for Smith and a seventh-rounder (No. 228).

Smith returns to New York, where he began his career as a second-round pick in 2013 and went 12-18 as the Jets’ starter over four seasons, throwing 28 touchdowns compared to 36 interceptions. Smith’s one season in Sin City was a disaster, as he threw for 3,025 yards, 19 touchdowns and a league-leading 17 interceptions. Smith also led the NFL in sacks taken with 55, making him the sixth quarterback since 1970 to lead the league in both sacks taken and interceptions in the same season. 

Smith is better than the quarterback we saw in 2025, and believe it or not, the Jets’ supporting cast may actually be an upgrade over what we had with the Raiders. Las Vegas had perhaps the worst offensive line in the NFL in 2025. New York has two impressive young offensive tackles in Olu Fashanu and Armand Membou. As for the weaponry, the Jets placed the franchise tag on running back Breece Hall, and signed wide receiver Garrett Wilson to a long-term deal last year. 

Maybe he’s a bridge quarterback, but a team wanting Smith as their starter next season is a win for him.

“Complete full circle moment back to where it all began,” Smith texted to NFL Media’s Ian Rapoport. “I’m excited to connect with my new teammates and coaches and everyone in the building as well as build a new relationship with the fan base and community.”

Raiders trading Geno Smith to Jets for swap of 2026 late-round picks

Jared Dubin

Loser: Trey Hendrickson

Or maybe Trey Hendrickson could be considered a “winner” given the Crosby news? 

Cincinnati Bengals star pass rusher Trey Hendrickson finally got what he wanted, which was a chance to cash in on a new lucrative contract in free agency. However, through the two-day negotiation period, he remains unsigned. 

Hendrickson is considered to be arguably the top free agent available at this point, but CBS Sports NFL Insider Jonathan Jones reports there’s a gap of about $10 million per year between the contract he wants and what NFL teams are willing to pay. While Hendrickson registered back-to-back 17.5-sack seasons in 2023 and 2024, he’s now 31 and missed 10 games last year due to injury. Yes, Hendrickson does have several suitors, but how much money is he aiming for? 

If you’re curious about the EDGE market this offseason, former Eagles pass rusher Jaelan Phillips agreed to what may go down as the biggest deal of free agency, picking up a four-year $120 million deal that pays him $30 million per year from the Carolina Panthers. Odafe Oweh got $100 million over four years from the Washington Commanders, and Boye Mafe agreed to a three-year, $60 million deal with the Bengals. Is Hendrickson looking to match Phillips’ $30 million AAV? That doesn’t seem likely.

2026 NFL free agency: Top 10 remaining free agents include 2024 sacks leader, former No. 1 overall pick, more

Garrett Podell

Winner: New York Jets

Let’s talk about the Jets again. While New York finding its new quarterback was the headline Tuesday, what it has done on the defensive side of the ball is one of the biggest headlines of free agency.

The Jets traded for defensive tackle T’Vondre Sweat and safety Minkah Fitzpatrick prior to free agency, then agreed to terms with several notable players like linebacker Demario Davis, pass rushers Joseph Ossai and Kingsley Enagbare and defensive lineman David Onyemata. The spending spree continued Tuesday.

General manager Darren Mougey brought former Chicago Bears cornerback Nahshon Wright to town on a one-year, $5.5 million deal. That’s a steal, as Wright ranked as CBS Sports’ No. 62 free agent after leading the league in takeaways with eight (five interceptions and three fumble recoveries). He was also one of just two players last year to record five interceptions and three tackles for loss, earning his first Pro Bowl nod. Wright’s market value at Spotrac was a three-year, $50 million deal. Sure, his 2025 season was far and away Wright’s best, but getting him on a one-year, $5.5 million contract is awesome for the Jets.

New York also agreed to terms with former New York Giants safety Dane Belton on a one-year, $4 million contract. He’s recorded 240 tackles over his four NFL seasons, to go along with six interceptions and 16 passes defensed. Belton has played in all 17 games in each of the last three years and made a career-high nine starts in 2025.

The Jets aren’t going to be some Super Bowl sleeper, but these are quality moves for the first team in NFL history to go an entire season without recording a single interception.

Loser: Green Bay Packers

Free agency hasn’t been kind to the Green Bay Packers, as they’ve lost notable players such as wide receiver Romeo Doubs, linebacker Quay Walker and pass rusher Kingsley Enagbare. Plus, quarterback Malik Willis left for the Dolphins. Green Bay also released offensive lineman Elgton Jenkins and cornerback Nate Hobbs — who just signed a four-year, $48 million deal with the Packers last year.

As for Green Bay’s additions, the Packers have agreed to terms with two players outside of the organization in former Los Angeles Chargers cornerback Benjamin St-Juste and Kansas City Chiefs returner/receiver Skyy Moore. 

Green Bay has needs at defensive tackle, cornerback and on the offensive line. The Packers don’t have a first-round pick this year after the Micah Parsons trade and hold just three picks in the top 150.

You don’t want to overreact to the first two days of free agency, but how are Packers fans feeling right now? Probably not great. Speaking of one of their former players who cashed in …

Winner: Romeo Doubs

Former Packers wideout Romeo Doubs got paid following his career year, as he agreed to terms with the reigning AFC champion New England Patriots on a four-year, $68 million deal that has a max value of $80 million. 

Doubs caught 55 passes for 724 yards and six touchdowns in 2025 while averaging 13.2 yards per reception. A former fourth-round pick out of Nevada, Doubs has caught 202 passes for 2,424 yards and 21 touchdowns in his 59 career games played for the Pack.

Now, he replaces Stefon Diggs in the Patriots lineup and could become Drake Maye’s most reliable target. Doubs hasn’t raked in Pro Bowl votes over the course of his career, but I absolutely love this fit.

Loser: Commanders WR room

The Commanders made a nice addition in former Chiefs linebacker Leo Chenal on Tuesday, but the real reason they find themselves in the “loser” category is because they’ve missed out on two wide receiver targets.

The Commanders reportedly made a strong offer to Alec Pierce before he decided to remain with the Indianapolis Colts on a four-year, $116 million deal. Pierce was the belle of the ball when it came to free-agent wide receivers, but the Colts found a way to keep him as they continue to negotiate with quarterback Daniel Jones. 

You have to admit, it would have been fun to see Pierce opposite of Terry McLaurin in Washington. He became the first player to lead the NFL in yards per reception in back-to-back seasons since Ashley Lelie of the Denver Broncos back in 2005, and Pierce’s 21.3 yards per reception last year were also the most by a player with 1,000 yards receiving since DeSean Jackson in 2010.

After missing on Pierce, Washington missed on Doubs, who signed with New England. Wide receiver is again a big need for the Commanders, as last year’s leading receiver, Deebo Samuel, is a free agent, as is tight end Zach Ertz, plus wideouts Noah Brown and Chris Moore. Now, Washington could turn its focus to Jauan Jennings or Christian Kirk. 

Winner: Isiah Pacheco

If we’re talking about good fits in free agency, how about former Chiefs running back Isiah Pacheco joining Dan Campbell in Detroit? The Detroit Lions traded David Montgomery to the Texans in a deal which they definitely won, then replaced their old “Knuckles” with Pacheco — who has a maniacal running style which football fans in Detroit will love. 

Pacheco can’t carry an offense by himself and has dealt with a couple of injuries recently, but he did rush for 935 yards and seven touchdowns in 2023 on the way to a Super Bowl win. Opposing defenses will have to now account for the speedy Jahmyr Gibbs and the violent Pacheco, who wants to hit defenders more than they want to hit him. You also have to imagine he’ll be motivated by this change of scenery. 

Loser: Denver Broncos

What became clear last year is that the Broncos’ Super Bowl window is wide open. In fact, if quarterback Bo Nix didn’t injure his ankle in the divisional-round victory against the Buffalo Bills, the Broncos probably would have made the Super Bowl. With a quarterback on a rookie deal and one of the best defenses in the NFL, you would imagine general manager George Paton would be aggressive in free agency, right? Nope.

The Broncos are one of the few teams to have not agreed to terms with a free agent outside their building, much to the chagrin of Broncos country (let’s ride). Again, you don’t want to overreact to the first two days of free agency, but the Broncos have gotten worse this offseason, losing safety P.J. Locke and defensive lineman John Franklin-Myers. Denver needs to find a way to upgrade Nix’s weaponry at some point. 

Winner: Ka’imi Fairbairn

Kickers are players too! Ka’imi Fairbairn of the Texans was a big winner on Tuesday, as he reset the kicker market by signing a two-year, $13 million extension. Fairbairn made a league-leading 44 of 48 field goals this past season, with his only misses coming from 50-plus yards. A fantastic weapon in Houston gets rewarded.