If you thought this was going to be a boring NFL offseason and less-than-exciting free agency, you were wrong. The Las Vegas Raiders’ blockbuster deal to trade Maxx Crosby to the Baltimore Ravens fell through, the Indianapolis Colts made Alec Pierce the highest-paid wide receiver in free agency history and the New York Jets have traded for their former No. 39 overall pick in the 2013 NFL Draft, bringing Geno Smith back to Florham Park to play quarterback for them in 2026.
Wednesday in the NFL was not as dramatic as Monday and Tuesday were, but there were still some important deals that were agreed to. The Ravens pivoted from Crosby to Trey Hendrickson, as they agreed to terms with the former Cincinnati Bengals standout on a four-year, $112 million deal that just adds to what has been a controversial week in Baltimore. The Colts also struck an agreement with their quarterback, as Daniel Jones is remaining in the fold on a two-year, $88 million deal that is worth up to $100 million. Jones was hit with the transition tag, which allowed other teams to make offers for the former No. 6 overall pick of the New York Giants. Ultimately, he remains in Indy.
Here are the winners and losers from Day 3 of free agency.
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Winner: Trey Hendrickson
We had Trey Hendrickson listed as a “loser” on Tuesday since he remained unsigned through the first two days of free agency, but he was definitely a winner on Wednesday. Hendrickson agreed to a four-year, $120 million deal with the Ravens that includes $60 million fully guaranteed. For eight, 10, 12 and 14 sacks per season, he will get an additional $500,000, per ESPN.
Hendrickson recorded back-to-back 17.5-sack seasons in 2023 and 2024, yet could not find the long-term security he was after with Cincinnati. His 74.5 sacks rank third-most over the last six seasons, but as a hostage of the Bengals, he was never given the opportunity to cash in like other star pass rushers such as T.J. Watt and Myles Garrett. Now, Hendrickson finally gets the massive contract he’s been searching for, and finds it in the same division. Having the opportunity to terrorize the Bengals twice a year is a nice bonus.
Loser: Ravens
Hendrickson has been one of the league’s premier pass rushers over the last few seasons, but is he worth top 10 EDGE money at this point? Paying $28 million per year is a big investment for a 31-year-old that missed 10 games last year due to injury. CBS Sports Research expert Doug Clawson has enough data to claim this contract could age poorly.
Hendrickson has four career seasons with double-digit sacks. If you look at the career sacks among players to have at least four seasons with 10+ sacks before turning 30, such as Hendrickson, their averages dip to 7.4 sacks by age 31, and bottom out at age 34 with 4.5 sacks. The other thing to consider is that Hendrickson is not the most well-rounded defensive end, like Crosby. Out of the 178 front-seven players to record 1,000 snaps vs. the run since 2020, Hendrickson ranks dead last in tackle percent (7.3%). Correct, No. 178 out of 178.
The Ravens are also considered a loser because of what happened with Crosby. You’ve probably noticed all of the conspiracy theories that are going around. “The Ravens saw Hendrickson was still available in free agency and didn’t cost two first-round picks, so Baltimore did Vegas dirty by pulling out of the deal and blaming medicals.” One general manager even told NFL Media’s Tom Pelissero, “This is very much bullshit on Baltimore’s part.”
The truth is we don’t know what happened with this situation. Maybe the Ravens medical staff did find something concerning regarding Crosby’s recovery following knee surgery that led them to pivot. Regardless, the Ravens franchise is facing heat, whether warranted or not.
Winner: Daniel Jones
Daniel Jones will not play the 2026 season on the transition tag, as he agreed to a two-year, $88 million deal that keeps him in Indianapolis. While the Achilles injury in December was unfortunate, 2025 marked a career year for the former “bust.” Jones went 8-5 as the starter, and completed 68% of his passes for 3,101 yards, 19 touchdowns and eight interceptions. He set career highs in passing yards per game (238.5) and yards per attempt (8.1).
According to NFL Media, Jones will earn $50 million this upcoming season before incentives, which includes $100K for each game the Colts win where Jones played 50% of snaps, totaling up to $6 million. If you look at Jones’ NFL contracts, you would be surprised by how much money he’s made. If he plays out this two-year deal while hitting incentives, Jones could make $196.6 million over a five-year stretch dating back to 2023, according to CBS Sports Research. That includes the four-year, $160 million deal he signed with the Giants, even though he ended up being released.
Ready for a wild stat? Jones is one of just four quarterbacks in NFL history to receive two multi-year contracts worth at least $40 million per year, joining Matthew Stafford, Josh Allen and Dak Prescott.
Loser: Raiders
The Raiders are forced to revisit their offseason plans after the Maxx Crosby trade fell through. Not only is his money coming back to their salary cap table, but Vegas won’t have two first-round picks to utilize in the future either.
Furthermore, Crosby has depreciated in value as a trade target. Everyone and their mother now knows at least one NFL team was scared of Crosby’s knee, so it feels incredibly unlikely the Raiders will be able to find another franchise willing to trade two first-round picks for him. While he never came out and said so, it was established that Crosby wanted out of Vegas. The Raiders shut down their star pass rusher with two games remaining in the 2025 regular season, which was a decision Crosby reportedly vehemently disagreed with. Has Crosby made it known to Mark Davis that he will never play for the Raiders again, or does he view this turn of events as divine intervention signaling that he was meant to be a Raider for life?
Winner: Commanders
The Washington Commanders were BUSY on the third day of free agency, agreeing to deals with former Tennessee Titans tight end Chig Okonkwo, former Colts safety Nick Cross, former New England Patriots pass rusher K’Lavon Chaisson and former Kansas City Chiefs defensive end Charles Omenihu.
Okonkwo agreed to a three-year deal reportedly worth up to $30 million. He played his college ball up the road at the University of Maryland, and was the Titans’ leading receiver in 2025 with 560 yards and two touchdowns on 56 catches. He’s caught 194 passes for 2,017 yards and eight touchdowns over four NFL seasons, and is a fun playmaker in the passing game.
Cross is another former Maryland player that reportedly agreed to a two-year, $14 million contract. He recorded 120 tackles, 2.5 sacks, five passes defensed and one interception last season for the Colts. In 2024, he recorded a whopping 146 tackles. Omenihu reportedly took a one-year, $7 million deal. The reserve lineman recorded 3.5 sacks in 2025.
As for Chaisson, he reportedly scored a one-year, $12 million deal from Washington. He’s coming off a career year in which he registered 10.5 sacks over the regular season and the postseason, after recording just 10 sacks over his first five NFL seasons. Chaisson was an important part of this Patriots defense, and his 20 pressure in the playoffs last year were tied for second-most in the NFL.
The Commanders aren’t just winners because of those signings, but also because CBS Sports NFL insider Jonathan Jones has reported that wide receiver Brandon Aiyuk could sign a one-year deal with Washington after he’s released by the San Francisco 49ers. Aiyuk has some work to do to earn back his reputation, but he played with quarterback Jayden Daniels during their time together at Arizona State. This potential match makes too much sense.
Aiyuk’s 2023 campaign was pretty magical. He caught 75 passes for 1,342 yards and seven touchdowns as the 49ers made it to Super Bowl LVIII. He had seven 100-yard games, and averaged 3.1 yards per route run, which was the third-best rate in the NFL.
Winner: Packers
All things considered, the Green Bay Packers have not had a great free agency. But Brian Gutekunst made fans happy Wednesday by agreeing to terms with former Minnesota Vikings defensive tackle Javon Hargrave on a reported two-year, $23 million deal. At 33-years-old, Hargrave is no longer a double-digit sack Pro Bowler, but he can still make an impact in the middle of the defensive line — which is exactly what Green Bay needed.
In addition to filling a need, this move reunites Hargrave with new Packers defensive coordinator Jonathan Gannon. The two worked together during their time with the Philadelphia Eagles in 2021 and 2022. Over that 33-game stretch, Hargrave recorded 123 tackles and 18.5 sacks. That includes an 11-sack season in 2022, when the Eagles made it to Super Bowl LVII.
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