NFL Free Agency 2026 Winners and Losers: Raiders Burned, Jets Keep Building
The second day of NFL free agency didn't match the opening day frenzy, but it still delivered one of the most stunning developments of the entire offseason. The Baltimore Ravens pulled out of a blockbuster trade. A veteran quarterback found new life. And one pass rusher remains caught in no man's land. Here is a full breakdown of the winners and losers from Day 2.
LOSER: Las Vegas Raiders
In what may go down as the most shocking moment of the 2026 free agency period, the Baltimore Ravens backed out of their agreed trade for pass rusher Maxx Crosby just four days after the deal was announced. Baltimore had agreed to send the Raiders two first-round picks for the star edge rusher, only to pull out after an issue surfaced during Crosby's physical.
Crosby underwent surgery on the meniscus in his left knee in January and is still in recovery. The Ravens reportedly were not comfortable with projections around his recovery timeline, though the broader NFL community has greeted that explanation with considerable skepticism. One general manager told NFL Media that Baltimore's handling of the situation was "very much bullshit."
Crosby's agent released a statement insisting his client remains on track in his recovery. But the damage for Las Vegas is real. The Raiders now face an uncomfortable set of questions: Will Crosby refuse to play for the team? How significantly will his trade value drop? Can another team step in and clear him medically? What seemed like a franchise-altering move has dissolved into one of the messiest situations of the offseason.
WINNER: Geno Smith
Before the Raiders could release Geno Smith following the Crosby chaos, the New York Jets stepped in and traded for him, sending Las Vegas a sixth-round pick in exchange for Smith and a seventh-rounder. Smith returns to New York, where he began his NFL career as a second-round pick in 2013.
His one season in Las Vegas was difficult. Smith threw for 3,025 yards with 19 touchdowns and a league-leading 17 interceptions in 2025, and he led the league in sacks taken as well. His numbers were dragged down in part by what was widely considered the worst offensive line in the NFL.
The Jets offer a notably better environment. New York has two promising young offensive tackles in Olu Fashanu and Armand Membou, running back Breece Hall on a franchise tag, and wide receiver Garrett Wilson locked up long term. Smith may serve as a bridge quarterback, but having a team want him as a starter at all qualifies as a win. "Complete full circle moment back to where it all began," Smith said in a text to NFL Media.
LOSER: Trey Hendrickson
Cincinnati Bengals pass rusher Trey Hendrickson entered free agency as arguably the top available player at his position. Through two days of the negotiating period, he remains unsigned.
The sticking point is money. Reports indicate there is a gap of roughly $10 million per year between what Hendrickson is seeking and what teams are willing to offer. He does have suitors, but his market has been complicated by the fact that he is 31 years old and missed 10 games last season due to injury, despite back-to-back 17.5-sack seasons in 2023 and 2024.
For context, pass rusher Jaelan Phillips set the market at four years and $120 million from the Carolina Panthers, averaging $30 million per year. Odafe Oweh received $100 million over four years from the Washington Commanders, while Boye Mafe agreed to three years and $60 million with the Bengals. Whether Hendrickson can match Phillips' average remains to be seen. The Maxx Crosby situation, which left one of the league's premier pass rushers suddenly unavailable, could shift the calculus in Hendrickson's favor.
WINNER: New York Jets
Acquiring Geno Smith was only part of New York's story on Day 2. The Jets have quietly assembled one of the most aggressive defensive overhauls of the entire free agency period.
Prior to the tampering window, New York traded for defensive tackle T'Vondre Sweat and safety Minkah Fitzpatrick. The team then added linebacker Demario Davis, pass rushers Joseph Ossai and Kingsley Enagbare, and defensive lineman David Onyemata. On Day 2, they added cornerback Nahshon Wright on a one-year, $5.5 million deal — a significant bargain for a player whose market value was estimated at three years and $50 million. Wright led the league in takeaways with eight last season and earned his first Pro Bowl selection. The Jets also agreed to terms with safety Dane Belton on a one-year, $4 million contract.
New York is not a Super Bowl contender yet, but these are the kinds of disciplined, value-driven moves that build legitimate rosters. This is especially notable for a team that made NFL history last season by going an entire year without recording a single interception.
LOSER: Green Bay Packers
Free agency has not been kind to Green Bay. The Packers have lost wide receiver Romeo Doubs, linebacker Quay Walker, pass rusher Kingsley Enagbare, and quarterback Malik Willis. They also released offensive lineman Elgton Jenkins and cornerback Nate Hobbs, who had signed a four-year, $48 million deal with the team just a year ago.
Green Bay's additions so far are limited to cornerback Benjamin St-Juste from the Los Angeles Chargers and receiver and returner Skyy Moore from Kansas City. The team still has clear needs at defensive tackle, cornerback, and along the offensive line — and they are working with limited draft capital after the Micah Parsons trade left them without a first-round pick and holding just three selections in the top 150.
WINNER: Romeo Doubs
The player the Packers just lost is one of the bigger winners of the period. Doubs agreed to a four-year, $68 million deal with the New England Patriots, with a max value of $80 million, following a career year in which he caught 55 passes for 724 yards and six touchdowns.
Doubs now steps in for Stefon Diggs in New England's offense and could quickly become quarterback Drake Maye's most reliable target. It is a strong fit for a receiver who was a fourth-round pick out of Nevada and caught 202 passes for 2,424 yards and 21 touchdowns across 59 career games for Green Bay.
LOSER: Washington Commanders
Washington made a solid addition at linebacker with former Kansas City Chief Leo Chenal, but the team's wide receiver pursuit has come up empty twice in two days. The Commanders made a strong push for Alec Pierce, who ultimately chose to re-sign with the Indianapolis Colts on a four-year, $116 million deal. Pierce led the NFL in yards per reception in back-to-back seasons — the first player to accomplish that feat since Ashley Lelie in 2005 — and his 21.3 yards per reception last season were the most by any player with 1,000 receiving yards since DeSean Jackson in 2010.
Washington then missed on Doubs as well. The receiver room is a significant concern with leading target Deebo Samuel a free agent, along with tight end Zach Ertz and receivers Noah Brown and Chris Moore. The Commanders may now pivot toward Jauan Jennings or Christian Kirk.
WINNER: Isiah Pacheco
Former Kansas City Chiefs running back Isiah Pacheco landed with the Detroit Lions, who had just traded David Montgomery to Houston. Pacheco brings a punishing running style to a Lions offense that already features the explosive Jahmyr Gibbs, giving Detroit a complementary backfield that opposing defenses will have to account for in multiple ways.
Pacheco rushed for 935 yards and seven touchdowns in 2023 during Kansas City's Super Bowl run. He has dealt with injuries recently, but a change of scenery and a motivated chip on his shoulder make this one of the better fits of the free agency period.
LOSER: Denver Broncos
The Broncos came into free agency with what looked like an open Super Bowl window. Quarterback Bo Nix is on a cost-controlled rookie deal. The defense ranked among the league's best last season. Denver came within one ankle injury of a potential Super Bowl appearance in the divisional round against the Buffalo Bills.
Yet through the first two days of free agency, the Broncos have not agreed to terms with a single outside free agent. Meanwhile, they have already lost safety P.J. Locke and defensive lineman John Franklin-Myers. The pressure will be on general manager George Paton to find upgrades for Nix's supporting cast before the window closes.
WINNER: Ka'imi Fairbairn
The Houston Texans kicker reset the market for his position by agreeing to a two-year, $13 million extension. Fairbairn made 44 of 48 field goal attempts in 2025 — the most in the NFL — with his only misses coming from beyond 50 yards. It is a well-earned payday for one of the league's most consistent specialists.
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