Mar 12, 2026
3 min read
Check out the winners and losers from around the NFL Wednesday, including Trey Hendrickson
2026 NFL Free Agency winners and losers: Trey Hendrickson and Daniel Jones trade, as Ravens face backup
Breaking down the winners and losers from around the NFL on Wednesday
If you thought this season was boring for the NFL and boring free agency, you were wrong.The blockbuster of the Las Vegas Raiders Maxx Crosby trade reached the Baltimore Ravens, the Indianapolis Colts Alec Pierce became the highest paid receiver in free agency history and the New York Jets traded their No.1.39 in the 2013 NFL Draft, Geno Smith returned to Florham20 Park to play
Wednesday in the NFL wasn't as dramatic as Monday and Tuesday, but there were still some big deals that were made.The Ravens traded Crosby for Trey Hendrickson, agreeing to a four-year, $112 million deal with the former Cincinnati Bengals tight end, adding to a controversial week in Baltimore.The Colts also agreed to a deal with quarterback Daniel Jones, keeping him up to $100 million on a two-year, $88 million deal.The deal was signed.Jones received a pass tag, allowing another team to bid for the former sixth overall pick of the New York Giants.In the end, it will stay in Indy.
Here are the winners and losers from Day 3 of free agency.
For more 2026 NFL free agency coverage:
- Team by team signing: A complete list of all transactions this season
- NFL Free Agency Team Score: How Did Your Favorite Team Do?
- Top 100 Free Agent Catchers: Update on the Top 100 by Pete Prisco
- Top remaining NFL free agents: Top players still available.
- NFL Free Agency Ratings: Evaluating the Biggest Moves
Wenner: Trey Hendrickson
We listed Trey Hendrickson as a "closer" on Tuesday because he didn't sign in the first two days of free agency, but he was a surefire winner on Wednesday.Hendrickson agreed to a four-year, $120 million contract with the Ravens, with $60 million fully guaranteed.For packages eight, 10, 12 and 14, he will earn an additional $100,000 for ESPN.500,000 received.
Hendrickson recorded back-to-back 17.5-sack seasons in 2023 and 2024, but he didn't find the long-term security he had with Cincinnati.His 74.5 sacks over his last 7 seasons are third-most, but he never got the chance to cash in like other stars like T.J.Watt and Myles Garrett because of the Bengals.Now, Hendrickson has finally gotten the big contract he's been looking for, and he's in the same department.A chance to terrorize the Bengals twice a year is a nice bonus.
Hendrickson has been one of the league's leading pass rushers over the last few seasons, but does he have top 10 EDGE money at this point?Paying $28 million annually for a 31-year-old who missed 10 games last year with an injury is a big investment.
Hendrickson has four career seasons with double-digit sacks.If you look at the career pucks of players who had at least four 10+ sack seasons before turning 30, like Hendrickson, their averages drop to 7.4 pucks at age 31, and under 34 with 4.5 pucks.Another thing to consider is that Hendrickson is not the best defensive end, like Crosby.Of the 178 front seven players to record 1,000 snaps against the run since 2020, Hendrickson ranks last in true tackle percentage (7.3%). No. 178 of 178.
Because of what happened with Crosby, the Ravens are also considered losers.You've probably seen all the conspiracy theories floating around."The Ravens saw Hendrickson as still a free agent and failed to acquire two first-round picks, so Baltimore pulled out of the trade and blamed Vegas for the treatment.""It's a great job for Baltimore," one general manager told NFL Media's Tom Pelissero.
The truth is we don't know what happened in this case.Maybe the Ravens' medical staff will find out something about Crosby's recovery from the knee surgery that sent them to college.However, Raven's freedom is being enhanced, whether it is guaranteed or not.
Winner: Daniel Jones
Daniel Jones will not play through the 2026 season of the transition tag, as he agreed to a two-year, $88 million contract that will keep him in Indianapolis.Although the Achilles injury in December was unfortunate, 2025 is a career year for "Bust" in the past.Jones went 8-5 as a 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 make $50 million this coming season before incentives, including $100K for every game the Colts win in which Jones plays 50% of the snaps, a total of up to $6 million.If you look at Jones' NFL contracts, you'll be surprised at how much money he's made.If he plays out the two-year deal while drawing cash, Jones could earn $196.6 million during the season.a five-year extension that begins in 2023, according to CBS Sports Research.That includes the four-year, $160 million contract he signed with the Giants, though it expired.
Are you ready for wild statistics?Jones is one of four quarterbacks in NFL history to receive two multi-year contracts worth at least $40 million annually, joining Matthew Stafford, Josh Allen and Dak Prescott.
The Raiders are being forced to reassess their offseason plans after the Maxx Crosby trade fell through.Not only does his money go back to their salary table, but Vegas won't have two first-round picks to use in the future.
Additionally, Crosby has been depreciated as a trade target.Everyone and their mother now knows that at least one NFL team was afraid of Crosby's knee, so it seems incredibly likely that the Raiders could find another franchise willing to trade two first-round picks for him.Although he never came out to say it, it was determined that Crosby wanted to leave Las Vegas.opposite.Has Crosby let Mark Davis know that he will never play for the Raiders again, or does he see this development as divine intervention indicating that he is destined to be a Raider for life?
On the third day of free agency, the Washington Chiefs were in talks with former Tennessee Titans Chig Okonkwo, former Colts defensive end Nick Cross, former New England Patriots pass rusher Clavon Chison and former Kansas City Chiefs tight end Charles Umniho.
Okonkwo agreed to a three-year deal worth up to $30 million.He played his college ball on the road at the University of Maryland and led the Titans in 2025 with 560 yards and two touchdowns on 56 catches.He caught 194 passes for 2,017 yards and eight touchdowns in four NFL seasons and was a fun playmaker in the passing game.
Cross is another former Maryland player who reportedly agreed to a two-year, $14 million deal.He had 120 tackles, 2.5 sacks, five tackles for loss and one interception last season for the Colts.In 2024, he finished with an impressive 146 tackles.2025.
As for Chaisson, he has reportedly signed a one-year, $12 million deal with Washington.He is coming off a career year in which he recorded 10.5 sacks in the regular season and postseason after recording just 10 sacks in his first five NFL seasons.Chaisson was a key part of this Patriots defense, and his 20 pressures in the playoffs last year were tied for second in the NFL.
The Commanders are winners not only because of these signings, but because CBS Sports NFL insider Jonathan Jones reported that wide receiver Brandon Ayuk could sign a one-year deal with Washington after the San Francisco 49ers released him.Aiyuk has some work to do to reclaim his name, but he played with quarterback Jaden Daniels during their time together at Arizona State.This potential game makes a lot of sense.
Aiyuk 2023 prediction was amazing.He had 75 passes for 1,342 yards and seven touchdowns as the 49ers reached Super Bowl LVIII.He had seven 100-yard games and 3.1 yards per punt, third best in the NFL.
All things considered, the Green Bay Packers didn't have a good free agent available.But Brian Gutekunst delighted fans Wednesday by agreeing to terms with former Minnesota Vikings defensive end John Hargrove on a two-year deal worth $23 million.At 33, Hargrove is no longer a Pro Bowler with double-digit sacks, but he can still make an impact in the middle of the defensive line, which is exactly what Green Bay needs.
In addition to filling a need, the move reunites Hargrave with new Packers defensive coordinator Jonathan Gannon.The two worked together with the Philadelphia Eagles in 2021 and 2022.During that 33-game stretch, Hargrave recorded 123 tackles and 18.5 sacks.That included an 11-sack season in 2022 when the Eagles reached Super Bowl LVII.
