NFL free-agency primer: Who are the top free agents, teams with most, least cap space?

Only three games remain in the NFL season, which means free agency looms. In preparation for free agency, here are the answers to some of the biggest questions regarding the process.

What are the important dates ahead of free agency? 

On Feb. 20, teams can start designating players for the franchise or transition tag, which must be completed before March 5 at 4 p.m. ET. The franchise tag is a one-year tender of the average of the five highest salaries at the player's position over the past five seasons or 120 percent of his previous salary, whichever figure is more lucrative.

There are also two types of franchise tags — non-exclusive and exclusive — the former allowing players to negotiate with other teams while the latter prohibits it. Both tags give a player's current team the right to match any offer or receiver two first-round picks if he signs elsewhere.

The transition tag, on the other hand, is a one-year offer worth the average of the top-10 salaries at a player's position, but the tagging team does not receive compensation if it doesn't match a deal.

When does free agency open?

Teams can begin negotiations with the agents of players who are set to become unrestricted free agents on March 11, but the free-agent period will officially begin on March 13 at 4 p.m. ET. All teams must be under the salary cap before 4 p.m. ET on March 13, which is when the new league year kicks off.  

Once the new league year is underway, expect to see several players get cut before March 17, as that is the trigger date for 2024 contracts to become fully guaranteed. Broncos QB Russell Wilson will probably be among the players who will be released during this time. 

Who are the top free agents? 

According to Pro Football Focus' rankings, the top-five impending free agents are Chiefs DT Chris Jones, Vikings QB Kirk Cousins, Jaguars edge-rusher Josh Allen, Bengals WR Tee Higgins and Panthers edge-rusher Brian Burns. Ravens breakout star DT Justin Madubuike and Buccaneers WR Mike Evans and safety Antoine Winfield Jr. — both All-Pros — are among the most notable upcoming free agents who failed to crack PFF's top five. 

Assuming Jones won't play under the franchise tag next season, the two-time Super Bowl champion should earn the biggest free-agent deal this offseason. PFF projects Jones, who is coming off his second straight season with double-digit sacks (10.5), to sign a four-year, $120M deal with $80M fully guaranteed.

Which teams have the most projected cap space? 

At this point, cap space will remain a fluid situation while teams decide to cut and sign players or restructure their contracts. Nevertheless, the five teams that are projected by OverTheCap to have the most cap space this offseason are the Washington Commanders ($73.6M), Tennessee Titans ($71.9M), Houston Texans ($69.9M), New England Patriots ($66.1M) and Indianapolis Colts ($62.8M). 

Which team has the least projected cap space?

The New Orleans Saints, who had the oldest roster in the league this season, are projected to be $83.7M over the salary cap, which is nearly $32M more than the next-closest team (Miami Dolphins). As a team that failed to capture arguably the NFL's easiest division title, expect New Orleans to make some noteworthy changes to its roster this offseason. 

Are there any teams in particular to keep an eye on in free agency?

The Washington Commanders, New England Patriots and Houston Texans. 

Washington is entering its first full offseason under the Josh Harris-led ownership group and should make several splashes throughout free agency and the 2024 NFL Draft. It'll be intriguing to see how Washington makes use of the most cap space in the NFL, though there should be some clarity regarding potential targets once the team hires its head coach. Regardless, the 2024 Commanders should look vastly different from the team we saw this season. 

The Brady-Belichick era in New England is officially over, and new HC Jerod Mayo told WEEI on Monday the Patriots are "ready to burn some cash" this offseason. It's somewhat of a surprising development because New England hasn't historically been a big player in free agency. Over the past 10 offseasons, the Patriots have ranked last among teams in cash spending at $1.62B, per ESPN's Roster Management System.

Houston might be the most interesting team to follow, as it could finally become a marquee free-agent destination given the impressive rookie season QB C.J. Stroud put together. Stroud will be on his rookie deal for four more seasons, and because he's already proved he can win a playoff game, Houston should splurge to surround him with talent while he's still playing at an affordable price.