Top 9 NFL Free Agency Winners & Losers (Fantasy Football)

NFL free agency always creates chaos, but this year’s opening wave felt especially dramatic. There were splash signings, surprise fits, a few head-scratchers, and several teams that left the first week looking a lot different than they did at the end of last fantasy football season.

Some franchises clearly improved. Others felt like they either stood still or created new problems for themselves.

Top 9 NFL Free Agency Winners & Losers (Fantasy Football)

Here’s a look at the biggest winners and losers from the first wave of NFL free agency, based on the moves that could shape the 2026 season the most.

Biggest Winners From NFL Free Agency

Kansas City Chiefs

The Chiefs adding Kenneth Walker was one of the most impactful moves of the week.

For years, Kansas City has sold the idea that any Andy Reid running back can be a star, but the actual production has been inconsistent. Walker changes that. He gives the Chiefs a real explosive element in the backfield and takes pressure off a team that may need to lean more on the run game early.

That fit matters even more with Patrick Mahomes working back from injury. Walker is the kind of runner who can create offense without needing perfect blocking, and that is a big deal for a contender trying to survive the early stretch and still peak later in the year.

If Kansas City adds another complementary piece behind him, this could be the most balanced version of the Chiefs offense in a long time.

Minnesota Vikings

The Vikings landing Kyler Murray on a low-cost deal feels like one of the steals of the offseason.

Minnesota clearly was not ready to hand the offense to J.J. McCarthy, and this move says as much without needing to say it out loud. Murray walks into one of the best possible situations for a rebound. He has Justin Jefferson, Jordan Addison, T.J. Hockenson, strong coaching, and a team that already knows how to build around quarterback play.

This is also a huge career pivot point for Murray. If he succeeds here, he can reset the narrative around his career. If he fails, teams may start viewing him as a high-end backup instead of a franchise answer.

For the Vikings, though, this was smart business. They upgraded the position, stabilized the offense, and put themselves back in the NFC North race.

New Orleans Saints

The Saints quietly had one of the better weeks in the league.

They are not a finished product, but they made practical moves that make sense for a team trying to compete in the NFC South. The addition of Travis Etienne gives them another dynamic backfield option and signals that they are ready to turn the page a bit offensively.

That matters because the division is still wide open. In a softer division, you do not always need perfection. You need competence, depth, and a few players who can flip games. New Orleans seems to understand that.

If the quarterback play settles and the roster stays healthy, this looks like a team that can hang around the playoff picture all year.

Pittsburgh Steelers

The Steelers finally addressed a long-running offensive issue by bringing in Michael Pittman Jr. and extending him.

For too long, Pittsburgh has tried to survive with one true wide receiver and a collection of role players. Pittman changes the math. He gives them a legitimate complement to D.K. Metcalf and makes the passing game feel much more complete.

The Rico Dowdle addition also stood out. He brings more versatility and reliability to the backfield, and he fits well with Jaylen Warren if the Steelers want to rotate backs and protect whoever ends up at quarterback.

That last part is still the big question. If Aaron Rodgers signs, the Steelers have enough in place to make real noise. If they miss on Rodgers, the roster still looks better than it did a week ago.

Washington Commanders

Washington keeps adding useful pieces around Jayden Daniels, and that is exactly what a smart team should be doing.

The move for Chigoziem Okonkwo might not have gotten the biggest headlines, but it makes a lot of sense. He gives the offense a real after-the-catch threat at tight end and adds another option in the middle of the field. For a young quarterback, those kinds of outlets matter.

The Commanders look like a team that understands where it is in the build. They are not making random moves. They are trying to make life easier on their quarterback and keep the offense multiple.

Biggest Losers From NFL Free Agency

Seattle Seahawks

Seattle is near the top of the loser list because of what it lost and what it failed to replace.

Letting Kenneth Walker leave was the biggest blow. That stings even more because Zach Charbonnet is coming off a major injury, and the team does not appear to have a clear short-term answer in the backfield. Signing Emanuel Wilson is fine as depth, but it does not fix the bigger problem.

The Seahawks also lost key talent elsewhere and now head into the season with major questions about what the offense will look like under a new play-caller. Last year’s identity was built on running the ball and creating easy situations for Sam Darnold. Without that same backfield strength, the whole structure gets shakier.

Seattle may still have answers coming in the draft, but after the first wave of free agency, it looks thinner and less stable.

Indianapolis Colts

The Colts are one of the most divisive teams from the week, but there is a strong case that they overplayed their hand.

Bringing back Daniel Jones makes some sense on paper because he knows the system and did stabilize the offense last year. But paying him that kind of money after an Achilles injury creates a lot of downside. If he is not the same player physically, the Colts may have paid starter money for a bridge quarterback with limited ceiling.

That is the tension with Indianapolis. The team seems to believe last year’s success with Jones was repeatable. The risk is that it was more fragile than they want to admit.

There is still enough talent here to compete in the division, but this feels like a team betting hard on a version of last season that may not come back.

Denver Broncos

Denver did not have a bad week. It just did not have a bold one.

That is the issue.

The Broncos are close enough that standing still feels like a mistake. The defense is good enough to win with. Bo Nix showed enough to justify optimism. But this was the type of offseason where adding another offensive playmaker or making a more aggressive move in the backfield could have pushed them up a tier.

Instead, Denver mostly ran it back. That can work sometimes, but in a conference where other teams are attacking weaknesses, it can also leave you stuck in place.

Miami Dolphins

Miami might have the most concerning overall picture of any team discussed here.

There are holes all over the roster, especially on defense, and the offense still feels unsettled. The fit with Malik Willis is intriguing in theory, but it also creates a lot of questions about what this team wants to be. If the plan is to run the ball and hide the passing game, that only works if the roster is strong enough elsewhere to support it.

Right now, it does not look like it is.

The Dolphins do not feel like a team that solved problems in free agency. They feel like a team that still has a long list of them.

Final Take

The biggest theme from the first week of free agency is that several teams picked a direction and committed to it. That is why clubs like the Chiefs, Vikings, Saints, Steelers, and Commanders came away looking better.

The teams on the other side of the list either lost too much, did too little, or made moves that feel a lot riskier than they look at first glance.

That does not mean the offseason is over. The draft can still change plenty. But after the first major wave of action, some teams look sharper, deeper, and more purposeful than others.

Fantasy Football Takeaways

Kenneth Walker to Kansas City gives the Chiefs their most explosive backfield piece in years.
Kyler Murray in Minnesota is a massive value move and a major upgrade for the Vikings offense.
Michael Pittman Jr. and Rico Dowdle make the Steelers offense look much more complete.
Chigoziem Okonkwo could end up being one of the sneakier impact additions in Washington.
Seattle’s backfield is one of the biggest problem spots to monitor after losing Walker.
Indianapolis is taking a major gamble that Daniel Jones can repeat last year’s production.
Miami still feels like a roster with too many holes and not enough answers.