NFL teams ready to spend as free agency officially kicks off

The GIST: The NFL’s free agency period starts today, kicking off the 2026 league year. And there’s New Year resolutions everywhere you look as contenders fill out their rosters, stars hunt for new homes, and the trade market heats up. No dropping the ball here — let’s discuss the latest.

⚙️ How it works: Free agency doesn’t start until today at 4 p.m. ET, but your notifications might already be flooded with deals. That’s because the 52-hour “legal tampering period” started on Monday, allowing teams to begin negotiating with players’ agents. Deals can’t be officially inked until later today.

💸 Salary cap increases by league record $22M: Teams have some extra cash this offseason as the league’s 2026 salary cap (the total amount each front office can spend on player contracts in a given year) is now $301.2M per team. And squads are spending, from record-breaking contracts to the Tennessee Titans dropping a cool $284M on Monday alone.

♻️ Quarterback (QB) carousel keeps spinning: The Miami Dolphins are on the hook for an NFL-record $99.2M after releasing QB Tua Tagovailoa, but the lefty signal caller already landed elsewhere, agreeing to a deal with the Atlanta Falcons on Monday.

• Meanwhile, former Las Vegas Raiders QB Geno Smith is poised for a full-circle moment after being dealt back to the NY Jets nine years after his first stint with Gang Green.

• As for the reigning Super Bowl MVP, running back Kenneth Walker III is on his way to Kansas City, where he’ll play alongside 36-year-old tight end Travis Kelce, who’s returning to the gridiron on a one-year deal. Those renovations won’t pay for themselves, after all.