The NFL’s legal tampering period has come and gone, meaning free agency is officially underway. The vast majority of the best players who were available on the open market have already agreed to new deals. The New England Patriots proved how much big spending can help improve a team, as they went from 4-13 to playing in Super Bowl 60 after spending more than any other team in free agency last year. However, everyone knows that overpaying for players is an innate part of free agency.
Oftentimes, teams let their players hit free agency for a reason, and teams interested in signing certain players are bidding against 31 other teams, so it usually takes an overpay to add almost any free agent acquisition. Some deals are worse than others, though. So, check out the gallery to see what the biggest overpays in 2026 free agency have been now that the wheeling and dealing is slowing down.
5. Malik Willis, Green Bay Packers, QB
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Contract: Three years, $67.5 million
Malik Willis came into the NFL raw but with tons of potential. He was never given much of a chance to prove himself with the Tennessee Titans, but when thrust into action with the Green Bay Packers when Jordan Love was hurt, Willis showed he can still develop into a starting-level quarterback.
Willis has a cannon for an arm and is one of the better rushing quarterbacks in the league, and he deserved another chance to lead a team. However, a prove-it deal or inclusion in a quarterback competition perhaps made more sense than fully being handed the reins for the foreseeable future.
The Miami Dolphins gave Willis a three-year contract worth $67.5 million, meaning he is set in stone as their starter for the next few years. This comes on the back of giving up on Tua Tagovailoa not long after signing him to a $212 million deal. The Dolphins released Tagovailoa and now owe $99.2 million in dead money, which is the largest dead cap hit in NFL history. While the team needed a new QB, and Willis was the obvious free agent target, giving him $45 million in guarantees is risky because he only has six career starts to his name. The Liberty product has as many career touchdowns through four seasons, too.
On the other end of the spectrum, this may end up becoming one of the biggest free agent steals if Willis lives up to his potential and proves himself as a franchise signal caller. After all, he will be making far less than most other veteran quarterbacks. There is certainly an element of risk that makes this an overpay for now, considering Willis just hasn’t produced that much at the NFL level yet.
4. Travis Etienne, New Orleans Saints, RB
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Contract: Four years, $52 million
In recent years, NFL teams have been hesitant to invest heavily into running backs. That has included a refusal to draft ball carriers high in the draft, and hesitation to give free agent running backs big contracts for multiple years. The anti-running back era is starting to disappear, though, and that was evident this offseason, as numerous ball carriers received big paydays.
Not all of these big moves were warranted, though. The Travis Etienne to the New Orleans Saints deal, in particular, was a big overpay. For starters, he got nearly $10 million more than Kenneth Walker, who just won the Super Bowl MVP. The $52 million Etienne received in total is by far the most among all NFL running backs, and while Etienne is solid, he is far from the best running back in the NFL.
Etienne has ranked just ninth, 11th, 39th, and 11th in rushing yards in each of his four NFL seasons. He is good, not great, yet he got mega great money from the Saints.
3. J.K. Dobbins, Denver Broncos, RB
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Contract: Two years, $20 million
A fellow running back signee this offseason, the Denver Broncos paid too much to bring J.K. Dobbins back. Last year, Dobbins barely played for more than the minimum. Now, he has an average annual value of $10 million per season. Dobbins is really good when healthy, but he has never proven that he can stay on the field.
Dobbins has only once played more than 13 games since his rookie year. He missed all of 2021 with a torn ACL. He also tore his achilles tendon in his last season with the Baltimore Ravens, and he landed on injured reserve because of an MCL sprain in his lone campaign with the Los Angeles Chargers. Dobbins’ first season in Denver ended prematurely because of a lisfranc injury, too. Dobbins’ injury history even dates back all the way to high school, when he only played one game as a senior.
The good news is that only the first year and $8 million of the contract is guaranteed, so if Dobbins doesn’t excel, the Broncos do have an easy out of the contract. Still, Denver fans wanted a splashy move in free agency but instead got an overpay for the incumbent at the running back position.
2. Daniel Jones, Indianapolis Colts, QB
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Contract: Two years, $88 million
Quarterbacks rarely hit the open market, so it makes sense that multiple signal callers made this list, including Daniel Jones. It wasn’t long ago that Jones was viewed as a huge NFL Draft bust. He flamed out with the New York Giants and didn’t last long with the Minnesota Vikings. Then, Jones was seemingly revitalized after winning a quarterback competition against Anthony Richardson with the Indianapolis Colts.
For much of the year, he led the highest-scoring offense in the league. The wheels started to fall off over time, though, and much of the team’s offensive success could be attributed to an elite offensive line, a deep receiving corps, and one of the best running backs in the NFL in Jonathan Taylor. Jones certainly deserved tons of credit, but he tore his achilles tendon in Week 14.
While Jones showed he could be the quarterback of the future in Indianapolis, there is still a cloud of doubt hanging over his career, as his early-season success last year might have been a fluke. Plus, it is unclear when Jones will be ready to return to the football field. If he misses some or all of next season, then an average annual value of $44 million sure is pricey.
The Colts originally gave Jones the transition tag before they handed him a lofty new contract. The team should have stuck with that and let him prove his health and consistency on the football field before they gave him such a lucrative deal. This is especially true because this was one of the deepest free agent quarterback classes in recent memory, so the Colts could have signed another player, like Kirk Cousins or Tagovailoa, for cheap to play this next season as a bridge quarterback if Jones wasn’t healthy.
A two-year, $88 million deal was kind of the worst of both worlds for the Colts. If Jones is never the same after the injury or spends too much time sidelined, then this will go down as a massive overpay, but if he returns to form sooner rather than later, then the Colts will be at risk of losing him in free agency again in just two years.
1. Jaelan Phillips, Carolina Panthers, Edge
Eric Hartline-Imagn Images
Contract: Four years, $120 million
Jaelan Phillips is a former first-round pick who has flashed serious potential throughout his career. However, the five-year veteran has never put it all together over the course of an entire season, and now the Carolina Panthers are going to be paying him $120 million.
His true breakout didn’t come until he was traded to the Philadelphia Eagles this past season, but he only had eight games to prove himself with that team. Even then, he only sacked the quarterback two times for a total of five on the season. Phillips is viewed as somebody who can become an elite sack artist, but he has played five seasons, and his sack numbers have regressed every year but one since his rookie campaign.
An extended injury history has to be worrisome, too. Despite a lack of production and time on the football field, the Panthers made Phillips the sixth-highest-paid edge rusher in football. He will be making more than Maxx Crosby, Nik Bonitto, and Trey Hendrickson going forward. Crosby is one of the best players in the NFL and was nearly traded for two first-round picks before a deal with the Baltimore Ravens was rescinded, and Bonitto was one of the leaders in the Defensive Player of the Year race this past season.
Even Hendrickson, who has twice secured 17.5 sacks and is a recent NFL sacks leader, was signed for cheaper than Phillips this very offseason. At $120 million, Phillips has been the biggest overpay of the free agent period thus far.
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