NFL Free Agency: Wide Receiver Wednesday

This article is part of our NFL Free Agency series.

The big fantasy headlines from Wednesday involve wide receivers, after most of the action Monday and Tuesday focused on running backs (and Kirk Cousins). There aren't a ton of big names left unsigned following the usual spending spree during the free-agent negotiating period, but we did see two big moves Wednesday with the opening of the 2024 league year.

Los Angeles Chargers / WR Mike Williams

The first big news Wednesday, long prophesied, was the announcement of Mike Williams' release from the Chargers, a move that saved the team $20 million and allowed them to become cap compliant by the start of the league year at 4 p.m. ET. Not-quite-Killer Mike was one of three Chargers entering the final year of his contract and due a large sum of non-guaranteed money, with the others being WR Keenan Allen ($23 million) and OLBs Khalil Mack ($23.25 million).

The Chargers also have OLB Joey Bosa scheduled for at least $22 million in non-guaranteed money both of the next two seasons, including a $7 million roster bonus due this Saturday. Allen, meanwhile, has a $5 million roster bonus due Friday, so his presence on the roster as of Wednesday night / Thursday morning doesn't necessarily mean he'll be with the team for 2024 (though it does seem more likely in light of Williams' release). Mack is the one guy whose future appears totally clear, with Adam Schefter reporting that the 33-year-old pass rusher reworked his contract to stay with the team.

RB Gus Edwards and TE Will Dissly are the only free agents to sign with Los Angeles so far, but the Chargers should be more active in the second and third waves of free agency, especially if they trade/extend/release Allen and/or Bosa. This all looks promising for the other players in the Chargers offense, especially given that there's no high-end talent remaining on the open market at any of the skill positions. Granted, the Chargers have the fifth overall pick and could very well use it on WR Malik Nabers, WR Rome Odunze or TE Brock Bowers.

• Stock Up: WR Joshua Palmer, WR Quentin Johnston, RB Gus Edwards
• Stock Down: Nobody, yet
• TBD: WR Keenan Allen, WR Mike Williams, QB Justin Herbert

Tennessee Titans / WR Calvin Ridley

As expected, Calvin Ridley waited until the start of the league year to sign a new contract, allowing the Jaguars to lose a third-round pick to Atlanta instead of a second-rounder. It also isn't surprising that Ridley used the situation to drive up his price rather than re-sign with Jacksonville; the unexpected part was that Ridley signed with the Titans rather than the oft-mentioned Patriots.

It's kind of insulting when the mass reaction to your new contract is a load of compliments for your agent, and Ridley was rather quick to pick up on the not-so-subtle shade being thrown his way. It's definitely an overspend if you look at his performance last season, but he at least did enough to suggest he's got a chance to live up to the four-year, $93 million contract. 

Ridley had an absurd number of almost-TDs last year — in addition to the eight he actually scored — including 2-4 drops (depending how you count them), three catches where he only got one foot down and one play that may have been an officiating mistake (but was nonetheless upheld on review). He's still fast, agile and good at getting open, especially when he has room to work with rather than being pressed.

In terms of his new home in Tennessee, it's a mixed bag for fantasy value. On the one hand, the Titans are sending strong signs about prioritizing their passing game with the hiring of head coach Brian Callahan (former Bengals OC) and the switch from Derrick Henry to Tony Pollard (not to mention signing Ridley).

On the other hand, QB Will Levis is essentially still an unknown, and the Titans still have WR DeAndre Hopkins around to command a strong share of the targets, unless they end up releasing/trading him before he's due a $4.46 million roster bonus later this week (Spotrac says it's due Thursday; OverTheCap suggests Sunday). I'm guessing they keep Hopkins around, but Aaron Jones would probably warn us not to be so sure.

Last month I discussed the oddity of Hopkins seeing a league-high 37 targets 20-plus yards downfield last year... while not getting his usual volume in the short and intermediate areas. Ridley's presence should help balance that out, though I also think Hopkins' presence outside will allow the Titans to put Ridley in pre-snap motion more often and move all around the formation, which should help the former Falcon/Jaguar avoid press coverage (a weak point for him last season). 

Treylon Burks may be the odd man out, though in real-life terms he's perhaps better off as a WR3 with a profile consisting mostly of deep targets and super-shallow ones. That allows him to make the most of his YAC ability and speed/strength without running too many routes that require precision and working through traffic.

Back in Jacksonville, it looks like Christian Kirk and Gabe Davis will be the lead WRs for Trevor Lawrence, with Zay Jones either the No. 3 or a cap casualty. Jones could be one of those guys that's kept around for weeks/months and then released if the team finds a better option or he looks bad during spring/summer practices. Ridley leaving doesn't guarantee Jones anything, though he did get some good news this week with misdemeanor domestic battery charges being dropped. Jones is due around $8 million in 2024, all non-guaranteed for the final year of his contract.

• Stock Up: QB Will Levis, WR Gabe Davis, WR Christian Kirk, TE Evan Engram
• Stock Down: WR Treylon Burks, TE Chigoziem Okonkwo, QB Trevor Lawrence, WR DeAndre Hopkins (slightly), Patriots QB1 (presumably Drake Maye or Jayden Daniels)
• TBD: WR Calvin Ridley, WR Zay Jones

Secondary News Items of (Potential) Fantasy Interest

• WR Kendrick Bourne's "three-year, $33 million contract" with the Patriots is actually a three-year, $19.5 million deal with a bunch of incentives and just $5.5 million guaranteed at signing (all in the first year). If he can come back from ACL surgery and reach 800 yards this year, then another $2.5 million becomes guaranteed for 2025, though that's not especially helpful given that the Patriots presumably would keep him and pay him in that scenario anyway. The main takeaway is that Bourne signed for WR3 money, not WR2 money as initially reported. Now he might end up being the WR2 anyway, given that the other wideouts under contract in New England are Demario Douglas (I'm a big fan), JuJu Smith-Schuster (not so much), Tyquan Thornton (definitely no), Jalen Reagor (ha) and Kayson Boutte (also nope).
• The Raiders released WR Hunter Renfrow, which is really more of a news item from October that couldn't become official until now. His failure to rebound from a down season in 2022 made it obvious by mid-2023 that he wouldn't see the final year of his contract unless he accepted a massive pay cut. It's not even clear if the Raiders offered that, as they're presumably fine moving forward with Davante Adams, Jakobi Meyers and Tre Tucker. The real question is whether they draft a QB early to join Gardner Minshew and Aidan O'Connell. The other question is if Renfrow can bounce back and at least become a decent No. 3 receiver again for his next team.
• The Bills signed WR Mack Hollins, who had a 57-690-4 receiving line for Las Vegas in 2022 while playing a boatload of snaps (1,030) as the No. 2 receiver across from Davante Adams. Hollins then made headlines last offseason when he signed with the Falcons, made some silly tough-guy comments and looked absolutely massive in photos/videos, perhaps having bulked up some to play in a run-heavy offense. He ended up with 30 targets, 251 yards and no TDs in 13 games, limited to 345 snaps on account of both an ankle injury and matchup/performance considerations. We could totally ignore Hollins if the Bills had re-signed Davis, but the former Eagle/Raiders/Falcon has at least some slim shot at a top-three role and seeing a bunch of deep passes from QB Josh Allen. My guess, though, is that Buffalo adds a WR fairly early in the upcoming draft to pair with Stefon Diggs and Khalil Shakir.
• WR Tyler Boyd is said to have mutual interest with the Pittsburgh Steelers. This was mentioned earlier in the offseason, mostly because Boyd grew up in Western PA and went to Pitt. Now the Steelers have a need at wide receiver, and Boyd's toughness could work well with OC Arthur Smith's preference for good run blockers at the skill positions.
• The Colts signed QB Joe Flacco to replace Minshew.
• The Commanders signed LB Bobby Wagner, one day after signing Frankie Luvu. It's weird to say this, but I actually like what Washington has done this spring, even if I don't trust the new management in general. Turning over a huge chunk of the roster and replacing them with mid-range starters and high-end backups makes sense for a team that had so many useless players lingering around. Wagner and Luvu are probably better than mid-range starters, FWIW, so there is some quality in addition to the quality. The Commanders also still have a ton of cap space, much of which can be rolled over to future years when they'll possibly have a franchise QB that isn't a rookie anymore (TBD). They're doing their best to put a competent team around Maye/Daniels without spending too much money on a season where mediocrity/competence is the realistic goal. That's smart, given the ability to roll over cap space.
• The Cardinals signed OT Jonah Williams, who played both LT and RT for the Bengals. He'll likely slide in at left tackle in place of D.J. Humphries, who was released earlier in the day after an eight-year, injury-laden run as a starter in Arizona. The Cardinals have 2023 first-round pick Paris Johnson at right tackle, so they might also consider shifting him to the blindside and putting Williams on the right side (where he played last year in Cincinnati). Williams is nothing special, to be fair, but he's at least on par with Humphries as a competent and experienced starter at a premium position. And the Cardinals still have a ton of cap space and draft picks to improve their mediocre-looking interior line.
• The Titans re-signed K Nick Folk, who has one of the weakest legs in the league but is one of the best on PATs and short field goals. He led the league with a 96.7 percent FG conversion rate last year.
• The Titans signed QB Mason Rudolph to replace Ryan Tannehill (still a free agent) as QB2.
• WR Michael Thomas officially became a free agent. That was known weeks/months ago but not made official until Wednesday. Tyreek Hill posted a tweet suggesting he'd like Thomas in Miami.
• The Giants let WR Isaiah Hodgins become an unrestricted free agent, rather than giving him a low RFA tender for $2.985 million. Not a great sign for his future that a WR-needy team with familiarity wasn't willing to give him No. 4 receiver money.
• S Jordan Whitehead signed with Tampa, his original team, after a two-year stint with NYJ.
• TE Harrison Bryant signed with Las Vegas, where he'll back-up Michael Mayer.
• The Ravens traded RT Morgan Moses to the Jets for a sixth-rounder and a pick swap. As a Ravens fan, I don't love it, though history suggests New York rarely ends up on the "winning" side of a trade.
• LT Ronnie Stanley agreed to rework his Ravens contract, so he'll stick around after some speculation of release. It looks like Stanley and C Tyler Linderbaum will be the only returning starters on Baltimore's offensive line, though I imagine the Ravens will be proactive about finding solid replacements, especially after adding King Henry.