We knew the start of NFL free agency would be crazy, and as expected, there was no disappointment. There already has been news of blockbuster trades and a bevy of big-name signings, with a few record-breaking contract extensions thrown in for good measure. It’s hard to think that it was just a few hours ago — noon ET on Monday — that we moved into the two-day free agent negotiating period. Imagine what will have happened by the time deals — including the trades and free-agent signings that have been agreed to — can be made official on Wednesday.

As is the annual tradition here at The First Read, we reserve this time of the offseason to assess the winners and losers thus far. This isn’t solely about what happened on Monday or even over the weekend. It’s about the frenzy that has unfolded in the lead-up to free agency, and how that will impact what’s coming next as the 2025 NFL season continues to draw closer.

Here’s this writer’s evaluation of how things currently break down …