Longtime NFL Agent Leigh Steinberg Expects A Free Agency Bonanza And It Has Already Begun

When NFL free agency effectively begins at noon on Monday with agents and teams unleashed to negotiate new deals, longtime NFL agent Leigh Steinberg believes the new salary cap will lead to a "cornucopia of riches" in player contracts.

The NFL last week announced its 2025 salary cap at a whopping $279.2 million, which not only represents the highest cap ever but the biggest year-to-year jump ever.

The cap is up $23.8 million from last season's $255.4 million and while teams may see that as more operating room for themselves, Steinberg told Oukick that agents like him see it as an opportunity to hike free agent salaries.

Feb 4, 2017; Houston, TX, USA; Arizona Cardinals head coach Bruce Arians poses for a photo with Leigh Steinberg on the red carpet during the Leigh Steinberg party at Hughes Manor. Mandatory Credit: John David Mercer-USA TODAY Sports

Steinberg Expects Lively Free Agency

"The first thing is the dramatic nature of the cap increase," Steinberg said via phone from his Southern California headquarters. "Remember, it was not too many years ago we were talking about caps in the 100s. And now we have a cap with the biggest one-year increase, which is $279 million. 

"That's going to be a cornucopia of riches."

The way Steinberg sees it – and very likely the way all NFL agents and the players they represent will see it – is that the cap took a dramatic leap.

So the new contracts they're negotiating this offseason should do the same. 

Dec 29, 2024; Philadelphia, Pennsylvania, USA; Philadelphia Eagles running back Saquon Barkley (26) runs off the field after win against the Dallas Cowboys at Lincoln Financial Field. Mandatory Credit: Eric Hartline-Imagn Images

NFL Teams Already Spending Big Time

And there's evidence that's the direction things are likely to go because we've seen it in recent days.

Since the new salary cap was announced, the Philadelphia Eagles signed Saquon Barkley to an extension that makes him the highest-paid running back in the NFL. But not just that.

Barkley went from $12.5 million per year on an annual average basis on his original three-year deal with the Eagles to over $20 million per season on his $41.2 million two-year extension.

That's not a raise. That's a leap to reset the running back market.

On Wednesday, the Raiders rewarded edge rusher Maxx Crosby with another deal that reset the market – a Sam's Club sized market.

LAS VEGAS, NEVADA - OCTOBER 23: Maxx Crosby #98 of the Las Vegas Raiders celebrates after stopping a third down play in the fourth quarter against the Houston Texans at Allegiant Stadium on October 23, 2022 in Las Vegas, Nevada. (Photo by Steve Marcus/Getty Images)

Raiders Put Some Space To Use On Crosby

Crosby signed a three-year extension worth a reported $106.5 million, and that $35.5 million annual average not only makes him the highest-paid edge rusher in the NFL, surpassing Nick Bosa ($34 million annually), but makes him the highest-paid non-quarterback in the league surpassing Vikings receiver Justin Jefferson ($35 million annually).

"We didn't have to do Maxx right now, but it made sense," general manager John Spytek said. "I told him last night, this isn't about what you've done, this is about what you're about to do…"

The Raiders are about to be flush with cap space when the new league year begins. Before Crosby's well-deserved payday officially hit the books, the Raiders were expected to have approximately $95 million in salary cap space this offseason.

So, yes, it's a good idea to reward their best player.

Amazing NFL Salary Cap Facts

The Raiders' cap space is stunning when you consider that in 1994, when the salary cap was first instituted, teams had $34.6 million in cap space for the entire team. The Raiders have nearly three times that much cap space now with 61 players already under contract.

And they're about to get more cap savings from the release of quarterback Gardner Minshew, who might be headed back to Indianapolis if my educated guess is correct.

Want some crazy facts?

There are 14 NFL teams – nearly half the league – that have more than $50 million in cap space this offseason. 

There are six teams with more than $60 million in cap space. 

The Raiders and their $95 million in cap space are only second in available space.

FOXBOROUGH, MASSACHUSETTS - JANUARY 13: Owner Robert Kraft (R) poses for a photograph with Mike Vrabel as Vrabel is announced as head coach of the New England Patriots during a press conference at Gillette Stadium on January 13, 2025 in Foxborough, Massachusetts.  (Photo by Billie Weiss/Getty Images)

Patriots Boast Most Cap Space In NFL

And the New England Patriots are expected to enter the new league year with approximately $125 million in cap space to lead the NFL. They have 59 players under contract.

In 2013, the NFL salary cap was $123 million total for an entire roster.

There are, of course, teams struggling with the cap despite its record heights. The Chiefs, Falcons, Bills, Browns and Saints have to address their cap situation by cutting, restructuring or otherwise juggling stuff to get under the cap by March 12.

But most other teams can be shoppers in free agency if they wish.

"And they've got a massive checkbook in cap dollars," Steinberg said. "So, I expect it to be pretty lively."

That, of course, comes with a caveat.

"The truly irreplaceable players in football never get to free agency," Steinberg admitted. "They are extended well before that. Quarterbacks are extended well before their time comes up.

"Teams preemptively sign the biggest stars to long-term contracts. So in free agency, B-plus players sign A-plus contracts. That next level of good but not irreplaceable players are what's available in free agency. But again, it's still going to be lively."