Free Agency winners and losers: Or why the rest of the NFC South should feel bad

Nov 16, 2025; Philadelphia, Pennsylvania, USA; Philadelphia Eagles linebacker Jaelan Phillips (50) reacts after sacking Detroit Lions quarterback Jared Goff (16) during the first half at Lincoln Financial Field. Mandatory Credit: Eric Hartline-Imagn Images | Eric Hartline-Imagn Images

The Carolina Panthers kicked off (the legal tampering period that precedes) NFL free agency by filling all of their immediate needs. That sets them up nicely to take the best players available in every round of the upcoming 2026 NFL Draft regardless of position.

The rest of the division, meanwhile, mostly just lost or shuffled talent. Let's take a look at the Winners and Losers in the NFC South:

WinnerThe Carolina Panthers

General Manager Dan Morgan attacked free agency aggressively. On the first day, he agreed to terms with the third and fourth best free agents on the market, per SB Nation, in Jaelan Phillips and Devin Lloyd. Phillips was rated as the best edge on the market and Lloyd as the best off ball linebacker, which is to say they were the best players at the Panthers two biggest positions of need. That's a home run in roster building.

That triumph was followed up on the second day with a slew of re-signings and small veteran contracts at positions of need to shore up the depth of the roster as the team approaches the draft.

All that remains is to tidy up the cap situation before tomorrow and the Panthers can easily* say they are the most improved team in their division. That's a nifty distinction given they also won their division last season.

You can check out their odds to repeat that feat here.

Losers (Alphabetical by mascot)Tampa Bay Buccaneers

No team that loses a healthy, if aging, Mike Evans can be said to have improved in free agency. Honestly, the best thing that can be said for the Bucs free agency period is that they are currently in line for a decent compensatory draft pick in 2027 thanks to the fat contract Evans signed with the San Francisco 49ers.

Atlanta Falcons

They signed Tua Tagavailoa to do what exactly? Compete with Michael Penix, Jr? Start over him? Back him up? Corner the left handed quarterback market? Instead of helping out their young quarterback by bolstering the roster with more than a pair of number three receivers, this was their best shot out of the gate.

Good luck, y'all.

New Orleans Saints

Travis Etienne and Noah Fant headline the second best free agency class in the NFC South. Reliable weapons for Tyler Shough is smart, but losing his starting center to the Carolina Panthers was not. Hi, Luke Fortner, welcome to the Carolinas.

*the Panthers can say anything they want right now, but we're all going to hold our collective breathe until these signings are actually official, the ink has dried, and these guys have had at least three children while living in Charlotte.