NFL Free Agency is one of my favorite times of year for content. Finding out where players land and then analyzing the Fantasy Football implications to follow is a process I have fully embraced as a content creator for years. When one transaction happens in the NFL, there is a domino effect to follow and questions to ask. How did this move impact the individual player? How did this move impact the players on their former team? How did this move impact the players on their new team?
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With the NFL offseason also comes shifts in Dynasty Fantasy Football values, and it is important to understand those changes. Today, we look at the “losers” of NFL free agency. Who are the players whose Dynasty values took a negative hit due to free agency moves? There are several factors and contexts provided for this list, but here are seven guys that come to mind.
Dynasty Fantasy Football: 7 Losers of 2026 NFL Free Agency
1. JJ McCarthy (QB, Vikings)
The Vikings signed Kyler Murray to a one-year, $1.3 million contract. The former first overall pick from 2019 has missed significant time across two of his last three seasons, but he has flashed plenty in the NFL. Four seasons of 3,700+ passing yards, three seasons completing 68%+ of his passes, two seasons with 24+ passing touchdowns, three seasons over 530 yards rushing, one season over 800 rushing yards, and one season with double-digit rushing touchdowns.
The Vikings selected JJ McCarthy in the first round of the 2024 NFL Draft. McCarthy would then go on to miss his entire rookie season due to a torn meniscus. McCarthy would then make 10 appearances in his sophomore season, resulting in a 57.6 completion percentage, 1,632 yards, 11 passing touchdowns, 12 interceptions, 181 rushing yards, and four rushing touchdowns. While JJ flashed, it was an extremely poor year. He simply did not look the part, and he has a lot of growing and learning to do still. The Kyler move sits McCarthy on the bench, and if Murray is successful, he can end up being the Vikings’ franchise guy. This is not a quarterback competition; this was a statement by Minnesota.
2. Michael Penix Jr. (QB, Falcons)
The Falcons signed Tua Tagovailoa to a one-year, $1.3 million contract. Tua has dealt with injuries throughout his entire career, but he did post 4,624 (led the NFL) passing yards and 29 passing touchdowns in 2023. Tua threw 20 passing touchdowns in 14 games in 2025 and 25 touchdowns through 13 games in 2022. While turnovers have been an issue, Tua has also flashed high accuracy and efficiency numbers through time.
Michael Penix Jr. was selected in the first round of the 2024 NFL Draft. Penix made five appearances as a rookie, passing for 775 yards and three touchdowns at a 58.1% completion rate. Penix played in nine games, his sophomore season, passing for 1,982 yards and nine touchdowns on a 60.1% completion rate before a season-ending ACL injury. Penix may not be ready for Week 1, but even if he is, this is Tua’s job for me. Penix has not displayed passing competence since entering the league, and I regard Tua as the much better talent. While Tua might be on a short leash, if he thrives in Atlanta, he will secure the job beyond 2026.
3. Trey Benson (RB, Cardinals)
The Cardinals reconstructed James Conner’s contract this offseason to keep him in Arizona. As a Cardinal, Conner has missed time through his career, but he finished two seasons with over 1,000 yards rushing, and he scored 18 touchdowns in 2021. The Cardinals also signed Tyler Allgeier to a two-year, $12.25 million deal. Allgeier has finished three seasons, ranging from 644-1,035 rushing yards with the Falcons, and scored eight total touchdowns in 2025 playing behind Bijan Robinson.
Trey Benson was selected in the third round of the 2024 NFL Draft by the Cardinals. Benson has totaled 17 games across the last two seasons, with small signs of life but nothing consistent. Benson rushed for 291 yards in 2024, 160 yards in 2025, and caught 13 balls for 64 yards in 2025. Benson had a big opportunity in 2025 when James Conner was off the field, but sustained a knee injury that kept him off the field as well. Many Dynasty managers have been waiting patiently for Benson to take over the backfield, but this looks far from reality now. The Cardinals actively making sure that Conner is back on the team for 2026 and then paying Allgeier, speaks on their outlook for Benson moving forward. In a perfectly healthy world, Benson looked like a guy who had the potential to be the 2026 RB1 but now could be the 2026 RB3 for the Cardinals.
4. Michael Pittman Jr. (WR, Steelers)
The Colts sent Michael Pittman Jr. and a seventh-round pick to the Steelers in exchange for a 2026 sixth-round pick. This move strategically cleared cap space for the Colts, who ended up giving Alec Pierce a huge payday. MPJ finished the 2025 season catching 80 of his 111 targets for 784 yards and seven receiving touchdowns. Pittman’s best season came back in 2023, when he caught 109 of his 156 targets for 1,152 yards. Pittman has earned 111+ targets for five straight seasons as a Colt.
The Steelers definitely needed more pass-catchers beyond DK Metcalf in their offense for 2026. The Steelers ranked 17th in passing attempts for 2025, which was smack dab in the middle. DK Metcalf produced 850 yards, with the next receiving yard leader being at only 486 yards. No player earned 100 targets. We have no idea who the quarterback is going to be in 2026 for Pittsburgh under new Head Coach Mike McCarthy. Is it Aaron Rodgers? Sophomore Will Howard? A free agent? A player in the draft? With that sort of uncertainty, on top of the 2025 statistical data, on top of DK and MPJ competing with each other as the team’s WR1, comes the feeling that this landing spot does nothing for Pittman’s Dynasty value. If not, it hurts it.
5. Theo Johnson (TE, Giants)
The Giants signed Isaiah Likely to a three-year, $40 million contract. Likely spent the last four seasons with the Ravens, playing behind veteran Mark Andrews. Likely did finish each season with over 300 receiving yards, with a career-high 477 in 2024. Likely also scored 11 touchdowns between the 2023 and 2024 seasons combined. While there was not consistent production, we have seen some explosive weeks through Likely’s career when given the opportunity.
Former fourth-round selection from 2024 by the Giants, Theo Johnson, had a sophomore leap in production in 2025. 43 to 74 targets, 29 to 45 receptions, 331 to 528 receiving yards, and one to five receiving touchdowns. With the Giants bringing in Likely on that sort of contract, it is clear he is the new TE1 in town for Jaxson Dart. Johnson goes from a rising young tight end, so a TE2 on his own roster, smashing his Dynasty value.
6. Kaleb Johnson (RB, Steelers)
The Steelers signed Rico Dowdle to a two-year, $12.25 million contract. Dowdle reunites with Head Coach Mike McCarthy, with whom he produced 1,079 rushing yards, 39 receptions, 249 receiving yards, and five touchdowns back in 2024 with the Cowboys. Dowdle produced 1,076 rushing yards, 39 receptions, 297 receiving yards, and seven touchdowns in 2025 with the Panthers. Kenneth Gainwell is gone, now a Buccaneer, leaving the running back room to Dowdle, Jaylen Warren, and Kaleb Johnson.
Kaleb Johnson rushed for 1,537 yards and 21 touchdowns in his final season at Iowa in 2024, before the Steelers drafted him in the third round of the 2024 NFL Draft. Johnson finished his rookie season with just 28 rushing attempts, compared to Jaylen Warren’s 211 and Kenneth Gainwell’s 114. Johnson caught a single pass, in comparison to Gainwell’s 73 and Warren’s 40. Dowdle is now in the picture, whom I am projecting as the starter for the Steelers this year, with Warren as the complement. Johnson went from being irrelevant as a rookie to looking like he needs an injury to touch the ball in his sophomore season. Rough for those Fantasy managers who spent a first-round rookie pick on him before the 2025 season.
7. Kendre Miller (RB, Saints)
The Saints signed Travis Etienne to a four-year, $52 million contract. Etienne had a major bounce-back season, totaling 1,107 rushing yards, 36 receptions, 292 receiving yards, and 13 total touchdowns. This was Etienne’s third season with 1,000+ rushing yards through four years played in the NFL. Etienne has also caught 35+ balls in all four seasons and has scored double-digit touchdowns through two seasons.
Kendre Miller was selected by the Saints in the third round of 2023 and has struggled with injuries throughout his career. Miller has never played more than eight games through three individual seasons, with 2025 being his highest rushing total with 193 yards. With Alvin Kamara also struggling to stay healthy and aging out of big impacts, Miller had a nice opportunity to take on the lead role in 2026… until Etienne was signed. While Miller has flashed at times, he is a guy who could never stay healthy and ultimately was always wishful thinking in the Dynasty Fantasy Football world. Miller will be fighting with Audric Estime for a role, rather than Travis Etienne, in 2026.
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