We are over three weeks into the 2024 iteration of free agency in the NFL. It has been as wild as ever, with players changing teams and money changing hands at a dizzying rate.

For some teams, whether due to organizational philosophy or a simple lack of cap space, it has been a quiet few weeks.

Per Over the Cap, the Dallas Cowboys have been a non-factor in free agency, spending just $11.1 million total. The Los Angeles Chargers have spent less than $50 million. Two more teams (the Denver Broncos and Buffalo Bills) have spent less than $100 million on either adding new free agents or retaining their own.

However, some teams have been writing checks left and right. The Atlanta Falcons have doled out a whopping $240.4 million in contracts this year—one of four teams that have eclipsed the $200 million mark. Five more have spent at least $170 million since free agency began.

The question is whether that strategy is truly effective. There have been NFL teams that have been transformed by a big free-agent spending spree. But for every one that has, there has been a team like the 2011 "Dream Team" Eagles, which spent a fortune only to fall flat.

Which of this year's most active teams in free agency will get the best return on investment? Which ones will be left wishing the NFL had a refund policy?

Here's our best guess, as we buy or sell the effectiveness of this year's biggest spenders in free agency.

Atlanta Falcons

Total Spent in Free Agency: $240.4 million

It's hardly a surprise that the Atlanta Falcons are kicking off this column, or that no team in the league spent more in free agency.

After all, the Falcons were responsible for the biggest contract in free agency in terms of both total cash and average annual salary.

The four-year, $180 million pact they gave Kirk Cousins has been the subject of no shortage of discussion. But it was also the foundation of Atlanta's entire offseason.

Head coach Raheem Morris told reporters that making sure the quarterback had sufficient weaponry around him was as important as signing the 35-year-old himself:

"I thought it was really important that we get threats on all three levels of the field. Drake (London) provides such a good threat from an underneath standpoint, from a high cross standpoint, from the stuff that he can really do. I thought] putting pieces around him — like the (Darnell) Mooneys, like the Rondale Moores, some of the guys we brought back. ... I think those guys fit well within that room. You have to add to it their coach, Ike Hilliard, and some of his beliefs and what he's done in the past."

Giving Mooney $13 million per season was an aggressive move for a player who barely topped 400 receiving yards last year, but the Falcons did next to nothing to address the defense.

And while Cousins is an upgrade under center, whether he's the type of signal-caller who can single-handedly change the trajectory of a franchise is up for debate.

However, Atlanta went from also-ran to potential favorites in the NFC South the moment Cousins came to town and that has to count for something.

Buy

Carolina Panthers

Total Spent in Free Agency: $234.3 million

To hear general manager Dan Morgan tell it, the new-look Carolina Panthers plan to focus on developing their own talent through the NFL draft:

"I'm not going to compare myself to what's happened in the past; I can just tell you how it's going to be moving forward. We are going to build this thing through the draft, draft and develop our own talent, and hopefully, they pan out, and we can extend them and keep our own. But that's the plan as of now and then obviously, supplementing in free agency... But yeah, we're going to build this thing the right way, which I feel is through the draft."

However, the Panthers have also spent more money than any other team in the NFC in free agency. The question is how much better all that spending has really made them.

Carolina signed a pair of edge-rushers in D.J. Wonnum and K'Lavon Chaisson, but neither is close to the talent that the departed Brian Burns is. Diontae Johnson is an upgrade at wide receiver, but whether he can anchor Carolina's passing attack is uncertain. Josey Jewell is a capable linebacker, but he's not the player that the departed Frankie Luvu is.

That's rather the theme of Carolina's offseason in 2024: For every step forward, there was seemingly at least one back. And with Chicago in possession of the Panthers' first-rounder this year, that building won't start until Day 2 of this year's draft.

Sell

Tennessee Titans

Total Spent in Free Agency: $230.8 million

After a disappointing 2023 season, the Tennessee Titans pick seventh in this year's draft.

And at the NFL owners' meetings, general manager Ran Carthon told reporters that he's leaving his options open with that selection:

"Everything is on the table with where we are. You can say you want to trade out, but in order to trade, you need a partner. So, we'll see where we are. It is so funny; everybody has all these speculations about what we could and could not do. Even my 16-year-old daughter texted me the other day: Hey, are we taking this tackle that everybody has us taking? She is now looking at the mocks and asking what will happen."

Carthon left himself room for flexibility by attacking free agency as aggressively as any team in the NFL.

The departed Derrick Henry was replaced by Tony Pollard at running back, and Tennessee sent an eyebrow or two skyward when it gave wide receiver Calvin Ridley $23 million per season.

The Titans completely overhauled the cornerback position, signing Chidobe Awuzie and swinging a trade with the Kansas City Chiefs for L'Jarius Sneed.

It hasn't all been great news, though. Moving from Azeez-Al-Shaair to Kenneth Murray at off-ball linebacker was a downgrade. Veteran center Lloyd Cushenberry is a welcome addition on the offensive line, but it's still a major question mark.

And none of the offensive additions will matter if second-year quarterback Will Levis doesn't continue to develop.

However, the Titans are better on paper now than they were a month ago. And in an AFC South where the other three teams all appear to be improving, it was important Tennessee did not fall too far off the pace.

Buy

New York Giants

Total Spent in Free Agency: $221.8 million

Two years ago, the New York Giants made the postseason and won a playoff game. Last year, they didn't.

However, Giants owner John Mara remains confident in general manager Joe Schoen and head coach Brian Daboll:

"Certainly, last season was a huge disappointment to me, especially coming off of a playoff year. I still believe we're headed in the right direction, and I have all the confidence in Joe and his staff and in Brian Daboll and his staff. I think the communication is terrific, I think the process they go through is great and I do think we're headed in the right direction. Obviously, until we start winning games not everyone's gonna buy into that, but I happen to believe it.''

However, given how free agency went for Big Blue in 2024, Mara is likely looking at another disappointing season.

Brian Burns is a talented young edge-rusher, but in addition to the draft capital needed to acquire him from the Carolina Panthers, the Giants also gave $28.2 million a season over five years to a player with one 10-sack campaign in five years.

Even if you like the Burns deal, you have to admit that going from Saquon Barkley to Devin Singletary in the backfield is a sizable downgrade.

The team did nothing to address, arguably, the weakest wide receiver corps in the league. And its biggest addition to an offensive line that allowed a staggering 85 sacks a year ago was veteran guard Jon Runyan, who was a part-time player down the stretch in 2023.

The Giants aren't a better team. And they don't appear to be a threat to the Dallas Cowboys or Philadelphia Eagles in the NFC East.

Sell

Kansas City Chiefs

Total Spent in Free Agency: $197.2 million

It might seem odd to see the Kansas City Chiefs listed among free agency's biggest spenders, considering they haven't made a lot of noise or a lot of splash signings.

The vast majority of their expenditure was the five-year, $158.8 million extension they gave to defensive tackle Chris Jones.

The Chiefs also suffered a major loss, though, trading L'Jarius Sneed to the Tennessee Titans. But as head coach Andy Reid told reporters, losing the star cornerback was just a reality of life under the salary cap in the NFL:

"I mean, he (GM Brett Veach) juggled the salary cap, and it's ridiculous… what you have to go through, and players you can keep, and you can't keep, but we all love them here, that wasn't the problem. He was our lockdown guy. Every best receiver. He had the best receiver."

It's a movie we've seen before. In 2022, the Chiefs let Charvarius Ward leave in free agency before drafting Trent McDuffie in Round 1 that year. A similar scenario could play out next month.

The Chiefs lost linebacker Willie Gay Jr., but they retained Drue Tranquill, so there shouldn't be a substantial drop-off there. They also upgraded the receiving corps in a major way by signing Marquise Brown to be the team's new No. 1 receiver.

Veach is one of the best GMs in the league, and he has showed that again in 2024 by loading up the Chiefs for a potential run at history and a third straight Super Bowl win.

Buy

Tampa Bay Buccaneers

Total Spent in Free Agency: $186.6 million

After a surprise run to an NFC South title and a blowout win over the Philadelphia Eagles in the Wild Card Round, free agency for the Tampa Bay Buccaneers was focused on keeping the band together.

After playing for $4 million per season, quarterback Baker Mayfield received a raise to $100 million over three years. The Bucs also gave substantial money to long-time veterans Mike Evans (two years, $41 million) and Lavonte David (one year, $8.5 million).

However, while speaking to reporters at the league meetings, general manager Jason Licht said that it's the team's youth that will take it to the next step.

"Just knowing what this team is capable of, and we were getting better and better as we went along during the season," he said. "So, it's not like we're just staying status quo. I think the players that we have are going to get better. The team is going to be better. We're going to add some more youth in the draft, so I'm really, really excited."

Those young players had better take a step forward because the team was forced to part ways with some names who have long been a big part of the Tampa defense.

Edge-rusher Shaquil Barrett was released, cornerback Carlton Davis was traded, linebacker Devin White bolted for Phiiladelphia, and the biggest outside addition was the return of safety Jordan Whitehead.

That's the problem in Tampa. While the moves it made are understandable, when viewed in totality, this is a nine-win team that essentially trod water in the offseason.

And given the improvements the Atlanta Falcons made, that may not be good enough in the NFC South.

Sell

Houston Texans

Total Spent in Free Agency: $184.9 million

The Houston Texans were one of the most surprising teams in the NFL last year.

Spurred on by Offensive Rookie of the Year C.J. Stroud and Defensive Rookie of the Year Will Anderson Jr., they not only won the AFC South but also routed the Cleveland Browns in the Wild Card Round.

Houston general manager Nick Caserio has done a masterful job of drafting in recent years, but while speaking to reporters, he was quick to credit first-year head coach DeMeco Ryans for the team's success last season:

"There are 100 to 200 people who are involved in football operations, it's a collective effort. It takes several people, but Demeco [Ryans] did an incredible job with the team and putting together a great coaching staff. Ultimately, it is about the players and the coaches. I am fortunate to be around a lot of great people who have made a ton of positive impact on the team. For me, it's all about helping and trying to support as many people in the building while doing my job."

This offseason, Caserio was wildly aggressive in adding talent to help Ryans and the Texans take the next step in 2024, especially on defense.

Edge-rusher Danielle Hunter is one of the best in the league at what he does. Denico Autry is one of the more underrated defensive linemen in the game. Azeez Al-Shaair is an ascending young talent at linebacker.

Oh, and Houston added Pro Bowl running back Joe Mixon for the trade equivalent of two Pop Tarts and a jug of Sunny Delight.

An argument can be made that the Texans are more than just the favorites in the AFC South. They could be a legitimate Super Bowl contender.

Buy

Indianapolis Colts

Total Spent in Free Agency: $180.6 million

The Indianapolis Colts may have spent a lot of money in free agency this spring, but it mostly went on players already on the roster.

While addressing the media, general manager Chris Ballard said the team prioritized keeping in-house talent to avoid taking one step forward at the expense of two steps back:

"No doubt we looked at free agency in totality. I mean, we looked at everybody. It kind of worked out where it ended up being a lot of our own guys, which are all good players. I think sometimes what gets lost is when you lose a player, it creates a void. So, you lose a Grover Stewart, you lose a Kenny Moore, or you lose a (Michael) Pittman, now you've got a real void. Sure, you've gone and signed another player at another position, but now you've created another void."

Ballard has a point. Moore is one of the better slot corners in the league, Stewart is a physical presence inside, and linebacker Zaire Franklin paced the team in tackles. And watching Pittman depart would have been a devastating blow to the Colts' passing game and the development of second-year quarterback Anthony Richardson.

It isn't the sort of free-agency period that fires up a fanbase or makes a lot of headlines. But sometimes the best way to make progress as a franchise is to avoid regressing as a franchise.

Now all Ballard has to do is nail the 2024 draft. No pressure.

Buy

Las Vegas Raiders

Total Spent in Free Agency: $170.7 million

For the Las Vegas Raiders, free agency 2024 was essentially all about one player—of the $170.7 million the team spent, $110 million went to defensive tackle Christian Wilkins.

The deal is an impact signing of one of the game's best at the position. But outside that, it's been a relatively quiet offseason in Sin City.

The team signed Gardner Minshew II as a potential "stopgap" starter at quarterback in 2024, but Raiders head coach Antonio Pierce told NFL Media's Carol Smith that he's confident GM Tom Telesco may not be done adding talent at the game's most important position.

"I got Tom Telesco in there. Got the magician. Figure out what he's got up his sleeve. He's done it for a long time. I got a lot of trust in him. I think he's seen it wherever he's been. Peyton Manning, Andrew Luck, becomes a GM with the Chargers, Philip Rivers, Justin Herbert. So, he knows something about quarterbacks. So, I'm going to let him figure it out."

Outside that big deal for Wilkins, Telesco has taken a measured approach to free agency. That's fine, but it doesn't address the Raiders' multiple needs.

The quarterback position remains a major question mark, as does the defensive backfield. The Raiders inked Alexander Mattison to replace Josh Jacobs at running back, but the two just aren't on the same level talent-wise.

The defensive line in Vegas may be better than it was, but that's just about the only unit that is.

Sell