This chart has no axis for # of players under contract. It is good for indicating the # of players that a team can acquire, but is meaningless in providing any metric for how complete the finished product may be.We can't go crazy in free agency but neither can most other teams. We're actually in a much better spot than many, particularly compared to our key rivals. Note that the Eagles are in deceptively poor shape because practically their entire defense is hitting free agency and therefore not included in 2023 cap numbers.
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There could be some decent FA values to be had. It's probably also a good opportunity to sign extensions at reasonable rates (brooks, nwosu, harris).
Seahawks are near the bottom of # of players under contract, and especially quality of players under contract. Effective cap space is actually minimal, and if Geno is re-signed at a high salary (or if the NEFT is used) it is actually negative.
After years of roster/cap mismanagement, hitting on last year's draft brought the roster up from bottom-dweller to sub-mediocre. With lots of draft capital this year, if PCJS nail the draft again it can bring the roster up to slightly above mediocre. If they pay Geno the big $, that's where the roster stays.
If they draft a QB and stick with Lock (or equivalent) they will have enough free agent $ to maybe raise the roster to borderline playoff competitive status.
I'd rather gamble on a cheap QB who may be able to perform near Geno level, along with a possibly competitive roster than be stuck with a roster that will not be competitive enough to matter.