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Outside of inking veteran inside linebacker Joe Schobert to a large deal, the Jacksonville Jaguars haven't made any huge waves in free agency. Instead, they have opted to use their resources on low-cost options to fill out the team's depth. 

While this strategy is a sound one and could pay off once the 2020 season rolls around, it doesn't appear as if it has paid off much in terms of winning favor among oddsmakers. 

According to updated NFL win totals by BetOnline, the Jaguars' projected win total for next season has decreased following free agency. On Feb. 7, the same oddsmakers projected the Jaguars at 6 1/2 wins in 2020, but their win total is now set at 5 1/2.

Only three teams have a win total as low as the Jaguars: The Carolina Panthers, Cincinnati Bengals, and Washington Redskins are all projected at 5 1/2 wins as well. 

The decreased win total for the Jaguars follows the additions of players like Joe Schobert, Darquese Dennard, Rodney Gunter, and Al Woods, but it appears the departures of Calais Campbell and A.J. Bouye had even more pull. The Jaguars traded Bouye to the Denver Broncos for a 2020 fourth-round selection, while Campbell was traded for a 2020 fifth-round selection.

Compared to the other AFC South teams, the Jaguars have the lowest win total by several games. The Tennessee Titans lead the pack with nine projected wins (an improvement from the 8 1/2 they were given a month ago), while the Indianapolis Colts and Houston Texans were both given a projected of eight wins.

While the Jaguars have stocked up on draft picks this offseason and are scheduled to have 12 in April's NFL Draft, the team has had an exodus of talent over the last two seasons, leaving the roster somewhat bare. Adding to this problem is the potential departure of defensive end Yannick Ngakoue, who stated earlier this month that he is not interested in signing a long-term deal in Jacksonville. 

Jacksonville does have some reasons for optimism in 2020: new offensive coordinator Jay Gruden is an experienced play-caller who has worked with young quarterbacks similar to Gardner Minshew II before, while the team has two first-round picks and a number of young players to build around in Josh Allen, DJ Chark, and Jawaan Taylor.