NFL Free Agency: Top 5 Winners and Losers in Fantasy Football

The 2025 fantasy football landscape has been dramatically altered by the latest free agency moves, with certain players emerging as clear winners and others facing significant setbacks.

Matt Brandon | Mar 19, 2025

San Francisco 49ers running back Christian McCaffrey (23) warms up before a game against the Buffalo Bills at Highmark Stadium. / Mark Konezny-Imagn Images

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The 2025 fantasy football landscape has been dramatically altered by the latest free agency moves, with certain players emerging as clear winners and others facing significant setbacks. With rosters reloaded and new opportunities on the horizon, the fallout from free agency has created ripple effects that will have a profound impact on fantasy drafts. For some, the changes have resulted in heightened value, as they slide into more prominent roles or find themselves in more favorable offensive situations. For others, the influx of new talent or the departure of key figures has led to a sharp decline in fantasy potential.

In this breakdown, we’ll explore the top five winners who have seen their stock rise, and the top five losers who now face uphill battles to meet fantasy expectations. Let's dive into the players whose fortunes have been most altered by the free agency frenzy.

Fantasy Football Winners

QB Caleb Williams, Chicago Bears

Williams struggled in his rookie season despite an abundance of weapons in the wide receiver room featuring DJ Moore, Keenan Allen, and fellow rookie Rome Odunze. However, things didn’t work out for the Bears as Williams failed to live up to expectations and was sacked a league-high 68 times. It was the third-most sacks a quarterback has taken in the entire history of the NFL.

Most sacks taken in NFL history:

76 - David Carr (2002)
72 - Randall Cunningham (1986)
68 - David Carr (2005)
66 - Caleb Williams (2024)pic.twitter.com/GsEYPcNh0Y
— BOOG (@BoogCB) December 27, 2024

For that reason, Chicago has spent this free agency bolstering the offensive line. They signed the best center on the market in Drew Dalman and traded for Jonah Jackson and Joe Thuney. Now that Williams should have more time in the pocket, we should see a significant uptick in his production in 2025. Although Williams took the most sacks, he also avoided the most (50), proving he's an escape artist. Williams completed 62.5% of his passes but was one of the worst downfield passers in his rookie season due to the constant pressure he faced.

The second-year signal caller will surely outperform last year’s numbers in which he posted 3,451 passing yards, 20 touchdowns, and six interceptions, finishing as the QB16 overall.

QB Joe Burrow, Cincinnati Bengals

Given that the Bengals were able to keep the offensive trio of Burrow and his top two targets in Ja’Marr Chase and Tee Higgins together, it appears that Trey Hendrickson could be on his way out. This paints a picture of a high-octane offense with almost zero impact players on the defensive side of the football.

Burrow had a great 2024 campaign, posting career highs in passing yards (4,918), touchdowns (43), and QBR (108.5). Burrow finished the year as the QB3 in fantasy football, behind only Lamar Jackson and Josh Allen.

Since the Bengals have a ton of holes on defense, Burrow is going to have to light it up on offense if Cincinnati is going to make it back to the postseason. Expect another MVP-caliber campaign out of the signal caller.

RB Christian McCaffrey, San Francisco 49ers

Last season, CMC was a complete bust due to injuries. However, now that Jordan Mason and Elijah Mitchell are no longer on the squad, and the team decided to re-sign fullback Kyle Juczyck, McCaffrey is poised to be the focal point of San Francisco’s offense in 2025.

Now that Deebo Samuel has been shipped off to the Commanders, the Niners are likely to employ more of a ground-and-pound approach on offense. And McCaffrey should see the lion's share of the carries with one fewer gadget player taking end arounds, and no Mason or Mitchell in the mix (though the Niners will surely bring in some depth at the position given McCaffrey's significant injury history). We all know that CMC is a PPR machine so as long as he remains healthy, he could very well return to the top overall player in fantasy football.

WR Brian Thomas Jr., Jacksonville Jaguars

In the previous season, Christian Kirk and Evan Engram collectively accounted for 111 targets across 17 games, averaging approximately 6.5 targets per contest. Both players have since moved on, with Kirk now in Houston and Engram in Denver. The only notable replacement at this point is Dyami Brown, who has accumulated 102 targets over the course of his four-year, 63-game career.

Brian Thomas Jr. with over 1000 receiving yards this season! pic.twitter.com/UjGygKGM08
— NFL (@NFL) December 22, 2024

While the Jaguars are expected to acquire at least one additional receiving weapon during the offseason, until that occurs, Thomas should be projected to receive a substantial share of the target volume. At this point, he’s a lock to finish as a top-five receiver in 2025, just as he did in 2024 (WR4).

TE Evan Engram, Denver Broncos

After being released by the Jags and securing a role in Denver, Engram will now have the opportunity to work alongside Bo Nix, a promising quarterback entering his second professional season.

Denver’s receiving corps lacks a definitive lead target. While Courtland Sutton recorded a career-high 135 targets in the 2024 season, he does not possess the profile of a true top-tier receiving threat like Brian Thomas Jr. Engram will be competing for opportunities alongside emerging talents such as Devaughn Vele, Troy Franklin, and Marvin Mims Jr. Given the current roster composition, there is a strong likelihood that Engram will finish the 2025 season as one of the team’s primary receiving options, potentially ranking second in total targets.

After an up and down tenure in New York, Engram proved himself during his three seasons in Jacksonville after posting his second-most yards per route run (1.89) in his career in 2024. He should easily finish among the top 10 tight ends in 2025.

Fantasy Football Losers

QB Anthony Richardson, Indianapolis Colts

In February, Indianapolis Colts general manager Chris Ballard indicated that Anthony Richardson would face a competitive battle for the starting quarterback position in 2025. True to his word, Ballard signed Daniel Jones to a one-year, $14 million contract, a deal that strongly suggests Jones will have a legitimate opportunity to claim the starting role.

Former Vikings QB Daniel Jones is finalizing a one-year, $14 million deal with the Indianapolis Colts, per sources. Jones had a chance to return to Minnesota, but now becomes the challenger to the Colts’ former first-round pick Anthony Richardson.
— Adam Schefter (@AdamSchefter) March 11, 2025

Even if A-Rich manages to win the starting quarterback competition, it seems likely that he will be on a short leash during the regular season. Not to mention, the Colts have not added any weapons to his arsenal as Josh Downs and Michael Pittman Jr. remain his top two targets.

Adding insult to injury, the team lost two starting linemen in free agency, as guard Will Fries and center Ryan Kelly both signed with the Vikings. Richardson could be running for his life in 2025.

RB Isiah Pacheco, Kansas City Chiefs

Isiah Pacheco entered the 2024 season as the Chiefs' starting running back, but a fractured fibula in Week 2 ruined his chance at a productive campaign. This injury prompted Kansas City to re-sign veteran Kareem Hunt, a former standout for the team, who quickly assumed a reliable role in the backfield.

Kansas City Chiefs running back Isiah Pacheco (10) against the Philadelphia Eagles in Super Bowl LIX at Ceasars Superdome. / Mark J. Rebilas-Imagn Images

Despite Pacheco's return in Week 13, the Chiefs' backfield became a committee with Hunt and Samaje Perine, the latter of whom will not be on the roster in 2025. In his place, Kansas City secured former 49ers running back Elijah Mitchell through free agency.

The Chiefs' decision to prioritize Hunt's re-signing, despite skepticism regarding his age and performance, speaks volumes about the trust they placed in his contributions during the 2024 season. This poses a challenge for Pacheco, who saw a limited role, with no game in which he exceeded a 45 percent snap share while Hunt was active.

RB Austin Ekeler, Washington Commanders

In his inaugural season with Washington, Ekeler was not a prominent receiving asset. He surpassed five targets in just one game and exceeded four targets in only two others. Additionally, it marked the first time in his career without a receiving touchdown.

However, despite the continued presence of Brian Robinson Jr., Ekeler’s primary value remains as a pass catcher. He is expected to maintain this role in 2025, however, the acquisition of Deebo Samuel introduces another reliable option for quarterback Jayden Daniels in the form of a capable dumpoff and screen target, which could limit Ekeler's opportunities from both a volume and strategic standpoint.

RB Rico Dowdle, Carolina Panthers

Rico Dowdle finds himself in a challenging situation, as he is set to compete for limited opportunities behind Chuba Hubbard, who remains the entrenched starter in Carolina’s backfield in 2025.

Following Week 11 last season, when Dowdle assumed a prominent role as the Dallas Cowboys' primary ball carrier, he surged to an RB18 ranking in fantasy points per game. During this stretch, he averaged an impressive 22 touches and 108 total yards per game, solidifying his status as a workhorse back.

However, Dowdle’s outlook in 2025 is far less promising. Instead of continuing in a featured role, he now finds himself relegated to the position of a premium handcuff, a significant decrease in value compared to his previous trajectory.

WR Jalen McMillan, Tampa Bay Buccaneers

Heading into the 2025 season, Jalen McMillan appeared primed to emerge as the Buccaneers' definitive No. 2 wide receiver. However, despite the Patriots' aggressive pursuit of Chris Godwin—offering in excess of $20 million—the veteran wideout chose to remain in Tampa Bay, inking a rich three-year, $66 million extension with $44 million guaranteed. This decision solidifies Godwin’s continued role in the offense and significantly alters McMillan's path to meaningful target share.

This development undoubtedly dampens McMillan's fantasy outlook, and it will likely be reflected in his decreasing ADP for 2025. Throughout the early stages of the previous season, McMillan struggled to establish himself, particularly as Godwin commanded the lion’s share of the targets.

However, with Mike Evans edging closer to the twilight of his career and Godwin recovering from a substantial ankle injury, McMillan’s positional flexibility—allowing him to operate both inside and outside—could offer him a chance to carve out a more significant role in the Buccaneers' offensive scheme. Nevertheless, McMillan’s value takes a clear hit following Godwin’s re-signing, diminishing his once-promising fantasy upside.