The NFL offseason is well underway, and while the upcoming NFL Draft will shake things up even more, there has been no shortage of roster-altering moves. The biggest, of course, have come at quarterback. We’re still waiting for one big domino (Aaron Rodgers) to fall, but we’ve already seen huge shifts in the QB landscape. No. 1, of course, was the Seattle Seahawks trading Geno Smith to the Las Vegas Raiders before signing former Minnesota Vikings quarterback Sam Darnold to be their new signal caller.

How did those moves, and all of the others made so far this offseason, affect their teams’ outlooks for the 2025 season? It’s a bit like asking: Who have been the biggest winners and losers of the offseason so far? We’re going to attempt to answer that analytically using our NFL Projection Model.

Before we get there, it bears repeating: A lot can change. Teams have plenty of time to alter their standing in these rankings. But we wanted to examine where things are right now. How much value have some teams added? How much have some teams lost?

To measure that, my model uses a handful of advanced metrics and assigns a value to every player in the NFL. Think of that value as how much a single player affects the point spread of the expected winning percentage of a single game.

After that, I went through every transaction made this offseason and calculated the value added or lost (up through March 25). Since I’m only looking at how these moves affect each team for the 2025 season, my model does not factor in the length of the contract or money spent on contracts. It’s also important to note that this process only assesses players changing teams. Players who re-signed with their teams aren’t included because those players’ values were already included in their teams’ projections.

With that explanation out of the way, here’s a look at how many expected points each NFL team had added or lost this offseason.

Five Biggest Winners

Las Vegas Raiders

I’m not sure how any list doesn’t include the Raiders at the top, or at the very least inside the top three, after landing Smith. The Raiders roster isn’t ready to compete for a playoff spot, especially in the vaunted AFC West, but they’ve solidified the sport’s most important position with a quarterback who has proven he can give you a solid floor as a league-average QB with the ability for more. And with quarterback (presumably) locked down for the next few seasons, new coach Pete Carroll can focus on acquiring talent to fill out the rest of the roster.

New York Giants

The Giants were wise not to stop addressing the QB position after signing Jameis Winston last week. He now becomes their backup with the newly signed Russell Wilson leading the charge into 2025. Now we’ll see if they want to add a rookie to the mix in April. Beyond their solid start at QB, the Giants made some nice moves on defense by adding safety Jevon Holland and cornerback Paulson Adebo while improving the depth of their front seven. The Giants weren’t a QB away from anything significant, but they’ve quietly done a good job fortifying the roster at a position they still need to find a long-term answer for.

New England Patriots

The Patriots continued their free-agent spending spree Tuesday night, adding star wide receiver Stefon Diggs to a receiving group that needed a No. 1. After that splash signing, finishing third in these rankings might seem low. And maybe it is. It probably boils down to what you think of Harold Landry III as an edge rusher. My model thinks Landry is just fine — and that’s not a bad thing. Having average players on the roster can be good if you can put stars around them. Factor in Landry’s familiarity with new head coach Mike Vrabel, and you understand why New England made the move. Offensive tackle Morgan Moses and defensive tackle Milton Williams are the other additions my model likes, and if you think Landry will be better in this new system, you can easily make an argument for the Patriots jumping the Giants in these rankings and even threatening the Raiders for the top spot.

Indianapolis Colts

My model loved the Charvarius Ward signing, grading it as one of the most impactful moves made this offseason not involving a quarterback. While there is some risk — Ward is 28 years old — a change of scenery might be what just what the veteran cornerback needs to return to form as one of the best defensive backs in the league. Pair the Ward signing with the addition of safety Cam Bynum, and the Colts have done an excellent job of upgrading a secondary that badly needed one.

Washington Commanders

The Commanders made their splashes on the trade market rather than in free agency, and my model liked what they did. Laremy Tunsil remains one of the better left tackles in the league, and that was a position where Washington needed an upgrade. Meanwhile, wide receiver Deebo Samuel Sr. should fit into this Washington offense with his versatility, pairing well with the skill set of QB Jayden Daniels. Adding cornerback Jonathan Jones was another interesting move and one that my model liked. He’s up there in age (31) and didn’t have the greatest 2024 season, but if he bounces back in any way, watch out for the Commanders (again) this season.

Five Biggest Losers

New York Jets

The loss of Rodgers might be offset by the addition of Justin Fields, but there were still some major losses here. Davante Adams remains a very good wide receiver, despite getting up there in age; Moses is still a quality tackle; and the biggest loss, according to my projections, is D.J. Reed. Reed has been a quality cornerback for a while, and he’s going to be difficult to replace. I don’t necessarily disagree with letting these players walk, given the state of the roster and the price tags it would have taken to keep them in town, but there’s no debate the Jets lost some top talent this offseason.

San Francisco 49ers

This ranking shouldn’t come as a surprise to those tracking San Francisco’s offseason, which has seen a mass exodus of quality players. I already spoke about how much my model likes Ward, but the 49ers also lost Samuel, Jordan Mason, Aaron Banks, Dre Greenlaw, Talanoa Hufanga, Javon Hargrave, Leonard Floyd, Maliek Collins and Isaac Yiadom, among others. Maybe that’s the price of doing business after paying running back Christian McCaffrey and wide receiver Brandon Aiyuk ahead of of a new contract for quarterback Brock Purdy, but the 49ers are in the middle of a transitional period, and the state of their roster shows it.

Philadelphia Eagles

One of the byproducts of winning the Super Bowl, or just being consistently competitive in the NFL, is that players on your team earn significant raises. That’s just the way it goes. Last year, the Eagles and Chiefs were near the bottom of this list after the early part of free agency, and both reached the Super Bowl, so all hope isn’t lost in Philadelphia, especially with so much talent still on the roster. But no matter how you shake it, Philadelphia will be looking to replace a lot of snaps from this year’s championship-winning squad as Josh Sweat, Milton Williams, Brandon Graham, Darius Slay Jr., C.J. Gardner-Johnson and Isaiah Rodgers are all gone.

Dallas Cowboys

Staying in the NFC East here, the Cowboys will again be looking to primarily bolster their roster through the draft, which they’re pretty decent at, rather than free agency. The losses of DeMarcus Lawrence, Jourdan Lewis, and Chauncey Golston are daunting (though letting Lewis walk after one of his best seasons isn’t the worst decision), and the loss of Zack Martin to retirement will sting. He was certainly past his peak, but he was still a quality offensive lineman, and those are always hard to find.

Seattle Seahawks

What did you expect after they traded away their starting quarterback and a Pro Bowl-caliber wide receiver? If it’s any consolation to Seahawks fans, it’s impressive they aren’t last on this list. That’s because they replaced Smith and DK Metcalf with Darnold and Cooper Kupp to help offset those losses, while adding Lawrence to their defense. The model is skeptical Darnold can replicate his success from Minnesota, while Kupp and Lawrence are past their primes and have some injury concerns, so it’s no surprise the Seahawks still rank near the bottom.

(Photos of John Lynch, Pete Carroll and Geno Smith: Ezra Shaw and Tom Hauck / Getty Images)