NFL free agency is a game of finding the safest and best contracts for some of the league’s biggest stars. But sometimes teams have to take a gamble in an attempt to compete for a Super Bowl. This could be paying an unproven player a significant contract after another team enters a bidding war, or signing a player coming off an injury.

What were the riskiest contracts given out after Day 1 of NFL free agency?

5. QB Malik Willis, Miami Dolphins

The Miami Dolphins signed Malik Willis to a three-year, $67.5 million deal. This was one of my favorite moves of free agency, but it’s a risky contract for the Dolphins.

Willis has only started six games in his four-year NFL career. Coming out of Liberty, Willis was hearing first-round hype before falling to the third round. The 6-foot-1 quarterback wasn’t given many chances with the Tennessee Titans and was traded to the Green Bay Packers after two seasons.

Willis’s time in Green Bay has helped revive his career. Appearing in 11 games and starting in three, Willis led the Packers to a 2-1 record, throwing for 972 yards and 6 touchdowns to no interceptions.

Miami is taking on $67.4 million in dead cap in 2026 for Tua Tagovailoa‘s contract, and paying Willis on top of that. While they negotiated his contract to just be an $8.67 million hit this offseason, they’ll have to pay Tagovailoa another $30+ million in 2027 on top of Willis’s $28.9 million.

4. WR Alec Pierce, Indianapolis Colts

The Indianapolis Colts retained wide receiver Alec Pierce, signing him to a four-year, $114 million deal.

Pierce was a breakout receiver in 2025. The 6-foot-3 wideout logged 1,003 yards and 6 touchdowns on 47 receptions. His 2025 showing was the first 1,000-yard season of his four-year career, and Pierce was immediately awarded $29 million annually.

This is a steep payday. Pierce is now being paid as a top-10 wide receiver after one solid season, but Indianapolis is betting on its young wideout. The Colts traded Michael Pittman Jr., solidifying Pierce as their WR1. If the 26-year-old wideout doesn’t pan out, the Colts will be in a $114 million hole.

3. EDGE Odafe Oweh, Washington Commanders

The Washington Commanders signed edge rusher Odafe Oweh to a massive four-year, $100 million contract. Oweh logged 7.5 sacks in 2025 in 12 games with the Los Angeles Chargers.

Oweh has developed into a strong pass rusher in the NFL. In 2024, he logged 10 sacks and followed it up with 7.5 sacks in 2025. The sixth-year pass rusher’s solid production has landed him some well-deserved hype, earning him $20 million per season.

While $20 million a season is a significant payday, it only lands Oweh as the 12th-highest-paid pass rusher in the NFL. It’s a risky contract, but Oweh has shown flashes of being a consistent edge rusher in the NFL.

2. C Tyler Linderbaum, Las Vegas Raiders

The Las Vegas Raiders made a splash, signing center Tyler Linderbaum to a massive three-year, $81 million contract.

Linderbaum’s contract pays him $27 million per season, a whopping $9 million more than the next highest. There are many reasons why the Raiders gave the three-time Pro Bowler center a significant payday. First, Las Vegas, by rule, is projected to spend $110 million in free agency. It’s also not easy for a team with the worst record in the NFL to sign a big-ticket free agent.

Many things could make this signing risky, but Linderbaum himself isn’t. He’s arguably the best center in the NFL and deserves to be paid like it, but a 50% pay increase for the center market is a big risk for Las Vegas.

1. EDGE Jaelan Phillips, Carolina Panthers

The Carolina Panthers gave edge rusher Jaelan Phillips a massive four-year, $120 million contract. This was a shocking payday for the seventh-year pass rusher.

Phillips hasn’t logged over five sacks in a season since 2023 and has faced significant injuries over the years. He tore his Achilles tendon in 2023 and his ACL in 2024. These are notable injuries that can linger and follow a player throughout their career.

Despite the injury concerns and a lack of production, Phillips is a promising pass rusher. He has all the makings to be an elite edge in the NFL and has shown plenty of flashes in his career. As of 2025, his sack total was 5. He’s also only going to be 27 entering his seventh season in the league.