The 2025 trade deadline day was one of the most eventful in recent history. Blockbuster trades aren’t the norm on deadline day. The New York Jets were involved in two monumental trades.
Cornerback Sauce Gardner, who earned first-team All-Pro honors in his first two NFL seasons (2022 and 2023), was dealt to the Indianapolis Colts for a 2026 first-round pick, a 2027 first-round pick and wide receiver Adonai Mitchell. Defensive tackle Quinnen Williams, a 2022 first-team All-Pro, was traded to the Dallas Cowboys for a 2026 second-round pick, a 2027 first-round pick and defensive tackle Mazi Smith. The 2027 first-round pick is the higher of the Cowboys’ or the Green Bay Packers‘ from the Micah Parsons trade.
The Jets dealing Gardner was a major surprise given he signed a four-year, $120.4 million contract extension with $85,653,473 of guarantees, where $45,153,473 was fully guaranteed at signing in July. At $30.1 million per year, the deal made Gardner the NFL’s highest-paid cornerback. It’s interesting that Jets head coach Aaron Glenn, who was a three-time Pro Bowl cornerback during his 15-year NFL career, was willing to part ways with Gardner.
The Jets are in a position to control the 2026 and/or 2027 NFL Drafts. The trades give the Jets two first-round picks and two second-round picks in 2026. There are three first-round picks and a second-round pick in 2027. The Jets have the draft capital to move up if necessary to find a potential quarterback of the future in one of these NFL Drafts.
NFL trade deadline: Jets have NFL’s longest playoff drought, which just got longer but might be worth it
Zachary Pereles
Here are three more trades that should have been made before the deadline that may have improved teams’ chances of making the postseason or go on a deep playoff run. The financial ramifications of the moves are highlighted. Salary-cap space is based on NFLPA data.
The Miami Dolphins were open to trading wide receiver Jaylen Waddle. He is not included. Miami’s asking price was reportedly a first-round pick and additional considerations. The offseason is a better time for the Dolphins to try to deal Waddle since there could be more potential suitors. Waddle is under contract through the 2028 season. He is scheduled to make $68.616 million over the next three years (2026 through 2028).
An acquiring team would have needed enough salary-cap room to absorb the remainder of the player’s current salary. Since the trades would have occurred after Week 9’s games, the acquiring team would have been responsible for 9/18ths of a player’s 2025 base salary and any other applicable salary components in his contract.
Trades can’t be executed again until the 2026 league year begins on March 11.
Trade compensation: 2026 second-round pickHendrickson remaining 2025 salary: $9,411,765 (Bengals 2025 salary cap savings)49ers 2025 salary cap room: $20.239 millionBengals 2026 dead money: $6.5 million (2026 voiding contract year)
The 49ers’ pass rush has been decimated by injuries. 2022 NFL Defensive Player of the Year Nick Bosa was lost to a torn right ACL three games into the season. 2025 first-round pick Mykel Williams is also out for the season after tearing his right ACL in Week 9’s game versus the New York Giants. Bryce Huff has missed the last two games with a hamstring injury, but could return for Week 10’s contest against the Los Angeles Rams.
The lack of a pass rush was apparent in Week 8’s 26-15 loss to the Houston Texans. The 49ers didn’t record any sacks and only had two quarterback hits.
Hendrickson and the Bengals were engaged in an acrimonious contract dispute during the offseason in which he received permission to seek a trade. The Bengals were reportedly looking for more than a first-round pick in return for Hendrickson prior to the 2025 NFL Draft.
Hendrickson and the Bengals couldn’t reach an agreement on a contract extension to ensure that he would remain in Cincinnati beyond this season. Instead, Hendrickson received an adjustment to his 2025 salary as a compromise to end his hold-in as the start of the regular season was approaching. The 2024 NFL sack leader got a $13 million raise to increase his 2025 compensation from $16 million to $29 million.
No team was willing to meet Cincinnati’s reduced asking price of a first-round pick to acquire Hendrickson, who turns 31 in December, at the trade deadline. A first-round pick isn’t consistent with the acquisition price of pass rushers in a contract year in transactions at or near the trade deadline in recent years.
The 49ers aren’t strangers to short-term rentals for pass help. 2020 NFL Defensive Rookie of the Year Chase Young was obtained from the Washington Commanders for a 2024 third-round compensatory pick in 2023. Hendrickson is clearly a better player now than Young was when that trade was made.
The Commanders received a 2024 second-round pick from the Chicago Bears for Montez Sweat in 2023. This trade was done with the idea that Sweat would remain in Chicago long term. Less than two weeks after the trade, the Bears signed Sweat to a four-year, $98 million extension averaging $24.5 million per year.
The Rams dealt 2022 second- and third-round picks to the Denver Broncos for Von Miller, who was 32, in 2021. The Broncos eating $9 million of Miller’s remaining $9,722,222 in 2021 salary increased the trade compensation.
The Bengals face an uphill battle to make the playoffs with a 3-6 record and a historically bad defense. According to The Athletic’s playoff simulator, Cincinnati has a 2% chance of making the postseason. Retaining Hendrickson, who is battling a hip injury, for the rest of the season makes the most sense if Cincinnati’s intention is designating him as a franchise player in 2026.
Hendrickson’s 2025 salary-cap number increased by $6.5 million to $25,166,668 because a 2026 contract year automatically voiding five days after Super Bowl LX on Feb. 13 was added in the process, so the new $13 million is being prorated. There are $3 million of per-game roster bonuses that are a part of the proration because of timing of Hendrickson’s contract adjustment (after the last preseason game). Given the way the 120% of prior year’s salary provisions operate for franchise tags, it will cost the Bengals $30.2 million to use the designation on Hendrickson.
The Bengals could still trade Hendrickson after making him a franchise player. Hendrickson would likely rather have his freedom than being restricted by a franchise tag.
Breece Hall (RB) and 2027 sixth-round pick: Jets ➡️ ChiefsTrade compensation: 2026 third-round pickRemaining 2025 salary: $1.703 million (Jets 2025 salary-cap savings)Chiefs 2025 salary-cap room: $1,868,662Jets 2026 dead money: None (expiring contract)
Trade talks between the Chiefs and Jets apparently broke down over draft capital. The Jets reportedly wanted a third-round pick while the Chiefs were willing to part with a fourth-round pick.
Hall, who is in a contract year, was in favor of a change in scenery after Gardner and Williams were dealt, according to NFL insider Jordan Schultz. The 2022 second-round pick wasn’t a contract extension candidate during the offseason because of Glenn’s plan to go with a running back-by-committee approach, which was derailed by Braelon Allen‘s season-ending knee injury.
Hall will likely be looking to get in the same salary stratosphere as James Cook and Kyren Williams, who are fellow running backs from the 2022 draft, in 2026 free agency. Williams signed a three-year, $33 million extension with the Los Angeles Rams during the preseason. Cook’s four-year, $46 million extension worth up to $48 million with salary escalators from the Buffalo Bills came several days after Williams’ deal.
The Jets potentially being major players in offseason free agency because of an abundance of salary-cap room could limit the 2027 compensatory draft pick received if Hall signed elsewhere. An abundance of cap room also puts a franchise tag in play.
The 2026 nonexclusive franchise tag for running backs projects to 4.723% of the 2026 salary cap. It’s 4.886% in 2025. If the 2026 salary cap is set at $300 million, a 7.45% increase over 2025’s $279.2 million salary cap, the running back figure should be $14.171 million.
The Chiefs would miss the playoffs for the first time since 2014 if the season ended today after losing to the Bills in Week 9 to drop to 5-4. Hall would have been a nice upgrade over the often-injured Isiah Pacheco and Kareem Hunt at running back. He is on track for his first 1,000-rushing-yard season with 1,235 yards while averaging 5.0 yards per carry. Hall is also a receiving threat out of the backfield.
The Chiefs would have needed to restructure a contract because adding Hall would have taken up nearly all the existing cap space. Defensive tackle Chris Jones or offensive guard Trey Smith would have been the most logical candidates because of respective $13.75 million and $10 million 2025 base salaries.
Trade compensation: Conditional 2026 fifth-round pick (becomes fourth if Packers make NFC title game and Njoku plays at least 50% of snaps)Remaining 2025 salary: $1,156,912 (Browns salary-cap savings)Packers 2025 cap room: $10.85 millionBrowns 2026 dead money: $24.331 million (voiding 2026–29 contract years)
Tucker Kraft was probably headed to the Pro Bowl before he was lost for the season in Week 9’s game against the Carolina Panthers with a torn right ACL. He leads NFL tight ends with 15.3 yards per catch. Kraft’s six receiving touchdowns are tied for the second most among tight ends. His 489 receiving yards rank third among tight ends.
The Packers will rely on 2023 second-round pick Luke Musgrave to step up at tight end in Kraft’s absence. Musgrave was selected one round ahead of Kraft in the 2023 NFL Draft. His lacerated kidney as a rookie and left ankle injury last season requiring surgery opened the door for Kraft’s emergence.
The Browns appear to have found Njoku’s replacement in 2025 third-round pick Harold Fannin Jr. He leads the Browns with 38 catches and 352 receiving yards.
The most analogous tight end trade around the deadline over the last five years is Zach Ertz in 2021. The Philadelphia Eagles dealt Ertz to the Arizona Cardinals for a 2022 fifth-round pick and cornerback Tay Gowan, who was a 2021 sixth-round pick. Gowan was essentially a throw-in who only played in two games after the trade. The Eagles released him in the 2022 roster cutdown.
The Cardinals, who were in win-now mode just like the Packers this season, had a void to fill at tight end because Maxx Williams‘ right ACL tear five games into the season. Trading Ertz paved the way for Dallas Goedert to become Philadelphia’s full-time tight end.
The Browns, who have a 2-6 record, were apparently more interested in keeping the offensive weapons intact to evaluate the quarterback situation than an Njoku trade. Njoku is happy that he wasn’t dealt.
If the Browns are inclined to keep Njoku beyond this season, a new deal would need to be done by Feb. 13 to avoid the $24.331 million cap charge from Njoku’s voiding 2026 through 2029 contract years. Turning these voiding contract years into real contract years by this date would keep the existing bonus proration intact instead of accelerating onto Cleveland’s 2026 salary cap.
A new Njoku deal surely wouldn’t match his expiring $13,687,500 per-year contract. Considering the 29-year-old, nine-year veteran has expressed an interest in finishing his career in Cleveland, a hometown discount could be in order.