During NFL free agency, a number of players get overpaid each year. As teams get desperate about a specific position, they tend to pay top-of-the-market value for the limited free agents. In any given FA class, there are usually only a handful of players in each position who would be considered true difference-makers. Teams with cap space tend to fight over these players, driving up their market. Considering the fact that the best players in the NFL usually don't hit the open market, it is an excellent way for players who do become available to get paid.
That is exactly what happened with star wide receiver Stefon Diggs. Despite suffering a season-ending ACL tear during the season, the former Texans playmaker signed a player-friendly deal with the Patriots this offseason.
Patriots May Regret the Stefon Diggs Overpay
The 31-year-old WR signed a three-year deal worth a base value of $63.5 million that includes $16.6 million fully guaranteed and $22.6 million in total guarantees. Diggs can earn an additional $5.5 million through performance incentives that could get the deal up to $69 million in value, per Sports Illustrated's Albert Breer.
In his prime, Diggs was worth this deal. That is why the Texans gave up a second-round pick last offseason to trade for him.
However, Diggs will turn 32 during the season and will be coming off an ACL tear. Yes, the Patriots desperately needed elite WR play and had more cap space and they knew what to do with it. At the same time, one has to wonder whether breaking the bank for Diggs in this way was the smart decision.
Since the Patriots are unlikely to contend any time soon, they probably felt like they had to overpay for Diggs. Yet, they already could have paid him more than any other team in the league without going all the way up to a ridiculous $20 million plus per year valuation. Whether this comes back to bite the Patriots remains to be seen, but it's hard to imagine the Texans regretting the decision to let him walk.