Now that the opening wave of free agency is in the books, NFL fans have an opportunity to sit back and evaluate the moves their team made. However, for the Atlanta Falcons, the main storyline was the plethora of players who are leaving instead of the ones that are coming to town with the new regime.
The Falcons lost five starters in free agency, with David Onyemata and Kaden Elliss being the two most important ones. Even though they weren't heavy spenders in Ian Cunningham's first offseason as general manager, they made some bold moves such as signing Tua Tagovailoa to a one-year deal.
Beyond signing Tua, Samson Ebukam, Azeez Ojulari, Jahan Dotson, and Christian Harris were the other noteworthy signings the Dirty Birds made. There were a baker's dozen of signings they made, and they may not be done yet, but I see these players as the biggest winners and losers from the opening week of free agency.
The biggest winners and losers for the Falcons from the opening wave of free agency
Winner: Tua Tagovailoa
It's only right that the biggest winner of the offseason in Atlanta is also their most polarizing signing of the offseason. Not every Falcons fan is on board with a guy who threw 15 interceptions in 2025, has terrible mechanics, and his brain is mush from his injury history to compete with Michael Penix Jr.
Despite those many red flags, Tua has a lot to offer, especially on a cheap deal. Not only has he been successful in years past, it's no guarantee he'll even win the starting job. And in the event he does, he'll be equipped with the best supporting cast of his career between the weapons and offensive line.
Winner: Jeff Ulbrich
It might be weird to list Jeff Ulbrich as a winner of free agency when the Falcons lost four defensive starters in less than a week, but hear me out. Aside from Kaden Elliss, none of those players was ever really expected to return to Atlanta to begin with, but I like his approach to replacing the guys that left.
He replaced Elliss with two younger, cheaper, and more athletic replacements in Christian Harris and Channing Tindall, both of whom fit his defensive mantra perfectly. The Falcons need to get younger and more versatile as is, so in spite of losing so many players, I feel good about his affinity for career revivals.
Winner: Drake London
The biggest issue the Falcons dealt with in 2025 was their receiver room. Behind Drake London, they were rolling out David Sills V, an injured Darnell Mooney, and Casey Washington. Adding to the receiver room was imperative for Cunningham, especially after Mooney was released a few days ago.
And thankfully for London, he finally has more help. Atlanta agreed to terms on team-friendly deals with Jahan Dotson and Olamide Zaccheus, both of whom should add a vertical element this offense lacked last season. He's in a much better spot, but it'll be better if they draft another wideout in April.
Winner: Bijan Robinson
With Tyler Allgeier gone, the Falcons know they're going to have to rely on Bijan Robinson even more in 2026. This is not to say that they won't try and add a change-of-pace back to be their RB2, but Bijan is poised for a major season in a Kevin Stefanski offense that may surpass his record-breaking 2025.
But the other thing that serves in the 24-year-old's benefit is the evolution of the RB market. A few years ago, paying top dollar for a running back was vrirtually unheard of, but after Kenneth Walker III and Travis Etienne cashed in, it's inevitable he'll make over $20 million annually on a new extension.
Loser: Michael Penix Jr.
As you would expect, the Tua Tagovailoa signing has had a big adverse affect on Michael Penix Jr. The 25-year-old sat behind Kirk Cousins to begin his career, so even though he has been better than people realize to date, his status as QB1 could be in serious jeopardy, especially given his ACL rehab.
While it seems promising, it's still no guarantee that Penix will be ready to go in Week 1, but even so, he still has to fend off Tagovailoa in a training camp battle. And for a team that has immediate playoff aspirations, they could choose to start the veteran QB while giving him more time to return to 100%.
Loser: James Pearce Jr.
Not only is James Pearce Jr.'s playing future in real doubt because of his arrest, he's awaiting trial on three felony charges and one misdemeanor charge due to the alleged incident with his ex-girlfriend during Super Bowl weekend. Some charges were dropped, but things aren't looking good for him.
They already found some replacements, as they've already signed both Azeez Ojulari and Samson Ebukam for some pass-rushing depth opposite Jalon Walker. This was done to counteract the loss of Arnold Ebiketie too, but you can't tell me that the Falcons aren't preparing for the worst with Pearce.
Loser: A.J. Terrell
Honestly, if you ask me, A.J. Terrell is the biggest loser from free agency on this list. Not only was $12 million of his 2026 salary restructured and converted into a signing bonus, the Falcons haven't done enough to help support him in free agency. Honestly, the secondary is in an even worse spot now.
Not only did Dee Alford leave for Buffalo, Billy Bowman Jr. is recovering from an Achilles tear and Mike Hughes is still the expected starting boundary corner opposite Terrell. Hughes isn't good enough to be a CB2 in this league, yet Cunningham and this front office have neglected cornerback when they need to add to add another established veteran to the room.