Jam-packed with awesomeness of other kinds, we couldn't fit the Offseason Transaction Report, known casually as the Free Agency story or The One With the Letter Grades, into the preseason magazine. But it lives on here. First up: The AFC.

[This part 1 of 2. Read part 2 for the NFC transactions report here.]

It was a wild offseason. A few big names change teams every year, but seldom are there as many moves involving top skill players as this season. Eleven of the top 40 running backs from last year (using PPR scoring) are now on new rosters, including four of the position’s bigger stars (Henry, Barkley, Mixon and Jacobs). A pair of top-10 wideouts (Diggs, Allen) were unloaded in trades, while another top-20 guy (Ridley) went to a division rival. At least eight teams will be starting new quarterbacks, including potentially five incoming rookies.

Totaling up the gains and losses for each team, the Bears, Texans and Titans look like the teams that have added the most talent. The Ravens, Bills and Dolphins, meanwhile, seemed to have lost the most. Such estimations don’t always pan out – a year ago, the Rams and Bucs looked like big offseason losers, and those teams combined to win 7 more games, making the playoffs – but that’s the lean right now. In the following team-by-team sections, the grades aren’t fantasy specific, but instead reflect the difference in each team’s overall level of talent. No credit is given for re-signing players or gaining future draft picks, nor are teams penalized for overpaying players. Instead, the grades simply weigh the quality of the new players versus the quality of the players walking out the door.

A – Team significantly better.
B – Team somewhat improved.
C – Level of talent essentially unchanged.
D – Team lost some ground.
F – Team severely damaged.

BALTIMORE RAVENS
Key gains: RB Derrick Henry (Ten.), CB Nate Wiggins (1st), OL Roger Rosengarten (2nd). Key losses: LB Patrick Queen (Pit.), RB Gus Edwards (LAC), DE Jadeveon Clowney (Car.), G Kevin Zeitler (Det.), J.K. Dobbins (LAC), WR Odell Beckham (Mia.), WR Devin Duvernay (Jac.), RT Morgan Moses (trade).
Grade: D
The Ravens lost a lot of big names. The oft-injured Dobbins and aging Beckham aren’t notable losses, but combined with the actual contributors (including Queen and Clowney) it looks like a step back. Defensive coordinator Mike Macdonald took the head coaching job in Seattle, which could be more significant than almost all of the players listed above (they’re replacing him with 32-year-old Zach Orr, who was a linebackers coach the last two years). … Edwards scored 13 touchdowns last year, but Henry – even at 30 – is a significant upgrade. While Henry has declined some, he put up strong numbers last year without much around him. (Henry will make over twice as much as Edwards this year.) … The offensive line won’t be as good, with Zeitler and Moses replaced by a backup and a second-round rookie.

BUFFALO BILLS
Key gains: WR Keon Coleman (2nd), WR Curtis Samuel (Was.), S Mike Edwards (K.C.), RB Ray Davis (4th), WR Mack Hollins (Atl.), WR Marquez Valdes-Scantling (K.C.), LB Nicholas Morrow (Phi.). Key losses: WR Stefon Diggs (trade), C Mitch Morse (cut), DE Leonard Floyd (S.F.), CB Dane Jackson (Car.), CB TreDavious White (LAR), WR Gabe Davis (Jac.), S Jordan Poyer (Mia.), RB Latavius Murray.
Grade: F
The most dramatic changes are at wide receiver. Diggs wasn’t much of a factor the second half of last season and Gabe Davis was annually inconsistent, but there likely will be growing pains with all the new faces. Josh Allen lobbied for the team to select Coleman, while Samuel has worked with this offensive coordinator in the past. … Buffalo also shed several starting defenders. Injuries limited some of them, but the pass rush and secondary won’t be as good. … Ray Davis lasted until the fourth round but put up 21 touchdowns last year at Kentucky, looking like he’ll be better than anybody who backed up James Cook last year.

CINCINNATI BENGALS
Key gains: DT Sheldon Rankins (Hou.), S Geno Stone (Bal.), OT Amarius Mims (1st), RB Zack Moss (Ind.), OT Trent Brown (N.E.), WR Jermaine Burton (3rd), S Vonn Bell (Car.), TE Mike Gesicki (N.E.). Key losses: OT Jonah Williams (Ari.), CB Chidobe Awuzie (Ten.), DT D.J. Reader (Det.), RB Joe Mixon (trade), WR Tyler Boyd (Ten.), S Nick Scott (Car.).
Grade: C-
The move from Mixon to Moss might not be as much of a downgrade as some are expecting. While the newcomer will make half as much, he’s averaged a half yard more per carry more over the past two seasons. … We’ll call the offensive tackle adjustments a wash. Williams signed with Arizona for an average of $15 million. His replacement, Mims, is immensely talented but started only eight games in college. That makes the Trent Brown pickup look prudent. … We’ll also call the defensive tackle swap a wash, with both Rankins and Reader signing for averages of about $12 million. … Awuzie signed with Tennessee for $36 million for three years, and there’s no comparable replacement for him.

CLEVELAND BROWNS
Key gains: WR Jerry Jeudy (Den.), LB Jordan Hicks (Min.), DT Quinton Jefferson (NYJ), RB D’Onta Foreman (Chi.), DT Michael Hall (2nd), QB Jameis Winston (N.O.). Key losses: TE Harrison Bryant (L.V.), DT Jordan Elliott (S.F.), LB Sione Takitaki (N.E.), RB Kareem Hunt, QB Joe Flacco (Ind.).
Grade: C+
The draft pick compensation for Jeudy (fifth- and sixth-rounders) was reasonable, but the new contract (with $41 million guaranteed) looks risky, based on his career to this point. That said, he’ll probably be an upgrade over the wide receiver they traded for a year ago, Elijah Moore. … The price tags indicate the defensive acquisitions will be modest contributors (with Hicks and Jefferson both signing deals averaging about $4 million). … Winston (should he get on the field) won’t play anywhere near as well as Flacco did late last year. The decision to sign him could have been fueled by worries of a quarterback controversy (with Flacco outplaying Deshaun Watson late last year). … Foreman signed a cheap contract, but could be an important contributor early, with Nick Chubb rehabbing after an ACL surgery.

DENVER BRONCOS
Key gains: QB Bo Nix (1st), DE John Franklin-Myers (NYJ), S Brandon Jones (Mia.), WR Josh Reynolds (Det.), DL Malcolm Roach (N.O.), LB Cody Barton (Was.). Key losses: QB Russell Wilson (cut), S Justin Simmons (cut), WR Jerry Jeudy (trade), LB Josey Jewell (Car.), C Lloyd Cushenberry (Ten.).
Grade: C-
Wilson is gone, but he’s still the team’s most expensive player, counting $53 million against the cap. He finished with a credible 26 touchdowns versus 8 interceptions last year, but Sean Payton soured on him pretty quickly, with Wilson being too reluctant to pull the trigger on plays Payton thought were available. Nix seems more like his kind of quarterback, with better ability to get rid of the ball quickly. But will be tough for a rookie to be an immediate upgrade. … With Jeudy having not shown enough in his first four seasons to merit extending or tagging, the Broncos opted to move him now rather than lose him with no compensation next spring. … Salary cap limitations prevented the Broncos from adding anybody too notable (Franklin-Myers and Jones both signed deals averaging about $7 million). Simmons was still playing at an All-Pro level but was cut for financial reasons; he'll be missed. … While the Broncos signed Reynolds to a two-year deal worth $9 million, they’d probably prefer for one of their young receivers to start ahead of him.

HOUSTON TEXANS
Key gains: DE Danielle Hunter (Min.), LB Azeez Al-Shaair (Ten.), DE Denico Autry (Ten.), WR Stefon Diggs (trade), RB Joe Mixon (trade), DT Foley Fatukasi (Jac.). Key losses: DE Jonathan Greenard (Min.), DT Sheldon Rankins (Cin.), DT Maliek Collins (trade), LB Blake Cashman (Min.), RB Devin Singletary (NYG).
Grade: B
The most coveted commodity in the NFL is a franchise quarterback on a rookie contract. With C.J. Stroud, the Texans have that, so it makes sense for them to be aggressive, trying to take advantage of that extra cap space. Hunter and Autry (a combined 28 sacks last season) were free agency’s top two pass rushers. Those acquisitions are offset by Houston also losing three defensive linemen with contracts averaging more than $11 million. (The top 3 losses on the defensive line actually total $3 million more than the three they obtained.) … Mixon and Diggs aren’t what they’ve been in the past; both come from teams that were looking to get rid of their contracts. The Texans may live to regret those moves. But Mixon in theory should be an upgrade over Singletary, while Diggs gives the Texans one of the league’s best receiving trios.

INDIANAPOLIS COLTS
Key gains: DE Laiatu Latu (1st), DT Raekwon Davis (Mia.), WR Adonai Mitchell (2nd), QB Joe Flacco (Cle.). Key losses: QB Gardner Minshew (L.V.), RB Zack Moss (Cin.).
Grade: C+
The Colts saw enough out of Anthony Richardson to believe they’re set at quarterback. They didn’t add much, but nor did they lose anything noteworthy. (Minshew and Moss were their only losses who signed for more than the minimum.) … This was a bottom-10 defense in yards allowed, so selecting one of the draft’s best pass rushers (Latu had 13 sacks at UCLA last year) and bringing in Davis (2 years, $14 million) to bolster the run defense makes sense. Those moves earned the positive grade. … Mitchell was overshadowed by Xavier Worthy at Texas but caught twice as many touchdowns (11-5) last season and could push to start right away.

JACKSONVILLE JAGUARS
Key gains: DE Arik Armstead (S.F.), WR Gabe Davis (Buf.), WR Brian Thomas (1st), S Darnell Savage (G.B.), C Mitch Morse (Buf.), WR Devin Duvernary (Bal.), CB Ronald Darby (Bal.), PK Riley Patterson (Det.). Key losses: WR Calvin Ridley (Ten.), CB Darious Williams (cut), S Rayshawn Jenkins (cut), DT Foley Fatukasi (Hou.), WR Zay Jones (cut), PK Brandon McManus.
Grade: C-
The loss of Ridley stings. The Jaguars gave up third- and fifth-round picks to get him, got only one season out of him and were unable to re-sign him, losing him to a division rival. They instead pivoted to Gabe Davis, who’s $10 million per year cheaper but not as good. At least Brian Thomas caught 17 touchdowns at Louisiana State last year, looking like he might develop into a better receiver than both of them. Davis was inconsistent with the Bills, who had no interest in re-signing him. … The three defensive losses listed all signed deals averaging $5.1 to 7.5 million – they’re contributors rather than guys who tilt the field. Armstead is certainly a huge upgrade over Fatukasi, while the Savage-Darby combo looks comparable to Williams-Jenkins.

KANSAS CITY
Key gains: WR Xavier Worthy (1st), WR Marquise Brown (Ari.), QB Carson Wentz (LAR). Key losses: CB L'Jarius Sneed (trade), G Nick Allegretti (Was.), WR Marquez Valdes-Scantling (cut).
Grade: C-
The likelihood of a Rashee Rice suspension isn’t factored into the grade, but it may have been a consideration in the Worthy pick. Regardless, it’s an improved receiver room with more big-play potential. (That was a point of emphasis at the OTAs.) … Sneed is one of the league’s better man-to-man corners, but Kansas City didn’t want to pay him big money. It has other needs, and his play has been enhanced by their scheme and the talent around him. While he’ll be missed, he’s the only loss of any note. (Allegretti signed a three-year deal worth $16 million, but he’s started only four games in the last three years.)

LAS VEGAS RAIDERS
Key gains: DT Christian Wilkins (Mia.), TE Brock Bowers (1st), QB Gardner Minshew (Ind.), C/G Cody Whitehair (Chi.), OT Andrus Peat (N.O.), WR Michael Gallup (Dal.). Key losses: RB Josh Jacobs (G.B.), DT Bilal Nichols (Ari.), OT Jermaine Eluemunor (NYG), CB Amik Robertson (Det.), QB Jimmy Garoppolo (LAR), WR Hunter Renfrow (cut), TE Austin Hooper (N.E.).
Grade: B
Wilkins was the year’s most expensive defensive free agent, signing a deal averaging $27.5 million ($3 million more than anyone else). After years of futility, the Raiders moved up to 9th in scoring defense last year, and Wilkins enhances their chances of keeping that going. He’ll help to disrupt things inside, and he’s also been durable. He hasn’t missed a game the last three years, and he’s averaged 6 sacks in those seasons. … On the downside, there was only one other notable free agent addition – Minshew (who’ll compete with Aidan O’Connell at quarterback). Peat and Whitehair are household names, but they’re thirtysomethings whose best ball is in the past (they signed deals averaging only $2.0 and $2.5 million). … Jacobs is one of the better tailbacks, but Zamir White did a good job filling in down the stretch. He averaged 99 rushing yards in the four games he started, averaging almost a yard more per carry than Jacobs.

LOS ANGELES CHARGERS
Key gains: OT Joe Alt (1st), WR Ladd McConkey (2nd), RB Gus Edwards (Bal.), J.K. Dobbins (Bal.), LB Denzel Perryman (Hou.), TE Hayden Hurst (Car.), TE Will Dissly (Sea.), WR DJ Chark (Car.), CB Kristian Fulton (Ten.). Key losses: WR Keenan Allen (trade), WR Mike Williams (cut), RB Austin Ekeler (Was.), LB Kenneth Murray (Ten.), LB Eric Kendricks (Dal.), TE Gerald Everett (Chi.).
Grade: D
Allen and Ekeler have played their best ball and Williams has battled injuries. Few argued with a new regime coming in and cleaning house. But it would be wildly optimistic to imagine the team will be better at wide receiver (certainly in 2024), and none of the additions at running back will necessarily still be around a year from now. Shockingly, the team’s most expensive free agent pickup was Dissly, who was cut by Seattle but got a three-year deal worth $14 million. Clearly, they’re looking to get the financial situation straightened out. … The draft picks are key. Alt, who will start out on the right, is critical to what the coaching staff wants to achieve: leading with the run game. … McConkey drew praise at OTAs; with the Chargers not having much else, it would not be surprising if he was the team’s top pass catcher right away.

MIAMI DOLPHINS
Key gains: LB Jordyn Brooks (Sea.), CB Kendall Fuller (Was.), C Aaron Brewer (Ten.), DE Shaq Barrett (T.B.), LB Chop Robinson (1st), RB Jaylen Wright (3rd), WR Odell Beckham (Bal.), DE Calais Campbell (Atl.), S Jordan Poyer (Buf.), TE Jonnu Smith (N.E.). Key losses: DT Christian Wilkins (L.V.), G Robert Hunt (Car.), DE Andrew Van Ginkel (Min.), DT Raekwon Davis (Ind.), LB Jerome Baker (Sea.), S Brandon Jones (Den.), CB Xavien Howard (cut), DE Emmanuel Ogbah, C Connor Williams.
Grade: F
With salary cap issues, the Dolphins lost the most expensive defensive free agent (Wilkins) and the most expensive offensive lineman (Hunt). They signed deals averaging $27.5 and $20 million. And even if those guys are set to the side, the Dolphins come up with a deficit. Their next four losses signed deals averaging a combined $30.7 million, compared to $29.3 for their top four acquisitions. Unless they catch lightning in a bottle with one of their rookies, they’ll definitely be worse personnel-wise. … At $7 million per year, the dollars suggest Aaron Brewer will be a slight upgrade at center. … Beckham is a notable name, but on the field he should be a nominal third receiver.

NEW ENGLAND PATRIOTS
Key gains: QB Drake Maye (1st), RB Antonio Gibson (Was.), QB Jacoby Brissett (Was.), LB Sione Takitaki (Cle.), WR K.J. Osborn (Min.), WR Ja’Lynn Polk (2nd). Key losses: RB Ezekiel Elliott (Dal.), QB Mac Jones (trade), RT Trent Brown (Cin.), LB Mack Wilson (Ari.), TE Mike Gesicki (Cin.).
Grade: C
The Patriots used their first two draft picks on skill-position players (Maye, Polk) but neither looks likely to help all that much in the short run. With a lot more experience, Brissett seems more likely to be starting at quarterback in September. And while Polk was picked early in the second round, we can’t say with any confidence he’ll outperform all of the team’s veteran receivers. … New England didn’t lose anyone it wanted back, highlighting the state of last year’s roster. It will need to hit on its draft picks, but the roster doesn’t look any weaker than a year ago. … Gibson was the first player the new coaching staff signed. He looks like one of the league’s better backup running backs, probably playing on passing downs as well as serving as an insurance policy behind Rhamondre Stevenson.

NEW YORK JETS
Key gains: OT Olu Fashanu (1st), DE Haason Reddick (trade), WR Mike Williams (LAC), DT Javon Kinlaw (S.F.), RT Morgan Moses (trade), OT Tyron Smith (Dal.), OL John Simpson (Bal.), QB Tyrod Taylor (NYG). Key losses: DE Bryce Huff (Phi.), S Jordan Whitehead (T.B.), LT Duane Brown, G Laken Tomlinson (Sea.), C Connor McGovern, DE John Franklin-Myers (trade), QB Zach Wilson (trade).
Grade: A
With Aaron Rodgers lasting four plays last year, the priority of the offseason was to bolster the offensive line. New York used its top pick on one of the top tackle prospects and brought in three other veterans, all of whom will probably start. The unit may need time to jell, but that looks like a big plus for the entire offense. … Reddick looks like at least a slightly better player than Huff (definitely a lot more proven, with 11-plus sacks four years in a row). The Eagles chose to trade him in part because he wants a new contract. … Williams is coming off a torn ACL that could sideline him in September, but the Jets are confident enough he’ll make it back that they signed him to a deal worth $10 million.

PITTSBURGH STEELERS
Key gains: LB Patrick Queen (Bal.), OT Troy Fautanu (1st), QB Russell Wilson (trade), CB Donte Jackson (trade), QB Justin Fields (trade), WR Roman Wilson (3rd), RB Cordarrelle Patterson (Atl.), WR Van Jefferson (Atl.), WR Quez Watkins (Phi). Key losses: WR Diontae Johnson (trade), RT Chukwuma Okorafor (N.E.), QB Kenny Pickett (trade), C Mason Cole, QB Mason Rudolph, WR Allen Robinson (cut).
Grade: B+
On a smaller scale the Steelers did what Atlanta did, adding a veteran quarterback for now and a younger one for, perhaps, the future. Wilson has looked cooked at times in recent years, but he’s better than Pickett. And Fields’ athleticism makes him worth a roll of the dice. … With the Steelers not spending much at quarterback, they were able to give Queen a three-year deal worth $41 million, adding a playmaker to their defense while also hurting a division rival. … The Steelers had no interest paying Johnson what he’ll want next spring, making it logical to move him now. They did the same with Chase Claypool. But the Steelers don’t have another receiver who looks capable of playing at Johnson’s level.

TENNESSEE TITANS
Key gains: CB L’Jarius Sneed (trade), WR Calvin Ridley (Jac.), OT JC Latham (1st), CB Chidobe Azuwie (Cin.), C Lloyd Cushenberry (Den.), RB Tony Pollard (Dal.), DL Sebastian Joseph-Day (S.F.), LB Kenneth Murray (LAC), WR Tyler Boyd (Cin.). Key losses: RB Derrick Henry (Bal.), DE Denico Autry (Hou.), LB Azeez Al-Shaair (Hou.), CB Sean Murphy-Bunting (Ari.), C Aaron Brewer (Mia.), Kristian Fulton (LAC), QB Ryan Tannehill.
Grade: A
Like Houston, the Titans added a lot of big names around their second-year quarterback. Will Levis didn’t have a stellar rookie season, but the approach makes sense. They need to figure out if he’s a long-term guy. He’ll be throwing to a substantially better receiving corps, with Ridley brought in to pair with DeAndre Hopkins. And the line looks a lot better, with a first-round tackle and a big upgrade at center (Cushenberry is making almost twice as much as Brewer). … Henry is a Hall of Fame caliber back, but the Titans were ready to start over, with a more versatile offense. They’ll use a combination of Pollard and Tyjae Spears, and both have more speed and pass-catching ability. … On defense, they’ll be significantly better at cornerback. Sneed was the most notable cornerback mover of the offseason, and the one they signed (Awuzie) is making more than either of the two who started most of last year. … On the downside, Autry and Al-Shaair both signed contracts averaging at least $10 million, significantly more than the players they’re replacing.

Tomorrow: NFC teams.

If you are a purchaser of the 2024 magazine, this full report is also available as a PDF in magazine format in the Your Stuff section.