Getty Bears head coach Matt Eberflus.
The Chicago Bears have the sixth-most effective salary-cap space in the NFL after the league announced an unprecedented $30-plus million rise for the 2024 season. Could a bigger piggy bank persuade them to make a significant investment in the lush wide receiver market when NFL free agency begins next week?
Receiver is undeniably one of Chicago’s biggest roster needs for the 2024 season. The Bears have a superstar in DJ Moore, but Tyler Scott, Velus Jones Jr., Collin Johnson and Nsimba Webster are their only other receivers under contract. Darnell Mooney, Equanimeous St. Brown and Trent Taylor are all pending unrestricted free agents.
While the draft could present the Bears with good opportunities to find reinforcements, they might want to take advantage of the strong free agent market and sign a proven veteran as well to help improve the firepower of Shane Waldron’s new passing offense. If that’s the case, then ESPN’s Aaron Schatz believes Michael Pittman Jr. could be a fit.
“Pittman caught 109 passes last season for 1,152 yards with a 70% catch rate. His lower average depth of target (7.5 yards) makes him a strong complement to Moore (10 yards),” Schatz wrote on March 1. “And Pittman does a great job of getting open and attracting targets; Pittman was targeted on 28.9% of routes last year, ranking in the top 10, compared to 25.2% for Moore.”
How Will Mike Evans’ Extension Impact WR Market?
Pittman would not be an inexpensive acquisition for the Bears. Spotrac projects the 26-year-old to sign a four-year, $92 million contract in 2024 free agency if the Indianapolis Colts do not franchise tag him before the league deadline on March 5. That means to sign him, the Bears would have to give him more than they are currently paying Moore.
The projections also might be a little low for Pittman given the recent changes to the wide receiver market. He is going to be the top wide receiver in free agency now that Tee Higgins (franchise tag) and Mike Evans (two-year extension) are no longer going to be available in 2024. The 30-year-old Evans also just signed for $26 million annually, which could motivate Pittman’s camp to seek similar money for their young playmaker.
The Bears could make it work. According to Over the Cap, they have roughly $75.47 million in cap space and about $63.48 million in effective cap space — a number that takes into account the money they will need to pay draft picks. Even if they extend or franchise tag Jaylon Johnson, there would be enough money left over to make a significant splash in free agency, even in Pittman’s $23 million-plus price range.
Would signing Pittman make sense, though?
Update (03/05): According to NFL Network’s Tom Pelissero, the Colts are placing the non-exclusive franchise tag on Pittman. He can still negotiate with outside suitors, but he is no longer an unrestricted free agent.
Bears Can Land Receiving Help for Far Less Money
The Bears have plenty of reasons for making a splash at wide receiver when free agency begins next week, but a Pittman-sized splash? It doesn’t feel like Ryan Poles’ MO.
The Bears have less expensive options to explore if they want to add a veteran receiver to their 2024 roster — and they most likely will. Marquise Brown and Calvin Ridley are both going to cost much less annually than Pittman, but 24-year-old Gabe Davis might offer Chicago a better fit given his best seasons have come as a No. 2 to Stefon Diggs.
The Bears could also consider bringing back Mooney. He caught 81 passes for 1,055 yards in 2021 before stretches of injuries and inconsistencies over the next two years cooled him off. Poles has spoken highly of Mooney in the past and he might attempt to keep him around on a one-year contract to determine if he can still fit for the long term.
If Chicago makes a splash at receiver, though, the NFL draft is likely where it happens.
The Bears hold the No. 9 overall pick in the draft, which puts them in a good position to potentially take one of the top three receivers — Marvin Harrison Jr., Rome Odunze and Malik Nabers — in the class. If they move further down into the first round or add an early-round second, there are also potential Day 1 starters who could be available in Brian Thomas Jr., Keon Coleman, Xavier Worthy and Troy Franklin.
If they feel good about their chances of getting their guy from the rookie class — or guys — it is hard to imagine they would want to pay out the big bucks for a veteran.