2023 Jaguars free agency: What we've learned thus far as next wave continues

The initial wave of free agency is officially in the books as the first week is typically when the higher profile players sign for massive deals, oftentimes during the league's negotiation period, which began on March 13.

For the majority of the league, teams have filled targeted roster spots with players they've been looking to sign away from rival teams for quite some time.

For the Jaguars, the team has continued to stand pat, opting for in-house free agency rather than looking toward external options.

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Still, the complexity surrounding the Jaguars' decision-making has caused some to raise eyebrows. While the team enjoyed success in 2022 by virtue of a 9-8 record and an AFC South title, there are plenty of holes throughout the roster worthy of looking at externally.

However, the team still has plenty of opportunities — including the NFL Draft — to fill those holes and field a competitive roster come September. For now, let's take a look at what we've learned about the team as the next wave of free agency continues to push on.

Jaguars continue plan: A look back at all the moves

None of what the Jaguars have done — or haven't done — should come as a surprise. Jaguars general manager Trent Baalke, along with head coach Doug Pederson, made it clear in their postseason remarks as well as their NFL Combine remarks that the team would not be aggressive in the free agency market.

"The last two years, we’ve delved heavily into free agency, and we’re at the point now where it’s draft anddevelop," Baalke said at the Combine last month.

"We’ve got a nice core, a nice core of young players. I feel really good about that group, with a good mix of veteran guys with a lot of experience. The whole thing for us now is about the locker room, making sure we keep the locker room where we’ve got it.”

As of Monday night, the Jaguars and the Baltimore Ravens are the only teams that have yet to sign an external free agent, only re-signing players on their respective clubs.

Jacksonville has done that in a variety of ways. After entering 2023 with 12 players slated to be unrestricted free agents (UFAs), two set to be restricted free agents (RFAs) and four set to be exclusive rights free agents (ERFAs), the Jaguars have found a way to keep the majority of them on the team.

Here is what the Jaguars have done thus far this offseason:

• Re-signed UFAs DB Andrew Wingard, QB C.J. Beathard, DL Adam Gotsis and DB Tre Herndon

• Re-signed impending RFAs RB JaMycal Hasty and DB Tevaughn Campbell

• Tendered four ERFAs, including PK Riley Patterson, OL Cole Van Lanen and Blake Hance and WR Tim Jones

• Exercised franchise tag on TE Evan Engram

• Extended contract for DL Roy Robertson-Harris

• Restructured deals for LB Foye Oluokun, WRs Zay Jones and Christian Kirk and OL Brandon Scherff

In all, the team has retained 11 out of 18 players that were slated to become free agents in some way shape, or form, while also creating over $36 million in cap space by restructuring various contracts. The team saved a little less than $5 million by extending Robertson-Harris.

The Jaguars have lost three players — TE Chris Manhertz, OL Jawaan Taylor and DL Arden Key — to other teams. That leaves just four players — TE Dan Arnold, WR Marvin Jones, DL Corey Peters and Dawuane Smoot that remain on the market.

In a way, the Jaguars opted instead of going outside, to go inward, keeping their team together. Players like Robertson-Harris, safety Rayshawn Jenkins and return specialist/receiver Jamal Agnew were expected to be cap casualties prior to the 2022 season. Now, they'll remain on the team for at least one more year.

Salary cap outlook

Though the Jaguars haven't made headlines thus far in free agency, they have worked through the team's salary cap, officially getting the team back in the positive direction.

As of Monday evening, the Jaguars had $4,402,027 remaining in team cap space, the sixth-lowest in the league, according to OverTheCap.com. The team will also have to make more room later this offseason to sign its draft class, which includes — as of right now — nine selections.

According to Spotrac, the estimated pool for the Jaguars' rookie class is set at $9,515,083 million, though the cap hit for the top 51 players — what the league goes by to determine cap space — is set at $6,695,083.

For most teams, that little cap room is prohibitive to signing many external free agents. Still, the Jaguars have plenty of ways to create more by reaching a long-term agreement with Engram or OLB Josh Allen, while they also could extend safety Rayshawn Jenkins, who is entering the final year of his deal.

What's next for the Jaguars?

Though the Jaguars have not yet been very active — though, not for lack of trying — the team still can make moves with plenty of prospective free agents remaining available.

With the team losing a depth piece in Key, they could look to replace him with another versatile veteran such as Jadeveon Clowney, Leonard Floyd, Bud Dupree, Melvin Ingram or Carl Nassib, to name a few.

As far as replacing Manhertz, the Jaguars could go after a player like former Bengals TE Drew Sample, who is known for his blocking ability.

The team has options and will continue to up until the draft. That's likely the direction Jacksonville is heading in at the moment with plenty of draft capital available to make moves to better the team's roster.

One of the next key developments for the Jaguars' roster management will be to figure out a way to retain Engram on a long-term basis. As it stands today, the team will owe Engram $11,345,000 in 2023. In order to lower that cap hit, Jacksonville will have to spread that number out further, perhaps on a three or four-year deal.

Jacksonville's next moves will be a variety of in-house changes and outside targets. Acquiring depth via free agency is the likely next course of action with the draft right around the corner.

Demetrius Harvey is the Jacksonville Jaguars reporter for the Florida Times-Union. You can follow him on Twitter at @Demetrius82.

This article originally appeared on Florida Times-Union: 2023 Jaguars free agency outlook: What we've learned