Despite having the second-most cap space in the league heading into free agency the LA Chargers are yet to make a splash. Los Angeles has made a slew of different roster moves to build depth but there isn't that one big signing to point toward this offseason.
As more contract details emerge, the Chargers are still sitting in a nice spot with $33 million in cap space, per Over The Cap. The team will need roughly $11 million for the incoming draft class and needs to leave some space for in-season moves.
Even then, the Chargers can also create over $14 million in cap space by extending Rashawn Slater this offseason. The Chargers have ample salary-cap space to make an impactful signing. It's not a matter of if it is possible, it's a matter of why it's taking so long.
There may be an explanation. While nothing is promised, the Chargers may be setting up to make a substantial signing with a familiar face. There is reason to believe the Chargers are simply buying their time before re-signing Keenan Allen. Here's why.
Why the Chargers may be delaying an inevitable Keenan Allen signing
All the tea leaves are there for Allen to return to the Chargers. Allen has not been shy about his desire to return to the Chargers, saying he would only play in Los Angeles or Chicago in 2025. The Rams already signed Davante Adams and the Bears have spent big in other areas and don't have the space to bring Allen back.
The Chargers are the only team standing if Allen was being serious about only wanting to play in LA or Chicago. And if Allen was being serious then of course he would be okay with a handshake deal that doesn't officially happen for weeks.
So why would the Chargers put this off? Why not just sign Allen now and get all the ducks in a row? The answer is quite simple: compensatory picks.
Free agents signed after the NFL Draft do not factor into the compensatory pick formula, which general manager Joe Hortiz has been on the record about loving. The Chargers have three compensatory picks this year and signing Allen before the draft would almost certainly eat into the comp picks in 2026.
Los Angeles doesn't have any projected compensatory picks at the moment that may change if J.K. Dobbins and Asante Samuel Jr. sign qualifying contracts before the draft. The Chargers rightfully want to protect themselves in that case and not punt an extra pick next year if they don't have to.
The Chargers have no reason to rush a deal and if Allen wants to play for the Chargers that badly then he has no reason, either. Both sides know what each other needs and this may simply be a case of the Bolts trying to maximize the timeline.
If not Allen (who won't cost much regardless), it is hard to see where the Chargers may use the remaining cap space. There are not very many exciting free agents left on the board, especially ones who can bolster the passing offense like Allen can.