2. Mike Williams, New York Jets
Releasing Mike Williams was the first move the Chargers made to become cap-compliant and after trading Allen, there was some speculation about the team potentially looking to bring Williams back on a friendlier contract.
That ultimately did not happen and Williams did not sign a friendly contract. The New York Jets inked Williams to a one-year, $15 million prove-it deal to be a weapon for Aaron Rodgers. This kind of contract makes sense for both parties as Williams can get paid with a chance to get more long-term value and the Jets get a weapon without long-term risk.
While the logistics of it being a one-year contract certainly make sense, the price at which that contract was signed was too high for Williams. Granted, the Jets had to pay a bit more on a one-year deal for this to happen, but Williams likely won't be worth $15 million in 2024.
Williams turns 30 this season and is coming off a torn ACL, which is a massive red flag for the Jets. There is a world in which he simply does not look the same and regression hits him quickly. There may not be any long-term drawbacks, but this still would result in Williams failing to live up to his deal.
Just compare Williams to other wide receivers who signed one-year deals this offseason. Hollywood Brown signed a one-year deal worth up to $11 million that has a cap hit of just over $8 million. Brown's numbers are not as good as Williams's, but he will probably do much more in that Chiefs offense than Williams does in New York for half the cost.