Here at NFL Trade Rumors, we are big on trying to connect the dots to give some sense of what the future holds in the NFL. We don’t have a crystal ball but we do have a pretty solid track record. For instance, all the way back in November we told you Seahawks WR D.K. Metcalf was a potential blockbuster trade candidate to watch, citing his contract year in 2025 and how much the market for top receivers had moved since Metcalf signed his three-year, $72 million extension.
This week, Metcalf’s camp went public with a trade request out of Seattle. Metcalf had already surfaced in trade rumors in recent weeks with conflicting reports about other teams checking in with Seattle about his availability. The trade request marks an official shift, however, in the Seahawks’ posture and messaging when it comes to Metcalf, and it seems like they’re more willing to consider a trade than they were a week or two ago.
How did we reach this point? What’s next? Let’s dive in:
Why Trade Metcalf?
While the possibility of a Metcalf trade this year has been on the table for some time, up until this week the Seahawks have sounded like a team planning on keeping him. A common theme for Seahawks HC Mike Macdonald in various media availabilities since the end of the season has been needing to find a way to feature Metcalf in the offense more. Metcalf was on fire to start the season before picking up a knee injury. His pace slowed after his return and he ended up a decoy more often than not as Seahawks WR Jaxon Smith-Njigba blossomed into a bona fide weapon in his own right, leading Seattle in receptions, yards and touchdowns. Metcalf finished the year with 66 catches for 992 yards and five touchdowns.
As noted above, Seahawks GM John Schneider shot down the Metcalf trade rumors in recent comments to reporters. Team executives lie all the time, of course, but Seattle has apparently already fielded trade inquiries about Metcalf that they’ve turned away. Either those offers weren’t good enough or the situation has changed.
In situations like this, money is often the root of the conflict. Reading between the lines of the reports from ESPN and NFL Media, it seems like there may have been a substantial gap between the two sides in initial extension talks, and that gap sparked the trade request. All the big insiders mentioned a new deal would likely be a part of any trade and that Seattle was open to exploring its options with the star receiver.
Metcalf is entering the final year of his deal and due $18 million in 2025. At $24 million a year, Metcalf was top-five in average annual salary when he signed his deal. With the receiver market growing considerably, he now ranks 13th. Putting him back in the top five would require a salary of over $30 million a year — absolute bare minimum.
There’s not much of a debate on whether Metcalf deserves that raise even coming off of a down season. He doesn’t turn 28 years old until December and has hit or exceeded 900 yards in every single year of his six-year career, averaging eight touchdowns a season. He’s one of the most physically impressive receivers in football with an imposing blend of size and speed. Metcalf does things other receivers just can’t.
DK Metcalf just caught a slant and rocketed 73 yards to the house. pic.twitter.com/43uYun59xF
— Ari Meirov (@MySportsUpdate) December 1, 2023
It’s not so clean and simple whether the Seahawks should be the team to give Metcalf that deal. Seattle has had to make significant cuts to get under the cap this week, shedding over $44 million in cap space and cutting former starters like veteran WR Tyler Lockett. They also have future deals to consider, including for QB Geno Smith and young core players like Smith-Njigba, LT Charles Cross, RB Kenneth Walker, OLB Boye Mafe, CB Devon Witherspoon and maybe more. Does making Metcalf a top-five paid receiver jive with getting the rest of those deals done?
The other factor here is the particular contours of this year’s receiver market. Compared to last year when the draft class was loaded with high-caliber prospects, the 2025 class is not looking nearly as strong. The free agent and trade markets are similarly tapped out, with the Bengals tagging WR Tee Higgins and most of the other available options approaching or on the other side of 30 years old. If you’re a team looking for a No. 1 receiver, Metcalf stands out as the most projectable option.
That should lead to a healthy market for the Seahawks, who have to weigh the pros and cons of losing Metcalf and the unique dynamic he brings to the offense . . . versus potentially saving a ton of cash and adding premium draft capital to reinvest into the roster. My hunch is this is a fluid situation, and Seattle will hold out for a big, big offer.
Remaining in Seattle in 2025 is also a possibility. Despite the trade request, Metcalf is still under contract and would forfeit $18 million by holding out. It’s also possible that by letting Metcalf explore his market, the two sides move closer to a deal both are satisfied with as has happened with a few other contract standoffs the past couple of years.
What Could A Trade Look Like?
There are two parts to this; the draft pick compensation going back to Seattle and the new contract an acquiring team will need to sign Metcalf too. The contract should be more cut-and-dried. Metcalf’s production and talent puts him in the ballpark with other primary, No. 1 receivers around the league, and he’s still in his prime at 27 years old. A $30 million average salary would put him back in the top five for the position, but the ballooning salary cap could justify an even bigger deal.
When Metcalf signed his first extension in 2022 — just three years ago — the salary cap was $208 million. This year, it will be $279 million. Here’s a look at the big receiver deals signed last offseason and the percentage of the salary cap they took up:
| Name | Year | APY | % of cap | Cap |
| Justin Jefferson | 2024 | 35 | 13.70% | 255.4 |
| CeeDee Lamb | 2024 | 34 | 13.31% | 255.4 |
| A.J. Brown | 2024 | 32 | 12.53% | 255.4 |
| Amon-Ra St. Brown | 2024 | 30 | 11.75% | 255.4 |
| Brandon Aiyuk | 2024 | 30 | 11.75% | 255.4 |
| Jaylen Waddle | 2024 | 28.25 | 11.06% | 255.4 |
| D.J. Moore | 2024 | 27.5 | 10.77% | 255.4 |
| DeVonta Smith | 2024 | 25 | 9.79% | 255.4 |
| Nico Collins | 2024 | 24.25 | 9.49% | 255.4 |
| Michael Pittman | 2024 | 23.3 | 9.12% | 255.4 |
| Calvin Ridley | 2024 | 23 | 9.01% | 255.4 |
| Jerry Jeudy | 2024 | 17.5 | 6.85% | 255.4 |
Metcalf’s camp can point to Bears WR D.J. Moore and Eagles WR A.J. Brown as comparison points. Both were veterans who signed big-money third contracts after already cashing in once. They’re in similar age ranges as well. If Metcalf signs a deal for the same percentage of the salary cap as he did in 2022, which would be right in the midpoint between Moore and Brown, that comes out to $32.2 million in average annual salary.
The trade compensation is harder to work out. There have been plenty of receiver trades in the past few years. The high-water mark was in 2022 with four blockbuster trades involving receivers for a first-round pick, including Brown, Davante Adams, Tyreek Hill and Marquise Brown. The cheapest of that bunch was Brown, who went from Baltimore to Arizona along with a third-round selection for a late first.
Since then, the market has cooled a bit on blockbuster receiver trades. Houston got veteran WR Stefon Diggs for a package headlined by a second-rounder, while Adams and Amari Cooper were traded during this past season for third-round picks. All three are older than Metcalf, however, and the supply of receivers is not as strong as in 2024.
The closest analog is the trades that didn’t come together for 49ers WR Brandon Aiyuk last summer. Aiyuk was embroiled in contract talks as well, so a new contract was part of the logistics for interested teams to factor in. At various points in that whole saga the 49ers had the framework of a deal worked out with multiple teams, including the Browns, Patriots and Steelers. Most revolved around a second-round pick plus a player, with Cooper in Cleveland’s proposal and Kendrick Bourne in New England’s.
I don’t think the Seahawks will get a clean first-round pick for Metcalf — and if they do I think they’d pull the trigger on that in a heartbeat. Something like a first-round pick swap is possible if a bidding war breaks out but the most likely return is a second-round pick plus a little extra, maybe a fourth, maybe another player. Combined with a deal for $32 million a year or so, and that’s the acquisition cost for teams interested in Metcalf.
Which Teams Will Pursue Metcalf?
If we outlined what a theoretical team that trades for Metcalf would look like, these are the boxes we’d look to check:
- Need for a No. 1 receiver: Obvious, but also still important, especially because Metcalf is best-suited to play X receiver and some teams already are settled there even if they need help out wide.
- Draft capital: The cover charge to get in on the bidding for Metcalf will likely be at least a second-round pick, and if the market is hot it could be more.
- Cap space: A new deal will be part of a trade and as noted above, talks likely start at $30 million a year as a floor.
- Contending team: The reports mentioned Metcalf would like to go to a contender but it’s important to remember that players have looser definitions of that term than fans do. You don’t get to the NFL without irrational confidence. It’s also often a secondary concern to the contract, though not always. But a team that views itself as closer to a Super Bowl is more likely to make a big swing in a trade, so that will narrow down the pool of options.
With these parameters in mind, here’s a look at eight potential landing spots and the trade packages they could be put on the table for Metcalf, loosely ordered from least likely to most likely.
Tennessee Titans
Trade: 2025 2nd (No. 35 overall) for Metcalf
As the current holder of the No. 1 pick, the Titans don’t fit the description of a contending team and at first glance the roster needs a lot of work before Tennessee is in a position to make a big swing like this. However, the recent history of impatience from owner Amy Adams Strunk could nudge the Titans toward trying to do a quick fix in some areas. First-year HC Brian Callahan doesn’t have a whole lot of margin for error left after a three-win first season.
If the Titans trade down from No. 1 overall like many around the NFL expect them to, they will pick up some extra draft picks on Day 2. They could go after a quarterback like Minnesota’s Sam Darnold in free agency, then look to build up the supporting cast around him. Rather than roll the dice on a weak draft class at receiver, they could get a proven performer in Metcalf to pair with Calvin Ridley and give the Titans a legitimate one-two punch out wide.
Carolina Panthers
Trade: 2025 2nd (No. 57), 5th (No. 147) for Metcalf
The Panthers enter this offseason looking to continue to build momentum with QB Bryce Young after he bounced back from an early-season benching. You can say nice things individually about each of Carolina’s top three receivers — Adam Thielen remains a reliable veteran, 2024 first-round WR Xavier Legette flashed some play-making ability and 2024 UDFA WR Jalen Coker showed starting-level potential. Collectively, though, the group lacks juice. They drafted Legette because they saw potential for him to do similar things to Metcalf, but last year made it clear Legette needs more seasoning before he’s ready to be a full-time X receiver.
Metcalf would be a huge upgrade and give Young a true No. 1 receiver, something we’ve seen have a positive impact on other developing young quarterbacks the past few years. There are some connections here too with Panthers GM Dan Morgan and HC Dave Canales getting their NFL starts in Seattle. Canales overlapped with Metcalf for four years, Morgan left the same year Metcalf arrived but would have been part of the scouting process that evaluated him.
The Panthers aren’t overflowing with a lot of cap space at the moment but there are several deals they can restructure to have enough room to pay Metcalf and still be active in free agency to reinforce one of the worst defenses in NFL history. Giving up the draft capital stings a little more but if it means getting a true No. 1 receiver for Young, it’s arguably worth it. A consideration could be sending Thielen back in a potential trade, as he’s familiar with the Seahawks’ new scheme and some of their offensive coaches after overlapping in Minnesota. He might rather retire than uproot from Charlotte at this point in his career, however.
Buffalo Bills
Trade: 2025 2nd (No. 56) and 2025 4th (No. 108) for Metcalf
Buffalo did well at receiver after trading away Diggs last offseason but their committee approach was less effective as the season went along. The team returns most of the offense but has indicated it would be open to adding a field-stretching X-receiver to try and help elevate the team over the hump. Metcalf fits the bill.
The Bills have the benefit of an extra second-round pick, so trading one for Metcalf would still leave them with a valuable chance to add a cost-controlled future starter at a position of need. They can include the fourth to sweeten the deal since they have two of those as well among their 10 total picks. While they also probably would be willing to throw in WR Curtis Samuel, the Seahawks might balk given his guaranteed $7 million salary and lengthy injury history.
The biggest obstacle to a deal would probably be Metcalf’s contract. The Bills aren’t as strapped for cap space as they were last year but there’s still work to do to get back in the black before the 2025 league year starts and there’s not a lot of budget for big moves. Bills GM Brandon Beane probably has the powder to make one big bang, and he has to be judicious about how he uses it. Is investing $30-plus million a year in a receiver for an offense that already was a top unit the wisest investment? Or would a big swing like that be better served on a pass rusher? My guess is the latter.
Pittsburgh Steelers
Trade: 2025 2nd (No. 52), WR Roman Wilson for Metcalf
The Steelers were extremely interested in Aiyuk last summer and have been burning up the phones for nearly any receiver with a pulse over the last 12 months. Pittsburgh figures to be interested in Metcalf for a lot of the same reasons. Steelers OC Arthur Smith is a run-oriented play-caller but he also has put a lot of emphasis on major investments in skill position players, partially to create space for the run game, partially to take pressure off of what have been largely uninspiring quarterbacks. It’s not clear who will be quarterbacking the Steelers in 2025 but that theme will probably continue.
Smith also loves big skill players, and Metcalf is the exact type of bully he loves. While there’s some overlap with current Steelers WR George Pickens — and there are contract complications we’ll get to in a minute — having both to take the top off the defense would create more problems for opposing defenses than it would for the Steelers. Whoever is under center for the Steelers would have a much easier time chucking it up to Pickens and Metcalf down the field.
One of the complications for the Steelers will be setting themselves apart from other trade offers while still remaining disciplined and not overpaying too much. Offering their first-round pick would probably get the deal done if it came to that. Wilson could be an X-factor here, as he was effectively a zero for the Steelers as a rookie, but overlapped with Seahawks HC Mike Macdonald at Michigan. If Macdonald is a big fan, that would distinguish Pittsburgh’s offer.
The other complication is balancing a new deal for Metcalf with a contract for Pickens, who is entering the final year of his rookie contract. Whatever they pay Metcalf will instantly be the comparison point for Pickens’ agent, setting up a massive investment in the receiver position. The Steelers also have to weigh whether they can keep both Metcalf and Pickens happy with targets, as both have shown they can be volatile in the past. Steelers HC Mike Tomlin is the best in the NFL at managing strong personalities, but this would be a tall task.
Las Vegas Raiders
Trade: 2025 2nd (No. 37), TE Michael Mayer for Metcalf, RB Zach Charbonnet
The Raiders seem to be flying a little under the radar in the early discussion about potential Metcalf landing spots but they have a lot going for them as a potential trade partner. There’s the obvious familiarity between HC Pete Carroll and Metcalf after Carroll drafted Metcalf in Seattle and was his coach for every year until this past one. But the Raiders also are one of many teams in need of a No. 1 receiver. Jakobi Meyers is a quality No. 2 and 2024 first-round TE Brock Bowers hit the ground running with nearly 1,200 yards receiving, blowing past the previous record for rookie tight ends.
Metcalf would draw coverage and clear out space for everyone else to operate, preventing teams from crowding the middle of the field and constricting space for Bowers, Meyers and the running game. With the Raiders’ uncertainty at quarterback, Metcalf would be a weapon for whoever ends up starting and make it more likely for Las Vegas to enable them to have success.
The Raiders have tons of money to spend, making a new deal for Metcalf easy to knock out. Their second-round pick is high in the round, which would set the Raiders apart from most other bidders, but they can add to that even more with adding Mayer into the trade and getting back Charbonnet. Mayer is locked into a smaller role behind Bowers and would get a chance to start for Seattle as the Seahawks reconfigure their offense. Charbonnet is buried on the depth chart in Seattle and would give the Raiders a potential bellcow Carroll is familiar with.
The uncertainty at quarterback is a potential negative for Metcalf. Receivers are highly dependent on the players throwing them the ball to have success and most are aware of this. However, I think the presence of Carroll will offset some of those concerns for Metcalf, and he’ll trust his former coach to find an answer just like he did before.
Green Bay Packers
Trade: 2025 2nd (No. 54), WR Romeo Doubs for Metcalf
The Packers are one of the teams that have been linked to Metcalf already, albeit in some contradicting reports. The fit is clear, Green Bay was missing a true No. 1 receiver this past year and Metcalf would give the Packers that caliber of player, pushing other receivers down the depth chart into more complementary roles better suited for their skillsets. With WR Christian Watson set to miss a major portion of the season while recovering from a January torn ACL, Green Bay could really use Metcalf’s ability to stretch the field and create big plays.
Metcalf would also change how defenses play the Packers offense. Opponents played a lot of man coverage against Green Bay because none of their receivers could consistently create separation and reel the ball in. Metcalf feasts on those kinds of matchups, and with defenses playing more zone, space will open up for other players like WR Jayden Reed and TE Tucker Kraft.
The Packers check all the other boxes in a potential trade as well. They have the draft capital to make the deal, plus an interesting replacement for Seattle in Doubs who is entering a contract year in 2025 and has been a solid contributor for three years. They have the cap space to pay Metcalf what he’s looking for, and GM Brian Gutekunst indicated he would be operating with perhaps a little more urgency to maximize the team’s current window of contention with QB Jordan Love. Although the Packers didn’t win a playoff game last year, they torched the Seahawks in their meeting and look poised to be relevant in the NFC for a while.
New England Patriots
Trade: 2025 2nd (No. 38), WR Kayshon Boutte for Metcalf
Last year, the Patriots tried to get a No. 1 receiver but were stiffed by multiple options. The need remains this year but the pool of options is thin, especially with the Bengals keeping Higgins off the market. The Patriots have reportedly called the Seahawks about Metcalf already and it would not be a surprise to see them go hard after a trade for the star receiver.
Unlike last year, there’s reason to believe the Patriots could be successful this time. New HC Mike Vrabel and 2024 first-round QB Drake Maye have given New England far more credibility in the eyes of the rest of the league than they had last year. With nine draft picks and $120 million in cap space, the Patriots are set up to make massive waves this offseason, and they have to in order to improve one of the league’s worst rosters. A top target for Maye is high on the needs list to help him take a step forward as the potential franchise quarterback.
New England’s early second-round pick will be an attractive asset for the Seahawks if they decide to pull the trigger on a trade. Boutte is more of a throw-in since he had settled into the X-receiver role but won’t be necessary with Metcalf arriving. And it’s easy to see Metcalf believing Maye and Vrabel will be ready to compete sooner rather than later, especially because they can afford to pay him what he’s seeking.
Los Angeles Chargers
Trade: 2025 1st (No. 22), 2025 4th (No. 124) for Metcalf, 2025 2nd (No. 50)
The Chargers were reportedly one of the teams that tried to trade for Metcalf at the trade deadline in 2024 before being rebuffed by the Seahawks. They’re expected to be in again on his market and are viewed as one of the frontrunners, for good reason. The allure of pairing a dominant downfield threat like Metcalf with the howitzer-armed QB Justin Herbert is easy to see and that would be a terrifying prospect for opposing defenses. It would also free up more space for 2024 second-round WR Ladd McConkey, a budding star in his own right.
The Chargers have 11 draft picks, near the top of the league, and have over $60 million in cap space with the ability to clear $25 million more by cutting OLB Joey Bosa. They can afford to take a big swing on Metcalf and this is the perfect time to try and build on the momentum of HC Jim Harbaugh’s first year and catch the Chiefs at the top of the AFC West.
Los Angeles will need to get a little bit creative though to make sure it comes out on top in the bidding for Metcalf. Their second-round pick would not be the highest the Seahawks could get and the Chargers don’t have a clear player on the roster, receiver or otherwise, that makes sense to send back to Seattle. Chargers GM Joe Hortiz was in Baltimore when the Ravens traded Brown to the Cardinals for a first and packaged a third to get it done, and a similar format could make sense here. Putting a first-round pick on the table would probably set the Chargers apart from other bidders, while attaching it to a swap for Seattle’s second-round selection makes the overall value closer to a second-round pick.
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